Are you paying too much for your Worker's Compensation Policy?
In the current financial year, Victorian businesses were faced with an unprecedented hike in their workers compensation policy premiums and whilst premiums will be frozen for FY24/25 there may be some savings and /or refunds your business may be entitled to.
Whilst we cannot change the cost of premiums as they are legislated by the different state WorkSafe authorities, we may be able to assist you in recouping some of the costs from your previous premiums and saving on future premiums.
The process of auditing this data (which involves reviewing remuneration data and Worksafe industry classifications) is laborious and tedious but can reap large rewards in the form of savings and /o or refunds. It also means that moving forward, your upfront premium costs will be accurate and you won’t need to pay more than you have to.
If your business is registered in NSW, QLD, SA or VIC (these are what are classified as the ‘managed states’ which have government run workers compensation schemes) HRAnywhere can perform a Workers Compensation Premium Review which analyses current and past premium calculations of your business to ensure the correct premium amounts are being paid and to uncover possible overpayments. The data required to facilitate this review is accessed directly from your WorkSafe Agent.
We will investigate the three main areas that make up premium calculation, these being:
1. Workplace Classification
2. Certified/Deemed Remuneration
3. Claims Costs
Where applicable, HRAnywhere will seek a refund for overpaid premiums dating back up to 4 years, and/or a reduction in the current premium amount. Get in touch with us as this is a NO WIN NO FEE service.
For a small fee we can conduct a review of industry codes in the other states and territories but unfortunately, we cannot request a refund. We can potentially save you money if your workplace classification is incorrect and we can manage your claims to ensure they’re closed off asap to minimise the impact on your premiums.
Talk to HRAnywhere about actioning this for you – it is a free service, and you will only incur a cost if we can secure you a refund!