WorkCover Insurance Premium Asessment

WorkCover Insurance Premium Assessment

Jayrose Group Australia have saved their clients over $25,000,000 in annual workers compensation insurance premiums since 2010.

Workers compensation insurance is a necessary but costly business expense for many of us. Unfortunately, to make workers compensation insurance premiums work there can’t be a one-size fits all solution, because all businesses aren’t one size or the same. In order to create fairly-costed premiums to suit the different industries, scales, services, and environments of today’s market, there are plenty of complicated rules, and not necessarily a lot of clarity.

You therefore need to ensure there is a focus on regular premium review including what you are paying, how annual premiums are calculated and what you may be able to do to reduce your financial exposure.

Annual Workers Compensation Insurance Premium Assessment

Are you concerned that your Workcover insurance premiums are excessive?

Seeking Workcover advice on your Workplace Industry Classification from Jayrose Group Australia can potentially save you a lot of time and money. If you get your industry classification wrong, ongoing annual financial premium figures could be significantly higher and therefore you being financially viable for incorrect premium calculations. 

Our Annual Premium Assessment guarantees industry classification accuracy, full obligation protection and may even result in refunds and future savings. For some of our clients, such premium assessments have resulted in refunds in the vicinity of $100,000 with ongoing savings towards future annual premiums.

An Annual Workers Compensation Premium Assessment also identifies any business changes that your WorkCover Agent needs to be notified about (which may also affect your classification and premium) and ensures your business is properly insured and covered for workplace injuries – giving you peace of mind.

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Your Industry Classification

Your industry classification is one of the factors which determines your workers compensation premium amount. Key areas that impact an organisation’s classification are:

  • The predominant activity of your business
  • What you sell
  • What is involved in delivering what you sell, and whether one activity dominates the business
  • What tools, materials, and methods are used
  • The value of your business and contributing costs
  • Whether the goods involved are owned or not
  • Whether the goods and services are provided internally
  • Whether you’re supplying a business that is associated with your own business

Each of these factors contribute to an assessment of risk within the workplace, the likelihood of injury or sickness, and the cost that such an event would implicate for you. If you’re unsure whether your business is classified correctly, our specialist workers compensation consultants are able to review and ensure premiums are accurately calculated, which may even result in refunds for your business.

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