The difference between this and the simplified model for small businesses is the number of years of claims costs WC consider and the size of your business.
HELPING WORKERS AND VETERANS RECOVER FROM INJURY
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How are work cover premiums calculated for larger businesses?
Jun 17, 2021
For a larger business with wages over $1.5 Million:
Your premiums are based on an Experience Based Rating that factors in your:
- Wages
- industry rate
- your performance.
Your performance relates to your claim experience ie the cost of claims against your business over 4 years in terms of:
- Statutory claims costs for the previous 3 years
- Common law costs for the 1 year before those three years.
What is the best way larger businesses can lower their premium?
- Improve your performance!
- With safe work practices to prevent injury
- Manage your workplace injuries like an expert!
- Supporting your injured workers in getting back to work early.
I can help you lower your premium costs buy putting you in touch with safety experts who can.
As an employer there are several things you must do to prevent and manage workplace injuries:
For a smaller business with wages under $1.5 Million:
When you have a worker on a WorkCover claim, WorkCover QLD will pay most workers their medical expenses, lost wages and some travel expenses while they are off work. While the worker is well compensated, a business will pay the price with increased premiums. Knowing how your premiums are calculated and what variables you can control, will help you to reduce your WorkCover premium.
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As an employer there are several things you must do to prevent and manage workplace injuries:
For a smaller business with wages under $1.5 Million:
When you have a worker on a WorkCover claim, WorkCover QLD will pay most workers their medical expenses, lost wages and some travel expenses while they are off work. While the worker is well compensated, a business will pay the price with increased premiums. Knowing how your premiums are calculated and what variables you can control, will help you to reduce your WorkCover premium.
