For small businesses with wages under $1.5 million, a simple model using a rating of claims cost is used where your total wages are multiplied by your industry rate 

Wages X Industry rate = Premium

Your industry rating is worked out based on the claims costs of all employers in the same industry.

Did you know small businesses are privy to a no claims discount?

Talk to Work Well Now about how you can streamline your safety procedures, increase your safety culture and prevent injuries in the workplace. 

• 10% movement limit – your policy rating can only go up or down by one (1) rating each year. This means the percentage of industry rate you pay can only increase or decrease by 10%, making changes predictable and easier to manage.
• $500 claim cost protection – the first $500 of claims costs won’t count towards your total claims experience. So, if you have small or simple claims, they won’t affect your premium.
• The better your policy rating, the lower your premium. For example, if you have a policy rating of 1, you only pay 80% of your industry rate.
• No claim discount – if you have no claim costs for the year, your policy rating will automatically improve by 1 rating. This means your premium will go down, unless you are already on rating 1 and benefiting from the best rate.

Work Well Now can help you lower your premium costs advising you on your safety management, employee engagement strategies and rehabilitation services