What's new in policy?
icare Workers Insurance
icare is rewarding safe businesses by delivering $76 million in Workers Insurance premium savings to over 280,000 NSW employers. (Note: The scheme performance discount is not available for Loss Prevention and Recovery customers)
The Performance Discount is revised each year based on the overall performance of the scheme, including investment returns. The funds are then disbursed among businesses with good safety records and who are supporting their employees return to work faster.
This is the third year in a row that icare has been able to offer premium discounts, with safe businesses being rewarded with more than $300 million over that time. Read our blog to learn more about the discount and how to keep your premiums low.
You asked is a regular column where we’ll provide answers to your burning questions about all things policy and premium.
icare is committed to putting our customers’ needs at the heart of everything we do. With this in mind, we’ve made some updates to our premium model to provide employers with greater stability and make things simpler.
Fatality claims will no longer be included in the claims experience for your premium. However, your business will be required to pay a one-off contribution amount if a claim is made in relation to a workplace incident or injury if it results in the death of your worker.
The contribution is based on a percentage of your Average Performance Premium (APP) and is capped at a $1,000 minimum and a $250,000 maximum.
The contribution does not apply to uninsured employers with an Uninsured Liability Insurance Scheme (ULIS) claim, Loss, Prevention and Recovery (LPR) employers and exempt employers.
There will be a 30% cap on experience premium changes for employers.
The cap is only applied if the increase or decrease results from a change in your claims experience, or due to amendments in the premium methodology.
If you qualify for capping, this has been automatically applied to your premium.
In 2018/19 an adaptive maximum premium component has been introduced which will be applied to employers who have consistently high claims costs year-on-year.
Employers that have had a claims performance rate (CPR) of 400% and above for more than one year will have an increased claims performance adjustment (CPA) rate.
We reward safe employers with lower premiums.
Contact the team at email@example.com to find out how icare can help your business reduce workplace injuries and in turn, reduce your premiums.
We also understand how important it is to NSW employers to get their people back to work quickly and safely when an injury does occur.
icare’s Injury Management Program provides important information about how icare and its partners will work with employers to achieve this. It reflects icare’s new claims model, outlining the support available and what steps will be taken to help injured workers achieve a safe recovery at work, or manage their ongoing care and support if they’re not able to return to work in the short or long term. This information will assist you with developing a return to work program suitable for your business.
News 18 Dec
A safety culture that puts people first has reduced injuries and won Byron Bay craft brewery Stone & Wood the December icare Aware Award.
Blogs 04 Jul
Jason McLaughlin, icare’s General Manager Injury Prevention and Pricing, congratulates our June icare Aware Award winner Komatsu for improving processes with injury prevention top of mind.
News 14 May
icare customer Greg Mack, Manager of Safety and Wellness shares how marketing services organisation Salmat took a few simple steps to change their safety culture.