Premium Reduction

Overview

Partnering with Workplace Risk will ensure that all premium possibilities are explored for your business with the view to mitigating risk whilst maximising potential premium savings in all jurisdictions.

Through detailed analysis and a proven process for prevention and resolution of claims Workplace Risk reduces your claim costs which in turn, reduces your premium.

Many organisations fail to realise that their workers compensation premium is a variable insurance cost that can be reduced well below their industry rate.

In addition, while all organisations have budgets for key cost centres across their business, many do not set strategic budgets and targets in relation to their workers compensation premiums.

Remuneration & Premium to Payroll

Your premium to payroll rate is the only true measure of your workers compensation costs and performance against the industry benchmark.

This calculation shows, as a percentage, what you are spending on workers compensation in relation to you remuneration (payroll). The remuneration of a growing business will increase, but the premium to payroll rate should not increase.

The benchmark depends on the size of your remuneration. Typically in Victoria (for example), the larger your remuneration, the lower your premium to payroll should be. For example,

• If your remuneration is $5M, you should aim to be slightly less than your industry rate
• If your remuneration is $25M, you should aim to be 30% below your industry rate
• If your remuneration is larger, you should aim to be 50% below your industry rate

Delivering Savings

Regardless of your premium to payroll rate, Workplace Risk will be able to assist your organisation to introduce new strategies, procedures and training to help reduce your premium and deliver direct bottom line savings.

Lowering your workers compensation premiums is a key opportunity to reduce labour costs while maintaining staff levels and protecting jobs.

It can be achieved by reducing the most important factors driving your workers compensation premium: your claims costs and your claims estimates – Workplace Risk is able to reduce both of these key costs.

Please CONTACT our team for more information.