Workers' Compensation - Managing your Risks and Liabilities

Workers’ Compensation is one of the most complicated insurances for employers to manage and generally makes up a predominant portion of the overall insurance spend for larger employers.

The complexities across the various schemes combined with constantly changing Legislations provide an environment of significant risk for employers - a risk that if not managed effectively can lead to prohibitive premium rates and penalties.

As a business you can positively impact your Workers’ Compensation exposure through the development and implementation of robust Risk Management and Loss Control programs focused on reducing organisational exposure and mitigating the costs associated with any loss.

RISK MANAGEMENT

A solid Risk Management Plan with appropriate strategies is an essential component of any attempt to minimise the costly and often stressful problems that arise through Workers’ Compensation. As an employer your major exposure in the Workers’ Compensation space is the people you employ.

When structuring Risk Management programs, the initiatives should be focussed accordingly and this is best done through the development and implementation of robust policies and procedures encompassing the full employment lifecycle – recruitment through to termination of the employment contract by either party. To effectively manage Workers’ Compensation, employers must navigate not just the highly legislated area of Workers’ Compensation but also the legislations associated with Health and Safety, Employment Law and Discrimination. Understanding these legislations and the components that, if utilised correctly, provide protection to employers is essential in the development of appropriate policies and procedures that can be relied upon to mitigate the impact of work related injury and illness in the workplace.

LOSS CONTROL

The human element essential in most workplaces means that despite the robustness of an employer’s Risk Management and Health and Safety initiatives, accidents will happen, injuries will occur and claims will be lodged. To effectively mitigate the financial impact these claims have on your business, injuries need to be managed with a primary focus on loss control through the containment of claims costs. Keeping claims cost down will have a direct impact on overall premium spend.

A key point to take away is that top down commitment to Risk Management and Loss Control will achieve significant and sustainable financial savings for your organisation

As your insurance broker, we can assist your organisation in mitigating your risks and minimising what can be a significant financial impact on your business should the unexpected happen. 

 Please contact:  SIMON BOOTH- Aegis Risk Management Services Pty Ltd: 0400 622 251/ simon.booth@aegisrms.com.au