If your WorkCover premium is high or trending upwards and you are unsure of how to turn things around, you are diminishing your business’ competitive edge.

The first sign of WorkCover underperformance is often a spike in your annual premium. Unless you understand the root causes of your underperformance, most businesses have little chance of avoiding the end results: a higher WorkCover premium than your competitors, as well as many expensive claims that cost time and money.

Difficult claims

WorkCover premium increases are typically driven by a small number of high-cost claims where an injured employee has not returned to work and doesn’t look like doing so any time soon. A claims review may identify new return to work opportunities and also highlight common causes, allowing you to focus your preventative initiatives in the right areas.

Reviews are also important in checking the effectiveness of your early intervention processes.

Premium management

What is often a hidden expense for large businesses, short-term injury management decisions impact long-term costs.

For many large businesses, the premium is paid annually from a centralised cost centre, which conceals the financial motivation to enact structural changes and prevent new injuries.

Especially for businesses that have an atmosphere of hyper-awareness around operational expenses, managers should know the cost and implications of an unsuccessful return to work claim and know their role in preventing such an instance.

Effective resourcing

WorkCover management involves many stakeholders, both internal and external. Some employers work for years with the same claims agent, company doctor or rehabilitation provider without questioning whether they are getting the best value and quality of service.

Underperforming employers also find gaps between their internal resources and complexity of their claims. While your business’ administrative requirements may be covered, do you have the internal expertise to manage a return to work plan that isn’t going anywhere, or an emotionally charged stress claim?

There are many ways in which you can improve your injury management practices and avoid these costly consequences that involve creativity, persistence, and expert advice:

Plan

Develop a strategic injury management plan and communicate it at all levels in your business.

Raise management awareness

Ensure all levels of managers understand the important role they play in achieving successful return to work outcomes. Finding ‘stay at work’ opportunities and maintaining contact with injured employees is critical.

Foster an early intervention culture

Establish injury management procedures which start from the moment an employee is injured.

Prepare your WorkCover team

Look for new ways to deliver your injury management services. Make sure your resources are prepared and working effectively at all stages of the return to work process.

Be aware

Retain your focus on how WorkCover is being managed in your business and seek help to understand your situation.

How we can help

The Victorian Chamber of Commerce and Industry can offer your business a comprehensive health check of your WorkCover performance. Our holistic approach offers:

• a strategic review of your difficult claims
• an independent resource gap analysis
• insight into the WorkCover skills and attitudes of your managers, and
• a detailed premium reduction plan

Call our experts on 03 8662 5333 or email hse@victorianchamber.com.au to talk about how we can help reduce your WorkCover premium.