WorkCover Premiums. Protect your right to only pay the amount you legally must.

Transcription

1 WorkCover Premiums. Protect your right to only pay the amount you legally must.

2 WorkCover. And how to tell if it s costing you more than it should. In Victoria, there are three key aspects of WorkCover that all organisations employing workers will understand only too well. It is a mandatory, government regulated insurance which must be paid annually to an Authorised Insurer. It represents a significant ongoing expense which requires careful and ongoing financial management. It is governed by complex and constantly evolving legislation which can make it very difficult to gauge whether the premium you re being charged is fair or excessive. Amendments to the premium rate formula; the introduction of new grouping and workplace split provisions; plus revisions to remuneration exemptions, transitional periods and different types of premium calculations are just some of the changes that have occurred over the past few years alone, resulting in widespread confusion and many thousands of businesses overpaying without realising. Today, the only way to confidently tell if WorkCover is costing you more than it should is to call in the specialist expertise needed to fully review your WorkCover Policy; and identify your full entitlement to exemptions and regulations which can collectively act to minimise your premium liability. APM Solutions is a niche business specially established to provide this unique professional service, protecting the right of every employer to only pay what they legally must. New legislation you need to be aware of. From the 1st July 2010, WorkSafe has amended the WorkCover legislation, restricting an employer s ability to obtain premium reductions on their WorkCover Policy. The new legislation stipulates that there is a limited period of time in which a business can dispute their calculated WorkCover premium. Failure to meet this stipulation will result in WorkSafe having the discretion to reject a request for a premium recalculation, effectively stopping a business from recovering their overpaid premium. Furthermore, the new legislation aims to remove certain remuneration exemptions, which will effectively see many businesses having to declare a higher amount of remuneration to their insurer; and incurring a higher premium as a result. We strongly recommend that a review of your WorkCover Policy be done as soon as possible to ensure that the new legislation does not hinder the recovery of any premium overpayments that may exist on your WorkCover Policy. 63 reviews over 2 years with a total saving of $2,022,812 Area of Saving Rate Override Grouping New Workplace Registration Industry Classification 12.1% 27.1% Workplace Restructure 4.7% 11.3% 41.5% Over-Declared Remuneration Succession 2

3 About APM Solutions. Our business culture and company focus is devoted to performing just one specialist function. That is to assist all businesses holding a WorkCover Policy to reduce the annual premium they pay ~ regardless of their industry, size or geographic location. APM Solutions provides this service with complete independence; we have no affiliation whatsoever to WorkSafe or the various authorised WorkCover Insurers. In fact, wherever it is in the best interests of our clients to go into battle against these organisations, we don t hesitate. The consultants we employ are all highly skilled and experienced analysts who possess an intimate understanding of the WorkCover systems around Australia gained through many years of industry exposure. Providing clients, for the first time ever, with the ability to now seek professional advice and guidance from WorkCover Premium experts instead of Accountants or Insurance Brokers whose specific knowledge of this complex field is, at best, basic. As you d expect, we pride ourselves on conducting all work in an ethical, honest and strictly confidential manner ~ and in being meticulous in ensuring that every premium-reducing opportunity we identify and help implement on a WorkCover Policy is fully compliant with legislative requirements. No stone is left unturned in unearthing potential areas of premium overpayment and pinpointing the places where savings can be gained ~ including workplace splitting, workplace amalgamation, grouping, industry classification amendments, remuneration adjustments and penalty reductions & waivers to name just a few. We can t promise to secure you a refund as large as $400,000, which we did do recently for one happy client ~ but what we can confidently say is that the more employers we see the more evident it becomes that 9 out of 10 businesses are able to save substantially on their current WorkCover Policy. No less than 9 out of 10 businesses are able to save substantially on their current WorkCover Policy. 3

4 Our full suite of specialist services WorkCover Policy Review APM Solutions offers a quick, simple & effective process for the thorough review of your current and prior years WorkCover premium calculations. Our objective is twofold. Firstly, to assess if opportunities exist to reduce the amount payable on your current premium; and secondly, to retrospectively identify any legal entitlement you have to recover a refund of premium amounts that you ve unknowingly overpaid over the past 4 years ~ as allowed under the Accident Compensation (WorkCover Insurance) Act section 22. Over 90% of the Policy Reviews we ve conducted for clients in recent times have resulted in the successful recovery of overpayments from Authorised Insurers; recouping (on average) well over $1 million per year. We re sure you will realise the potential this presents to save a significant sum of money for your business. But even in the event it doesn t gain you a dollar, you ve nothing to lose. APM Solutions Policy Review is a oneoff, No Result, No Fee service. So if there is no saving achieved there is no charge whatsoever. To ensure that there is minimal impact on your time, our expert consultants facilitate all key steps of the review process ~ from policy analysis and liaising with your Insurer to implementing premium-reducing policy amendments. Any aspect requiring your direct involvement will also be conducted at your premises for your convenience. WorkCover Premium Training This important APM Solutions service offers one-onone (or group) training of your key personnel on any premium related topic. Ensuring that their knowledge of the WorkCover System and any new regulatory developments is always incisive and up-to-date. NB: Whilst the priority of APM Solutions is always to help organisations reduce their WorkCover Premium, there is a possibility that our Policy Review might reveal that your WorkCover Premium is actually being undercharged. In this situation, the following would occur. We will simply inform you of our finding, the potential impact on your WorkCover Premium, the options available to you and the implications associated with not advising your Authorised WorkCover Insurer. Rest assured that under no circumstances would we pursue any change to your WorkCover Policy without first obtaining your express consent. APM Solutions Policy Review is a one-off, No Result, No Fee service. 4

5 WorkCover Consultancy At all times, our specialist consultants are available to meet with you one-on-one for an in-depth discussion on any topic pertaining to your WorkCover policy. Giving you an ongoing ability to stay fully informed and in control of key administrative and financial matters such as: Understanding your Premium Calculation Understanding the Impact of Claims on your Premium Premium Simulations Account Reconciliations New Policy Registration New Workplace Registration Understanding Legislative Requirements Preparation of Remuneration Declarations Establishing A New Business When commencing any new business, it is clearly important to ensure that all appropriate insurances are in place from the day your doors first open to protect your venture from potential risks. WorkCover is the one type of insurance in Victoria that is mandatory for all businesses employing workers ~ and demands that very careful attention is given to setting up every detail of a WorkCover Policy correctly. APM Solutions possesses a thorough understanding of WorkCover legislation and an intimate knowledge of all regulations that new business operators are legally required to comply with. This makes us extremely well-placed to offer professional guidance in all of the following areas: Advising on your WorkCover obligations Registering a WorkCover Policy for your business Liaising with your preferred Authorised Insurer Reviewing your premium liability calculation Explaining policy documentation and invoicing procedures 5

6 Some kind words from our clients At APM Solutions, we never solicit Thank You letters from our clients. So to us, it s rather satisfying to receive so many. Here are just a few to cross our desk. Dear APM, A few months ago, I was completely unaware that we were overpaying on our WorkCover premium. Today, I ve just opened mail from our Insurer to find a refund cheque for several thousand dollars. I just want to express my sincere gratitude to your company for the very thorough and enlightening Review you conducted on our Policy ~ and in particular, to thank your senior analyst Mark Attard for all his work in identifying and detailing our full entitlement to exemptions we were previously missing out on. The whole experience has been extremely rewarding ~ and I can assure that the monies you ve helped us recover will be put to very good use. Paul Borg Finance Manager Congregation Of The Dominican Sisters Of Malta In Victoria Trust Dear APM, I ll keep this note of professional thanks as clear and concise as your Review process itself. The turnaround time you achieved was nothing short of miraculous when compared to our previous direct dealings with WorkCover ~ and speed without compromising on accuracy is gold. Gordon Shaw Finance Manager Maw Civil P/L Dear APM, To say that the expert Policy Review you performed has been valuable is an understatement. Not only has it resulted in us recently securing a sizeable premium refund, it s left us with a far clearer understanding of many WorkCover Premium matters which will serve to benefit our business long-term. I commend you on your professional handling of the whole process ~ service was prompt; the procedure was painless; and I personally appreciated how little impact conducting your assessment had on us continuing our normal day-to-day business. More people should be aware of your excellent service ~ and I d be more than happy to recommend you to any prospective client. PS: When you first mentioned your No Win, No Fee schedule I had a feeling this wouldn t be a wasted exercise. Amanda J Newton Office Manager Bayport Group 6

7 Head Office: P.O.Box 136, Stables Shopping Centre, Mill Park, Victoria (03)