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Want to ensure your organisation is managing their self-insurance program effectively? Here are some important tips to get self-insurance right and enjoy the benefits.
Everyone loves innovation; creative ideas, new ways of doing things. With innovation there’s always an element of risk; as much as the safety industry seeks to avoid and mitigate risk, we too must innovate or face stagnation.
Organisations acknowledge that their people are their greatest asset and usually budget for the associated direct costs that impact on operating expenses. However there are indirect costs associated with people that often aren’t factored in, costs that result from people not being present at work and productive. If not managed effectively, these costs have the potential to impact both your employees’ wellbeing and your bottom line.
Self-insuring workers’ compensation provides many benefits however it may not be suitable for all organisations. For anyone considering this option, we’ve identified the 8 important questions you should be able to answer.
Any change activity you undertake comes at a cost, so it’s important to optimise your investment and spend to continue delivering value to employees and customers. Identify and mitigate risks, liabilities and potential issues early on and conduct your necessary due diligence to ensure legal and compliance needs are fulfilled so there are no surprises later on.
On 19 March 2014, The Safety, Rehabilitation and Compensation Legislation Amendment Bill 2014 was introduced to parliament. The Bill represents a significant change from the previous position outlined in late 2013. The Bill now provides an opportunity for national employers to consider self-insurance without the previous barriers under the previous framework.
The health and safety of an organisation's workforce should be its undoubted priority. The workers' compensation system in Australia may appear an overcomplicated one, but by understanding the key features and framework, it can make a difference to an employee should the unfortunate occur.
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