WorkCover WA classification changes
WorkCover WA has approved the use of a new industry premium rating classification for policies effective from 30 June 2018. The changes mean that the existing classifications will be expanded to provide a more accurate classification for each industry rather than a generic industry classification.
The new classifications are now based on the newer 2006 (yes 2006 is the latest!) Australian and New Zealand Standard Industrial Classification (ANZIC) instead of the previous 1993 edition. (More detail on these changes are available on the WorkCover WA website workcover.wa.gov.au).
Why the change?
The decision to move over to this edition of the classification was in response to changes in the structure and composition of the economy, changing user requirements and comparability with international standards and it also groups business units carrying out similar productive activities. These new workers’ compensation industry premium rating classifications will be effective from 30 June 2018.
How will this affect my business?
The impact on employers is expected to be minimal. The 2018/19 recommended premium rates will be based on a methodology designed to limit large variations in the recommended rates for comparable industry classes.
How do I know whether my premium will change?
If you are unsure whether your classification or premium will be changing under this new edition, we advise you to get in touch with us at Coverforce Leed Insurance Brokers. As your brokers we can take you through the 2006 industry classification and ensure you have the correct classification. It is at times like these that you can really benefit from the value a broker can provide. If you’re unsure about your new classification and would like to talk it through with an expert, don’t hesitate to make contact with one of our friendly brokers by giving us a call on 1300 881 464.