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COVID-19: can you reduce workers comp premiums?

NSW businesses may be eligible for reduced premiums.
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COVID-19: can you reduce workers comp premiums?

COVID-19: can you reduce workers comp premiums?

7 May 2020

NSW businesses looking to ease the pressures of COVID-19 should review their workers compensation needs as they may be eligible for reduced premiums.

icare NSW CEO John Nagle said to date more than 14,600 businesses had been in touch to review their policy.

"We’ve been on stand-by during this difficult period to assist our customers with their changing circumstances. So far around 9000 customers have made contact, or have been contacted by icare, to update their estimated wages and their business activities, which are major drivers of their premium," Mr Nagle said.

"This is particularly true of customers impacted by social distancing measures in industries such as construction, hospitality and retail, with many needing to reduce staff numbers working at any one time."

"This has helped the majority of our directly impacted customers revise their wages down, leading to premium reductions of $40 million."

"At the same time one in nine businesses have increased their estimated wages, reflecting the upswing in some industries such as deliveries, groceries and cleaning services."

In addition, icare has helped about 1900 customers pause a further $38 million in premium payments whilst their businesses are in hibernation or they work through financial hardship.

"As restrictions are eased and ways of working evolve in the coming weeks, we expect to see further adjustments and we remain on hand to help customers during this time," Mr Nagle said.

You can phone icare on 13 44 22. Details on COVID-19 measures and impacts are available on the icare website.

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