Victorian WorkCover Premiums on the rise

A recent article from Adroit Insurance and Risk outlines the imminent increases to WorkCover policies across the board for all Victorian businesses.

Early this month, Victorian businesses will officially receive their 2023/24 WorkCover Premium notices with an average premiums increase of 42%. Individual businesses will experience differing levels of changed based on their industry sector.

The article confirms the changes will see the premium rate for bricklayers increase from 4.9% to 8.5%, dairy farmers 4.2% to 6.1% and tilers and carpet layers from 6.7% to a whopping 14%.

WorkSafe have been quick to point out that the Victorian scheme is “fundamentally broken – no longer meeting the modern needs of those it was designed to assist more than 30 years ago.” The growing number of mental injury claims has played a significant role in the Victorian schemes $1 Billion funding black hole for 2023/24. No doubt these claims have also accelerated in number due to the pandemic, and WorkSafe has been slow to react.

Victorian lockdowns caused more Victorians than ever before to lodge claims. At the same time, scheme Agents, who are tasked to manage claims, have faced resourcing shortfalls and been unable to retain experienced staff.

The best way to ensure you pay the lowest premium is to operate a safe and healthy workplace to prevent injuries from occurring. However, if injury or illness does occur, focusing on achieving a prompt and sustainable return to work outcome will assist in keeping premiums down.

Contact out team to access confidential, independent and personalised safety advice for your small business, to keep your employees safe and assist to minimise your premiums for the years to come.