As we approach the new financial year, organisations across Victoria face an important consideration: the WorkCover premium rate increase for 2023/24. The increase presents significant implications for businesses, underscoring the need for proactive occupational health and safety (OHS) measures. At Action OHS Consulting, we understand the challenges this may pose to your organisation. In this blog post, we explore the impacts of the premium rate increase and how WorkCover insurance policy holders (who meet the criteria) can benefit from WorkSafe Victoria’s free OHS Essentials program.
The WorkCover premium rate increase
WorkCover premium rates play a vital role in ensuring the financial sustainability of the workers’ compensation scheme in Victoria. While the specific rate increase for 2023/24 may vary based on individual business circumstances, it is crucial for business owners and managers to be aware of the potential impacts. The increased premium rates can place additional strain on budgets, affecting the bottom line and limiting the financial resources available for other essential business operations.
Impacts on business owners
- Financial Burden: The increased premium rates can directly impact a business’s financial resources, potentially leading to reduced profitability and restricted growth opportunities.
- Cost Management Challenges: Business owners may need to re-evaluate their budget allocations, making it essential to identify cost-saving opportunities without compromising employee safety.
- Compliance Pressure: Higher premiums emphasize the need for robust OHS management systems to minimise workplace incidents and injuries. Failure to meet compliance requirements can result in additional penalties and increased premiums in subsequent years.
Leveraging the OHS Essentials Program
Amidst the premium rate increase, it will be crucial for business owners and managers to take advantage of the resources and support available to them. WorkSafe Victoria’s OHS Essentials program offers a valuable opportunity to enhance workplace safety practices while minimising the impact of premium rate increases. As an approved provider of the OHS Essentials program, Action OHS Consulting is well-equipped to guide businesses through this process.
OHS Essentials is free to Victorian-based small and medium businesses (up to 60 workers). If you are eligible, one of our consultants will guide you through a process of setting in motion health and safety best practices to assist you to boost your safety performance.
The program includes:
- 3 visits over a 12-18 month period
- 2-hour (approx) long visits
- Safety Action Plan created on first visit
While the WorkCover premium rate increase for 2023/24 may present challenges for business owners, it also serves as a timely reminder to prioritise occupational health and safety within the workplace. By partnering with Action OHS Consulting and leveraging the free OHS Essentials program, businesses can proactively mitigate risks, reduce incidents, and optimise their premiums.
Reach out to us to discuss how your business can benefit from the OHS Essentials program.
If your business doesn’t qualify for the OHS Essential Program, contact us for advice on how to prepare for the upcoming changes. Our consultants can work with you to provide a tailored and cost-effective solution suitable for your business.