In Western Australia, discussion around the adoption of the revised Workers' Compensation and Injury Management Bill continues. Debate, for instance, includes the definition of a ‘worker’ when it comes to the commencement of benefits for pending claims. Of greatest potential impact to insureds, is the removal of Principles Indemnity with Waiver of Subrogation. For businesses and their employees, this may result in complexities upon contractual engagements and increased exposure for the Principal as an insured party.
We will continue to monitor developments around this Bill, and keep you updated.
KEY MILESTONES / CONSIDERATIONS FOR CLIENTS FOR THE NEW QUARTER (FY22-Q4):
Industry rate changes have not yet been released for States and Territories, however, an announcement is expected over the coming month. Entering June 30 renewal season, it is now critical for clients to work closely with their broker to understand fluctuations in premiums and whether they are likely to be impacted by industry rate changes imposed by regulators. With premiums driven by claims performance, clients are encouraged to start working with their broker/claims agent more closely than ever. As always, we’re here and ready to assist!
ANY INDUSTRY TRENDS YOU CAN SEE ARISING OVER THE REMAINDER OF FY22?
Claim-farming involves third parties such as call centres, email, or social media, as well as health providers, financially benefiting from pressuring people injured at work to engage lawyers to make a claim. This is the first time this scope of legislation has been considered and is certainly innovating the industry in this regard. While Workers’ Compensation is based on a no-fault scheme, opportunistic groups seek to leverage the scheme to their benefit. If passed, this QLD Bill could encourage other State Schemes to adopt a similar practice.
Protecting cash flow, guarding against late and/or non-payments from customers, and securing your company’s own creditworthiness is critical to business sustainability. This article looks at two key ways you can limit your liquidity risks: credit reports and trade credit insurance.
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