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COID: Are you entitled to any refunds?

by , 07 February 2014
Are you compliant with all your Compensation for Occupational Injuries and Diseases Fund (COID) requirements? If so, read on to find out whether or not you're entitled to a refund.

It pays to comply with the COID Act?

What do we mean by this?

You may qualify for a COID rebate in these circumstances:

According to the Health & Safety Advisor, you may qualify for rebate if you've designed and equipped your business to prevent accidents by doing the following:

• You provide and maintain all the equipment that your workers use to work;

• You've given your employees personal protective clothing;

• You protect your employees against hazards that may result from the production, processing, use, handling, storage or transportation of articles or substances; and

• You've trained your employees regarding safety and what they must do to protect themselves.

That's not all.

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COID rejects 80% of all claims! Will it reject yours?

Take this quiz to find out if your claim will be rejected

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You may also get a rebate if:

• The number of accidents and the costs connected to accidents in your workplace are less than those of employers in comparable businesses.

• You have a better accident record than companies in the field you're in.

Important: The amount you receive is based on the discretion of the Compensation Commissioner. Essentially, the Commissioner will calculate your assessment based on the frequency of incidents at your workplace.

Here's a useful tip regarding COID refunds:

The fewer your incidents, the lower your annual payments to the COID Fund will be and this will help increase your chances of getting a refund.

'Treat the COID Fund just like your insurance company: Pay your premiums according to the risk your company poses and every year you'll either receive a rebate (like a no claim bonus) or a penalty for poor performance,' says the Advisor.

Be sure to check out this article. It has five steps that will help ensure you're legally compliant with COID.

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