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.
COID rejects 80% of all claims! Will it reject yours?
Take this quiz to find out if your claim will be rejected
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.
Enjoyed this article? Subscribe to receive these free articles in your inbox daily.