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Did you know: You can get a rebate from COID

by , 31 July 2014
I'm sure you've heard of insurance companies that'll give you a 'no-claim bonus' if you make no claims during a certain period? These bonuses often motivate people to be more careful so they don't have to claim from their insurance.

Now, what if I told you, you could get a 'no-claims bonus' or rebate from COID? That's right, the Compensation Commissioner will actually give you some money back if you don't claim workers' compensation for any of your employees.

So here's what you need to know to get your COID rebate...

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Do you know when to claim from COID? Shocking survey reveals 5 out of 7 managers don't! 
 
 
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Here's how to get money back from COID as a rebate

 
To help employers who pay a lot in assessments in comparison to their accident costs, COID introduced the system of awarding merit rebates.
 
 The Commissioner works out the rebate by comparing employer's claim costs and assessment amount.
 
What this means is, if you pay R20 000 in COID assessment tariffs, but only claim R5 000 in injury on duty claims, COID will give you money back!
 
There are a few other ways you can get your rebate too...
 

Here are six more things you can do to get a rebate from COID

 
You can also get a rebate from COID if you: 
 
1. Maintain all the equipment your workers use to work;
 
2. Give your employees personal protective equipment;
 
3. Protect your employees against hazards that may result from the production, processing, use, handling, storage or transportation of articles or substances; 
 
4. Trained your employees regarding safety and what they must do to protect themselves.
 
5. The number of accidents and costs connected to them are less than those of employers in comparable businesses.
 
6. You have a better accident record than companies in the field you're in.
 
The moral of the story is: Take care of your employees. Do everything you can to protect them and COID may actually reward you with a cash-back bonus.
 
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