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Here are the answers to the six most common COID questions
#1: What is COID?
Answer: The Health & Safety Advisor says COID is a government body that compensates injured workers or those who've contracted a disease at work.
By registering with COID and paying your tariffs, you're contributing to that compensation.
#2: Why must you register for COID?
Answer: It's a legal requirement for you to register with COID, even if you employ only one person.
If you've got more than one company, then you must register all companies.
Note: You're allowed to register all your companies as a single registration, but you'll have to apply to the Compensation Commissioner to do this.
The Commissioner will then decide if he'll grant your request. He'll base his decision on whether or not you've complied with all your legal requirements under the COID Act.
#3: What happens if you fail to register for COID?
Answer: If you don't register for COID or pay your tariffs and an employee's injured, contracts a disease, is disabled or dies, you could end up paying thousands in damages to your employee or their dependants. It could cost your company millions, says the Health & Safety Advisor.
#4: What happens after you've submitted your COID registration form?
Answer: When your registration is approved and you've paid your tariffs, the Commissioner will send you a letter.
This is called a 'Letter of Good Standing' with COID. It's your proof that you're compliant, i.e. that you're registered with COID and are paying your tariffs.
#5: How do I know what amount I must pay COID for my tariffs?
Answer: You have to submit your Return of Earnings (details of your employees' salaries) to the Compensation Commissioner so he'll assess your business. He'll then determine how much you need to pay.
#6: When should I submit my Return of Earnings?
Answer: You must submit your Return of Earnings to the Compensation Commissioner every year.
The statement of earnings must be from 1 March of the previous year to the end of February of the current year.
There you have it. We hope these answers have shed some light regarding COID and that they'll help you comply.
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