If you forget this important step, you're guilty of COIDA non-compliance
COIDA exists to ensure your employees get help if they have an accident at work. To help your employees get compensation from COID, you must register your company with the Compensation Fund.
But that's not all you have to do. Complying with COIDA is an ongoing process.
If you don't keep up with this process and forget to do this important step, you're guilty of breaking the law under COIDA.
Here's what this step is so you don't end up guilty of non-compliance...
Do this so you don't break COIDA regulations
Every year, you have to pay an assessment tariff to COID. If you don't, you're breaking the law.
The reason you have to do this is because it's your contribution to the Compensation Fund.
Without this money, the Fund can't give employees the compensation they need.
The amount you must pay depends on several factors. The first being your Statement of Earnings that you submit every year. This shows how many employees you have and how much you pay them.
Here are two other factors that affect your assessment tariffs.
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Employees think that safety is something 'management' must do. They're wrong. Employees also have duties to comply with the OHS Act.
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Your COID assessment tariff will vary depending on these two other factors
1. The level of risk in your employees work
The higher the risk level of your employees' work, the higher your COID assessment tariff will be. This is something you might not be able to change as the risks may be inherent to the type of work your employees do.
2. Your compensation claim history
The more compensation claims you made for your employees in the past, the higher your tariff will be. You can reduce this by putting more safety measures in place to reduce accidents and injuries.
For more compliance advice, check out the COID Compliance Guide.
It contains everything you need to know about COID.
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