What is COID?
The Health & Safety Advisor explains that 'COID is a government body that compensates workers who've been injured at work or who have contracted an illness or disease at work.'
It's a legal requirement that all companies who employ people are registered with COID. This applies even if you only have one employee.
Over and above this, you must keep the following records when it comes to COID.
Do you know when to claim from COID? Shocking survey reveals 5 out of 7 managers don't!
Keep these seven records to comply with the COID Act
You must keep records of all the statements you've submitted to the Compensation Commissioner, your assessment that you receive from the Commissioner, as well as the payments you make to the Commissioner.
You must keep these documents for a minimum of 5 years, but it's recommended that you keep them for 7 years.
Here's a list of some of the documents that you must keep on record:
Now that you know what type of records you must keep, make sure they're all properly dated and there's both an electronic and hard copy version available. This will help ensure you fully comply with the COID Act.