COID is a government body that compensates workers who've been injured at work or who've contracted an illness or disease at work. It's crucial your company complies with the Compensation for Occupational Injuries and Diseases Fund (COID).
Why must your company register with COID?
As an employer, you're legally obliged to register with COID, even if you only have one employee.
It's important you don't think of COID as an extra burden on you. COID is there to safeguard your workers when they're injured and to make sure you support their compensation by paying your tariffs.
Registering with COID means you'll be protected against civil claims if your employee gets injured on duty. This means your worker can't take you to court and claim damages for injuries or diseases.
In addition, your injured employee can claim compensation for temporary or permanent disablement. And if your employee dies as a result of his injuries their dependants can claim compensation.
COID pays the dependents of a worker who has died or isn't able to work anymore (if they are financially dependent on the worker).
So how do you register with COID?
If you want to register with the compensation fund you must do the following, says the Health&Safety Advisor.
#1: Download and complete a form called the W.As2 form. You can download the form here.
#2: Attach the correct documents. For example, if you're a Close Corporation (CC) or a Company, you'll have to submit documents such as your Certificate of incorporation (CM1) and Contents of Register of Directors, Auditors and Officers (CM29).
#3: Send the completed documents to the Compensation Commissioner. You can use any one of the three channels below to submit your W.As2 form and documents:
Remember, as the person responsible for your employees, you need to comply with the COID Act to protect your employees and your business.
Turn to chapter C15 of your Health and Safety Advisor to find out when you pay COID and your contribution tariff.