Besides being a legal requirement, there are five other reasons to register with COID The Compensation for Occupational Injury and Disease Act (COIDA) says you, as an employer, have to register with the compensation fund. And you must do this even if you only have one employee. But this isnt the only reason you should register with COID. The truth is, there are several benefits that come with registering. If these benefits dont motivate you to comply with the law, I dont know what will. Read on to find out what they are... There are five benefits youll gain when you register with COID #1: COID will reimburse you for your employees medical bills Lets say your employee has an accident and you have to rush him to hospital. Sadly, he needs an emergency operation but he cant afford to pay for treatment, so you cover the cost of all his medical bills. Because you registered with COID, you can claim that expense back. This means you dont lose money. #2: You dont have to lose money while your employee cant work When your employee cant work, your companys productivity decreases. This will cost you money. And you may think youll have to pay your employee while hes on sick leave as well which will cost you even more. But it actually wont cost your company anything. According to the COID Compliance Guide, in this situation, you have to pay your employee 75% of his normal salary and COID will then reimburse you this money. This may change if your negligence caused the accident. In this case, the Compensation Commissioner might make you pay your employee more compensation #3: It stops your employees from suing you for workplace accidents Because COID works like a national workers insurance, it stops employees from claiming damages from you. Otherwise, your employee could get double the amount of compensation for the same accident. Just be careful though because COID doesnt stop third parties from suing you. For example, if an outside consultant comes into your workplace and has an accident, he can sue your company. #4: You can get money back from COID if you have a low accident rate Every year, you have to pay COID a tariff. This is essentially your contribution to the fund so it can give employees compensation. But if your accident rate is lower than the rest of your industry, you can get a rebate from COID. This means while everyone else in your industry has to pay high tariffs, running a safe workplace means youll pay a lot less. #5: It makes sure your employees come back to work quickly If your employees can get the treatment they need and get back to work without worrying about money, it means your company can work productively. This helps you generate more profit and grow your company. Thats difficult to do if your employees are off from work after serious accidents.
Posted on: Wed, 21 Jan 2015 05:56:00 +0000
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