How’s your workers insurance premium looking? icare in NSW has been limited to raising the premium to 8% per annum to 2025-26, but watch out in the following year!

One of the drivers of this increase in premiums is the costs of psychosocial injury. It is now a legal requirement that hazards which could cause psychosocial injury are managed in the same way that physical hazards are managed.

The problem with this is understanding what these hazards are in the first place, and being able to accurately assess the risk in your specific organisation. Blanket controls such as engaging an Employee Assistance Program aren’t wrong, but they are the PPE of controls. Think putting on a dust mask instead of eliminating the dust.

Employee Assistance Programs are good but after the fact

Actually they are even more like the first aid kit – providing a band aid after someone is already injured, instead of reducing the risk of the injury in the first place.

Small businesses will be loathe to report psychosocial injuries, but it is illegal to hide them. A focus on elimination of the cause should be a focus on creating a harmonious workplace.

Rather than think it is something they must do, future focussed entrepreneurs consider building teams with aligned focus as essential to success. They know the most productive and effective way of working is together not against. They are open to feedback, and diversity of opinions and experiences is encouraged.

Where’s your focus? Is it on the cost or the future?