Description

The nature of your business has changed (sometimes this happens gradually – over years) and you are now classified in the wrong risk category.

Or you were incorrectly classified from the beginning!

Whilst there is a 33% chance that you are now paying too little in Assessments (by being classified in a lower risk category than your actual business) and a 33% chance that you are paying the correct amount, there is also a 33% chance that you are now paying too much.

Your letter of good standing may also not reflect your actual nature of business and not be recognised by your clients.

For our small fee, we will find out for you whether you are (still) correctly classified and, if you aren’t we will help you to change your classification.

Unless, of course, you want to stay incorrectly classified – at the lower rate.

 

Will you get into trouble for staying at the lower rate?

Well, that depends…

Will The Compensation Commissioner adjust your rate on his own accord?

Well, that also depends…

Will we tell the Compensation Commissioner that you are incorrectly classified at a lower rate?

No. We aren’t obliged to. But you are and we will advise you to.

What are the advantages to being correctly classified?

Well, if the correct classification is at a lower rate, the biggest advantage is that it will be cheaper for you.

If the correct classification is at a higher rate, the biggest advantage is that you will be doing the right thing. Setting an example for good governance.

If you don’t have yourself re-classified, the Compensation Commissioner and your accident frequency (and costs) climb, the time may well come that the Compensation Commissioner will load your rate.

Then he might also correct your classification – to a higher standard rate.

And he may then keep your loading (i.e. the additional rate as a percentage above the standard rate).

And then you’ll wish you would have told him up front.

But this might never happen.

So, it depends.

But, if you want us to look into this for you (if your business has shifted focus since initial registration) we can give you the information you need.

After which we will leave the choice to you.