Insurers and agents are responsible for correctly allocating Industry Classifications for each policy. It is critical to ensure that they understand your business and the many functions operating within it routinely. It is not uncommon for incorrect classifications to be applied.
WCD will examine the range of activities, products and services in your business, and will review this information against each classification. WCD will also negotiate changes with your Insurer or Agent to ensure a correct classification.
A correct classification may result in significant financial savings as part of the premium calculation. If other members of your industry group are agreeable, WCD will provide statistical analysis between organisations. This will give an even greater indication of an Employer’s performance in this discipline.
Such benchmarking arrangements are conducted in the strictest confidence. Reports prepared by WCD will not reflect the names of the contributors. Employers will receive a report that comparatively analyses performance between members of the benchmarking group without revealing any confidential information that could adversely impact competition.