Seven COID documents you must always keep

Ashley Churchyard, Fsp Business, 30 Sep. 2014

Tags: coid, coid documents, compensation commissioner, workers’ compensation

It’s essential to keep records of all of your transactions with COID. This will help you prove how often your employees need compensation and what they claimed for. It will also prove you comply with all the COID laws.

All of this affects your risk profile and future COID assessment tariffs. If you don’t document your COID relationship correctly, you could pay more for that tariff than you should.

To avoid this, you must always keep these seven COID documents…


To avoid higher tariffs, always keep these seven COID documents

You must keep records of all the statements you submitted to the Compensation Commissioner, assessments you receive from the Commissioner, as well as the payments you make to the Commissioner. 
You should keep these documents for a minimum of five years, but we recommended you keep them for seven years. Here’s a list of some of the specific documents you must keep on record:
1. Return of earnings;
2. Assessments from the Commissioner;
3. Copies of Letter of Good Standing;
4. Claims you made for injured workers to the Commissioner;
5. Payment the Commissioner made to the worker (if possible);
6. Database of reported injuries; and
7. A trend analysis of all injuries including first aid treated injuries.
Make sure all your records are properly dated and you have both electronic and hard copy versions.
Once you have them, use these four steps to effectively store these documents.
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Use these four steps to store your COID documents

Step #1: Create a physical and digital folder for each year.
Step #2: Divide the folder into different sections including assessments, claims and internal records of injuries.
Step #3: Under claims and injury records, keep a folder for each employee. This will help you spot any employees that have far too many accidents.
Step #4: Create your physical or digital copies of the documents so you have both and file them in the correct place.
Storing these seven documents correctly will help you avoid any problems with COID later on.  

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Noel Chitekwe 2014-12-08 12:37:58



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