Bigger Discounts and Surcharges: Under the Experience Rating option, large employers may receive discounts or surcharges of up to 60%, making premium adjustments more reflective of their claims performance compared to the industry average.

Lower Base Rates: With the Cost Relief option, the extra fee that funds certain long-term claims (the cost relief levy) is removed. This lowers everyone’s base rate. Think of it as a group saving on the fixed part of the premium.

Aligns Costs with Performance: ICP makes sure each employer’s rate more closely matches their claim costs. If you have few accidents, you pay less. If you have many, you pay more. This fairness encourages employers to invest in safety.

Shared Savings: When an industry reduces its costs (for example by cutting the cost relief fee), every employer benefits. The industry as a whole can reinvest those savings into safety programs.