How premiums are set
As an employer, the premiums you pay help fund the workers' compensation system, protecting you and your workers against the impacts of workplace accidents and injuries. The premium rate setting process promotes fairness and accountability—today's employers pay the full cost of today's claims, securing future benefits for injured workers.
The premium rate you pay is affected by:
your claims experience,
your industry performance and
historical data and trends.
WCB's minimum premium is $200. This covers the costs to administer a WCB account and contributes towards covering employer claims costs.
You're assigned an industry based on the business you conduct rather than by your employees' occupations. Look up your industry and your premium rate.
Your premium rate is the cost of coverage per $100 of assessable earnings and is based on the claims experience of your rate group. Your rate group is made up of industries with employers that have similar businesses activities as you.
This guide provides you with an overview of WCB's pricing programs and what they mean for you.