Rate setting

Your rate directly reflects your industry's performance as well as your own within the workers' compensation system. Your premium rate is the cost of coverage per $100 of insurable earnings of all your workers (plus any personal coverage you buy for yourself).

We set rates using the following principles:

  • Full funding. The costs of any given year will be fully funded by that year's premiums. This means the premiums collected in 2016 need to cover all current and future costs for the claims from employers operating in 2016. (Over 70 per cent of those costs are paid well into the future.)
  • Collective liability. Your rate is affected by the claims experience and trends within your rate group. Costs are spread among all employers creating a balance between collective liability and individual employer accountability.
  • Accountability and incentives. Rates vary based on claims experience, so each employer and industry is accountable for their performance. Your performance and participation in incentive programs like Partnerships in Injury Reduction can help reduce this risk.
There are other programs in place like Occupational Injury Service to help you reduce the rate you pay. Developing modified work for your injured workers and tapping into the resources available through your safety association can also help lower your premiums. Find out more.

2016 premium rate information

While the average industry rate is $1.01, your individual industry rate will vary based on performance. Fewer claims, lower costs and safer workplaces equal lower premium rates.

Here's the breakdown for 2016:

2016 Rates image

Rates Premiums Value Premium Values 2 Premiums Spent Reduce Premiums