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.
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 premium rates by sector and rate group
A breakdown of the 2016 premium rates by sector and rate group.
2016 premium rates by industry title
2016 rates broken down by industry title.
2016 pricing guide
This guide provides you with an overview of WCB's pricing programs and what they mean for you.
2016 premium rate guide
This guide provides you with a basic understanding of the process we use when setting industry premium rates.
Where do your premiums go?
The money you pay for your premiums fund workers’ compensation insurance for your workers. Find out where your money goes and what you get for the price you pay.
Look up rates from previous years
Rate information from 2011-2015.