Premiums and payrollWCB insurance protects you and your employees in the event of a workplace injury or illness. Workers compensation insurance covers wages while your worker recovers, pays for extended healthcare benefits and protects you from lawsuits. WCB premiums are based on a combination of the value of what is insured and the risk of incurring claims costs. We define risk as the potential cost of future workplace injuries (based on the costs of past claims) and determine value using the assessable payroll of your workforce.Related linksDetermining premiumsLike other insurance premiums, WCB premiums are based on a combination of the risk of incurring claims costs and the value of what is insured. Learn more Pay your premiumYour account statement details the amount owing and payment requirements. There are several was to pay your premium. Learn more Reporting payrollReporting your payroll to the WCB is important because that number calculates your WCB premium. You must report each year before the last day in February. Learn more Industry classificationsEmployers registered with the WCB are assigned to one or more industry classifications based on their primary business activities. Learn more Account statements An account statement informs employers of their current financial status with the WCB. It provides reminders about payments that may be due as well as accounting information about any financial transactions that have taken place on their account. Learn more Premiums and riskWCB premiums are based on risk, just like your home or vehicle insurance: If your workplace’s risk is higher than other employers, you will pay higher premiums. We assess your risk based on your past claims costs or experience with us. If you are a new customer, we assess your risk based on the past claims costs of other companies with similar business activities. We put your business in a group of similar businesses called an industry classification.Workers compensation premiums are a blend of collective and individual liability. This means your premium rate is based on a combination of the risk of potential injury costs at your workplace and the risk at workplaces with similar business activities. There are steps you can take to reduce your risk and potentially reduce your premium.
