Each year, we mail you a rate statement. We've redesigned the rate statement this year to help you better assess your performance and provide you with more detailed information that's targeted to your business. The rate statement provides you with your current rate and your rate for the coming year. It also includes information about your classification and how you compare to other employers in your classification.
The rate statement is for information only and is not an invoice – you aren’t required to do anything or send us any payment. If your rate changed in 2020, there are a number of factors which may have influenced its movement in either direction.
Many employers use the information in their rate statement to estimate their WCB costs and forecast their rate for the year ahead. Because your WCB premium is based on your rate and estimated payroll for the year, it's a simple calculation to determine your approximate workers compensation costs for your own budgeting purposes.