We've enhanced one of the key products we provide to our customers based on stakeholder feedback and business needs. The new rate statement is a customer-friendly, easy-to-understand tool designed to help you understand your rate, how you compare to other employers, and what you can do to improve your business performance and reduce your WCB costs.
Employers receive real value for their WCB coverage and the rate statement is a tool to illustrate that. We're evolving from our rate model to a broader rate system that includes not only rate-setting information but also prevention and Return to Work.
Do I Need to Do Anything With the Information in My Rate Statement?
The rate statement is for information only and is not an invoice – you aren’t required to do anything or send us any payment.
Many employers use their rate statement to estimate their WCB costs for the upcoming year's budget. It's a simple calculation to determine your approximate WCB premium based on your rate and estimated payroll for the year.
Your annual rate statement will also have information about your industry classification and the rate range for your business size.
In early January, you'll receive a request for Annual Payroll Information. This information is required by the last working day of February. We'll calculate your premium based on your rate and the payroll information you provide and send you an account statement based on your preferred payment schedule.
Sample Rate Statement
Click on the numbered areas in the sample Annual Rate Statement below to learn more.