What are Premiums?
The funds needed to cover the cost of WCB benefits and services are collected from registered employers in the form of premiums. Employers’ premiums go into an “injury fund”, which goes toward:
- Providing wage-loss benefits to workers injured on the job who are unable to work as a result of that injury,
- Providing medical aid and rehabilitation to workers injured on the job, and
- The general administration of the WCB, which includes costs to run the compensation system, adjudicate claims, prevention and safety initiatives.
How to reduce your premium rates
There are two main ways you can reduce your premium rates.
Preventing work injuries is the best way to reduce your premium rate. Injury prevention leads to a better experience rating for your firm and a lower base rate for your industry.
Return injured workers to work
Studies show that injured workers recover quicker and more completely the sooner they are able to return to work safely. Modifying job duties allows an injured worker to return to work safely while they recover. This also reduces the overall claims costs of that injury.