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 assessable earnings of all your workers (plus any personal coverage you buy for yourself).
We set rates using the following principles:
- Full funding. We need to collect enough premiums to ensure we can fund all the current and future costs of the claims that arise each year.
- 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.
There are other programs in place like Occupational Injury Service to help you reduce the rate you pay. Developing modified work for your injured workers and tapping into the resources available through your safety association can also help lower your premiums. Find out more.
2019 premium rate information
While the average premium rate is $1.08, your individual rate will vary based on performance. Fewer claims, lower costs and safer workplaces equal lower premium rates.
Here's the breakdown for 2019:
2019 premium rates employer highlight sheet
An overview of the 2019 premium rates.
2019 premium rates by sector and rate group
A breakdown of the 2019 premium rates by sector and rate group.
- Premium rate guide This guide provides you with a basic understanding of the process we use when setting premium rates.
This guide provides you with an overview of WCB's pricing programs and what they mean for you.
Look up rates from previous years
Rate information from 2014-2018.