Are WCB & WSIB premium increases inevitable?

Sponsored by Disability Management Institute

Many Canadian employers may believe that they have no options when it comes to WCB or WSIB rate increases, treating these increases as a “tax.” But employers may be missing out on strategies to limit increases, and mitigate the impact of these costs.

All organizations are grouped into a “WCB (or WSIB) classification unit” based on three factors:

Industry performance
Your claims experience
Likelihood of an incident occurring

If an organization has fewer or less expensive claims than similar businesses, they’re eligible for discounts on the base premium – sometimes up to 50%! The other side of the coin also applies, however – higher than average claim costs can cause surcharges of up to 100%. These amendments, whether discounts or surcharges, are known as “experience rating adjustments”.

Reducing WCB costs

You have options. Even if you’re facing surcharges from WCB, there are steps you can take to reduce your premiums. For example, implementing a comprehensive health and safety program can help prevent injuries, get employees back to work quickly and safely, and proactively manage claims.
Another strategy to reduce WCB claims is to outsource claims management to professional claims management services. DMI’s team of WCB claims management experts can help support you and your employees by introducing programs to minimize injury and accident costs and facilitate early return to work. By utilizing DMI’s services, you can save both of your currencies: time and money.

Talk to the experts, for free
DMI will review your WCB claims experience for free. See how you can benefit by contacting us: