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WorkSafeBC announces that the average base premium rate will remain at $1.54 in 2012, down from the 2008, 2009 and 2010 rate of $1.56 per $100 of employers’ assessable payroll.
In 2007 the Board of Directors created a Capital Adequacy Reserve. The reserve assists employers by helping cushion quick changes to the premium rates. For the 2012 rates, WorkSafeBC will draw from the reserve to reduce the impact on rates and keep the average base premium rate the same as in 2011.
The average base premium rate is a composite of rates in 67 individual rate groups or insurance pools, which are compilations of various classification units.
61% of employers will see their industry base premium rate decrease or remain unchanged in 2012.
View the 2012 rates
Industries with base rate decreases
Rate decreases are announced for the following industries: trucking, retail, universities, public schools, local government, mining, fishing, ranching, greenhouse, fruit farming, roofing, gas utilities, long term care, autobody.
Industries with base rate increases
Industries whose rates are to increase include ski hills, fish farms, vegetable farms, flooring stores, liquor stores, farm and construction labour supply, house construction and such trades as framing, plumbing and electrical work, auto dealerships, bus lines, dump trucks, waterfront terminals, sawmills, electric utilities, First Nations, hospitals and short term care.
Supermarkets, restaurants and pubs, colleges, commercial cleaning and road construction will see that their rates remain virtually unchanged or will incur modest rate changes.
To learn more, watch How much will my insurance cost?
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