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Home › Insurance › Premiums ›

Premiums

WorkSafeBC collects insurance premiums from employers to cover the cost of workplace insurance. As an employer, you are required to pay premiums, just as you would for any other insurance. Premiums are based on the assessable earnings of your workers. The premiums we collect from you pay the costs associated with work-related injuries and diseases, including health care, wage loss, rehabilitation, and administration.

The amount you pay is determined by this formula:

 

Premium =	(base rate ± experience rating adjustment) x assessable earnings
	100

 

 

 

For more information about how we set your rate, visit the following pages:

Classification Learn how your firm is classified according to the kind of work you do.	Rate setting See how we determine your rate.	Experience rating Find out how working safely can lower your premiums.	Calculating your premiums Find out how to report your assessable earnings and pay your premiums.

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