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The safer you are, the less you pay. That's the whole idea behind WorkSafeBC's experience rating plan.
Employers who work safely can earn discounts on their base rate of up to 50 percent over time. Firms working less safely may face surcharges of up to 100 percent on their base rate over time.
See WorkSafeBC's Safety at Work for details on how to make your workplace safer.
To learn more, watch How much will my insurance cost?
First, we determine the average safety performance of your rate group
in terms of workplace injuries. Then we see whether your relative costs
are above or below the average. If your costs are lower than average,
you'll receive a discount on your premiums. If they're higher than average,
you'll pay a surcharge.
Experience rating accommodates different types and sizes of firms in B.C. It also recognizes that not all industries pose the same level of risk to their workers. It compares your firm with only your peers those within the same rate group, facing a similar level of risk. If the ratio of your claim costs to your payroll is lower than the average of your rate group, you'll enjoy a better experience rating.
WorkSafeBC has created a calculator that lets you estimate your experience rating for future years. The calculator also shows you how a reduction in claim costs can save you money.
Pay lower insurance premiums by improving your experience rating. Here's how:
Develop and implement a health and safety program
The best way to reduce your insurance costs is to prevent injuries. A good first step is to develop a comprehensive workplace safety program.
Make first aid a priority
Treat an injured worker right away. Research shows that prompt treatment of injury often reduces the severity of the injury. This works in your favor by minimizing the costs associated with wage loss and medical fees.
Help injured workers return to work
Returning injured workers to work as soon and as safely as possible will lower your injury costs and has a positive impact on your experience rating.
For more information, see the experience rating discussion paper (PDF 89kb).
For policy related to experience rating, see sections 1-42-1 to 1-42-3 of the Assessment Manual.
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