2018 premium rates
WorkSafeBC announces that the average base rate for 2018 is dropping from 1.65% to 1.55% of employers' assessable payroll.
Lower claims costs and strong investment returns have enabled us to lower the average rate for 2018.
Together with worker and employer stakeholders, we're working to reduce serious injuries and enhance return-to-work opportunities. Progress in achieving these important objectives can also have the beneficial effect of lowering costs in the system and the resulting insurance rates.
How the rates are set
The Workers Compensation Act requires WorkSafeBC to set premium rates annually for employers in order to pay for the workers' compensation system.
Employers are placed in one of 547 classification units with other similar businesses. These classification units are then placed into one of 54 insurance pools we refer to as rate groups.
Employers in each rate group pay the costs of injuries and diseases that occur to the workers within the group, with the intent that each rate group be self-sufficient with regard to compensation costs. This limits cross-subsidization between industries, maintains relatively stable insurance rates, and limits growth of unfunded liabilities in the rate groups.
Each year, costs in some rate groups go up, some go down and others stay the same. In 2018, 63% of employers in B.C. will experience a decrease in their industry base rate, 11% will see no change, and 26% will see their industry base rate increase.
Examples of industries with rate decreases include: Waterfront Industries, Local Government, Commercial and Residential Construction, Trucking, Courier, Ranch, Auto Dealerships, Oil Refining, Dairy Farming, Convenience Stores, Home Improvement Centres, General Retail, and Universities.
Examples of industries with rate increases include: Pre-hospital Emergency Health Care, Construction or General Labour Supply, Veterinary Hospital, Multimedia Services, Physiotherapy, Occupational Therapy, Community Health Support Services, Hospitals, and Auto Parts Supply.
Examples of industries with little to no change to their rates include: Alcohol or Drug Treatment Centres, Prefabricated Log Home Kit Mfg, Consulting Engineering, Law Offices, Aviation or Flying School, Graphic Design, Financial Services, and Chamber of Commerce.
- Average published base rate trend information for 2018 (in table or chart form)
- Find your classification unit, industry, or rate
- Special hazard classification units
- Maximum Assessable Earnings (Compensation-Related Maximum Wage Rates)