Workers Compensation rates - The more the risk, the higher the premium


1 min read
31 Jul

We posted How many injuries is it going to take - read it here

Employers should already know the value of implementing safety procedures for their workforce to prevent workplace injuries for their employees. It not only provides a safer working environment, but reduces their premium for Workers Compensation. Each Province is different, but below is an extract broadly explaining the consequences of not ensuring drivers safety:


"Financing procedures and contribution rates to workers' compensation funds vary, but in all jurisdictions the fund is financed exclusively by employer contributions. These contributions are calculated on the probability of accident in different industrial groupings. For example, firms in industries with very few accidents and with few employees drawing compensation benefits might pay as little as 25 cents per $100 of payroll, while other firms in industries that record more accidents and more claims on the system might pay $15 per $100 of payroll. The system is similar to an insurance policy in which high-risk customers pay higher premiums. There is substantial concern in most jurisdictions that current large unfunded liabilities of the system will require either further tax increases or future benefit reductions."

Reference: https://www.thecanadianencyclopedia.ca/en/article/workers-compensation

The safer your work environment, the less your premium - that has to make sense.

Cost recovery on our tie down and tarping safety tools will be compensated by a reduction in your premiums!

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