10 Things to Check on Your 2019 WCB Premium Rate Statement
If you haven’t seen it already, your 2019 Premium Rate Statement should be available shortly.
This statement not only advises you of the WCB Premium rate you have been assessed at for the coming year but provides you with the information used to calculate your rate. According to current information, the average WCB 2019 premium rate in has gone down in Saskatchewan, increased in Alberta and remained the same in Manitoba and British Columbia, as compared to the 2018 levels.
The rate-setting process is complex and even the smallest change in the data used can have a significant impact on the number of premiums you pay.
It is important to consider the following questions while reviewing your statement:
- Is your company name/address correct?
- Have your operations or business changed?
- Are you classified in the most appropriate Industry?
- Has your industry code changed?
- Are you being assessed a surcharge?
- For Alberta employers, are you also paying a poor performance surcharge (PPS)?
- Are any discounts being applied appropriately?
- Do you qualify for any combined experience discounts?
- Can you identify all the claims listed on the experience rate claims cost?
- Are the costs associated with those claims accurate?
The WCB as a whole is complicated and can be overwhelming – rate setting is no exception. It is in your best interest to advise the WCB of any inaccuracies or misinformation as soon as possible. A recalculation could result in a premium reduction and even if it doesn’t, it guards against any unexpected surprises later on.
If you have questions regarding annual payroll reporting, your premium statement or any of the information associated with it, you can contact us directly at BCL.Calgary@bclconsulting.ca, BCL.Edmonton@bclconsulting.ca, by phone, at 1-844-377-9545 or you can connect with us on Facebook , Twitter , or LinkedIn.