Streamlining Workers’ Compensation: A Cost-Effective Approach for Businesses
While it’s true that Workers’ Compensation (WCB) claims are a key component of premium calculations and having no claims is the best way to keep premiums as low as possible, the reality is accidents do happen and claims are sometimes unavoidable. That’s why managing and monitoring WCB claims effectively is crucial to mitigating the costs that impact WCB premiums. Implementing a robust system for this purpose not only fosters a culture of safety but also plays a pivotal role in controlling costs for businesses. Prompt Reporting of Injuries The first line of defence in managing workers’ compensation costs is prompt injury reporting. Making sure the reporting process is quick, easy and accessible, will encourage workers to make use of it at the moment. Timely reporting allows for a swift response to incidents, enabling employers to investigate and identify the root causes, then start introducing corrective measures. This not only improves […]
Implementing an Effective Safety Program: A Smart Strategy to Reduce WCB Premiums
Beginning with the basics and creating a solid foundation is key to ensuring a successful outcome and workplace safety is no exception. A well implemented health and safety management program (HSMP) lays the groundwork for how employees operate throughout their day and perform their job duties. Not only does it foster a positive work environment, but it can have a significant impact on the financial bottom line by reducing workers compensation claims and ultimately WCB premiums. Here’s how: First and foremost, an effective HSMP creates a proactive culture of safety within the organization. By establishing clear safety policies, procedures, and training programs, businesses can empower their employees to identify and mitigate workplace hazards. This proactive approach reduces the number of accidents, injuries, and illnesses, which results in fewer worker compensation claims. Fewer claims and less severe injuries will naturally lead to lower WCB premiums over time. Secondly, a strong HSMP […]
How to Lower WCB Premiums
Workers’ Compensation Board (WCB) premiums in Alberta are determined based on various factors, including industry classification, past claim history, and total assessable payroll. The calculations can be complicated and complex with seemingly little that is within an employer’s control. While many of the components and formulas used to determine premiums rates are fixed, there are some simple strategies employers that can have a positive impact. The single most important thing an employer should focus on is claims. How to prevent them, how to manage them and how to stop them from happening again. Reducing claim costs has a direct impact on lowering WCB premiums and there are steps employers can take before, during or after a work-related incident that can improve the outlook significantly. Over the next few months, we will be exploring these avenues in greater depth. In the meantime, here are 10 ways Alberta employers can reduce their […]
Workers’ Compensation: Managing and Mitigating Energy Sector Claim Costs
The following blog post is published in the 2023 Saskatchewan Energy Report. You might think the oil & gas industry would be high on the list of the most dangerous occupations in Canada, but in fact, according to Avetta’s research (which used statistics from 2017-2019), the energy sector actually comes in 10th on the list. While this might seem like good news — and speaks to the industry’s adherence to safety principles — the reality is that work-related accidents and incidents still happen, and the associated costs of workers’ compensation claims are a significant concern for employers. For most employers, work-related injuries and illnesses are a harsh reality of doing business, and not just because of the lost productivity that is involved, but for financial reasons as well. Disruption of operations is one ramification of an on-the-job accident or incident, but the cost of every Workers’ Compensation Board (WCB) claim […]
Is a WCB Claim Ever Officially Closed?
Your employee has been injured at work, they’ve received treatment, they’ve recovered, they’ve successfully returned to work and the Workers’ Compensation Board (WCB) has inactivated their claim but is that claim really closed? Once a worker has recovered from an injury and has returned to their full duties or has reached a medical plateau and is working at their maximum potential, the WCB Alberta sends a letter to the injured worker and their employer outlining what injuries were accepted, the treatment or services provided and the return to work details. The letter also advises that the claim will now be considered inactive. But what happens if a worker develops problems related to their work-related injury after their claim has been inactivated? Unlike private insurance claims, where there are defined time limits in which you can claim benefits, the WCB will always review any new information that is submitted. It does […]