10 Things to Check on Your 2020 WCB Premium Rate Statement
In case you missed it, your 2020 WCB Premium Rate Statements have been issued.
This statement not only advises you of the WCB Premium rate you have been assessed for the coming year but also provides you with the information used to calculate your rate. According to current information, WCB 2020 premium rates in British Columbia, Manitoba and Saskatchewan will remain the same or drop from the 2019 levels, while Alberta will see a slight increase.
The rate-setting process is complex and even the smallest change in the data used can have a significant impact on the amount of premiums you pay.
Therefore, 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)?
- Was any applicable cost relief previously granted applied appropriately?
- Can you identify all the claims listed on the Experience Rating Claim Costs page?
- Are the costs associated with those claims accurate?
- Is there more you could be doing to keep premium rates down?
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.
Further details regarding specific province’s 2020 WCB Premium Rates and Calculations can be found as follows:
British Columbia: https://www.worksafebc.com/en/insurance/know-coverage-costs/industry-premium-rates/2020-rates
If you have questions regarding your statement or any of the information associated with it, you can contact us directly, during business hours, through our chat feature or by phone at 1-844-377-9545, you can reach us by email at [email protected], [email protected], and you can always connect with us on Facebook, Twitter , or LinkedIn.