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 […]
WCB Alberta 2022 Annual Review: The Good, The Bad and The Same
Every year, the Workers’ Compensation Board (WCB) of Alberta reviews and updates various costs, expenses, allowances, and thresholds to keep in line with the current economic landscape. Changes that are approved affect numerous WCB policies and can impact payments to workers and claim costs for employers. Managing claim costs has always been and will continue to be challenging for employers, more so when they have no control over changes being made. However, this year comes with a mixed bag of offerings for Alberta employers: The Good: On a positive note, the WCB announced an increase of the cost threshold used to determine when a No Time Loss (NTL) claim will be used in the experience rating calculations that establish WCB premiums. Although cost threshold increases do not usually benefit employers, an increase to the NTL claims cost threshold does. Beginning January 1, 2022, the No Time Loss (NTL) claim threshold […]
What Should You Be Checking on Your WCB Premium Rate Statement?
If you haven’t seen it already, your Premium Rate Statement has been issued and is available through WCB Alberta online access. It has been and continues to be a time of great uncertainty as we navigate our way through COVID-19, the economic impact of which will be felt for years to come. In 2020 and 2021, many Workers’ Compensation Boards (WCB) across Canada offered WCB premium relief measures to address the financial difficulties facing employers. Although the support was a welcome reprieve, WCB’s nationwide ended up absorbing premium shortfalls in order to maintain rate stability for employers and this is reflected in the premium rate statements currently being issued. Your Premium Rate Statement not only advises you of the WCB Premium rate you have been assessed for the coming year but provides you with the information used to calculate your rate. COVID-19 has changed the way some businesses operate; altered […]
How Occupational Injury Service (OIS) Can Reduce Your Claims Costs
Do you have an employee that’s been hurt in a work-related incident? Are you looking to get an injured worker back on the job as quickly and safely as possible? Do you want to minimize costs associated with work-related claims? Consider using the WCB Alberta’s Occupational Injury Service (OIS). The OIS was specifically developed for anyone who was hurt at work. It gives injured workers quick access to medical services at specialized clinics throughout the province of Alberta while helping employers to manage claims, facilitate a successful return to work plans, and contain claims costs. Some of the benefits of OIS are: Quick access to physicians trained in dealing with work-related injuries that are familiar with the WCB-Alberta process – usually within 30 minutes Completion and submission of reports to the WCB – often the same day Expedited diagnostic and treatment services like MRI’s, ultrasounds, physiotherapy and specialist referrals Development […]