Do falling oil prices affect WCB premiums?
Falling and fluctuating oil prices have a far reaching effect not only within the oil industry but for Alberta businesses as a whole. It is not just profitability that takes a hit but a changing work environment can lead to a greater risk of accident or injury, an increase in WCB claims and ultimately higher WCB premiums.
As employers, we look for ways to protect our bottom line by reducing costs wherever and whenever possible, this can include layoffs, reduced work hours, increased responsibilities and restructuring – essentially trying to do more with less. This changing work environment can lead to an increased potential for workplace accidents and injuries, which in turn affects WCB premiums and ultimately increases operating costs.
How to manage WCB costs
There are several measures that can be taken to reduce, contain or maintain your WCB costs. One of the initial areas to look at is your WCB assessment rating. Are you classified in the right industry? At the right rate? Have your operations changed such that you should be reclassified?
The WCB system to report all of the necessary information can be complex and time consuming and reporting errors can be extremely costly. At BCL, we have the knowledge and expertise to take a close look at your overall operations and WCB Industry Classification to ensure you are classified correctly
What BCL can do to help
We can guide you through process of requesting a reclassification and follow through to make sure the new classification is administered correctly. Should the WCB decide to audit your company, we can review the audit, provide audit representation and if necessary, prepare and present an appeal of an audit decision.
If you are interested in more information or a free assessment of your WCB costs, you can find out more here. You can also connect with us on our Facebook page, through our Twitter account, on our LinkedIn profile and you can always contact us directly by calling 1-844-377-9545, using our chat feature during business hours or emailing us at [email protected] or [email protected].
