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WorkSafeBC

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Premiums

WorkSafeBC collects insurance premiums from employers to cover the cost of workplace insurance. As an employer, you are required to pay premiums, just as you would for any other insurance. Premiums are based on the assessable earnings of your workers. The premiums we collect from you pay the costs associated with work-related injuries and diseases, including health care, wage loss, rehabilitation, and administration.

The amount you pay is determined by this formula:

Premium =
 (base rate ± experience rating adjustment) x assessable earnings
100

Introduction to WorkSafeBC Classification, Rate Setting, and Experience Rating (SWF 456kb) Download Macromedia Flash Player

The following sections will guide you through classification, rate setting, and experience rating. This will help you understand how the formula works.

Classification
 Learn how your firm is classified according to the kind of work you do.

Rate setting
See how we determine your rate.

Experience rating
Find out how working safely can lower your premiums.

Calculating your premiums
Find out how to report your assessable earnings and pay your premiums.

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