WorkSafeBC Workers Comp Average Premium Rate Flat for 2012
Tuesday, March 20th, 2012
WorkSafeBC announced this month that the average base workers’ compensation premium rate for registered employers will remain unchanged next year. The 2012 average published base rate will be $1.54 per $100 of employers’ assessable payroll, the same as the 2011 average rate. Rates for British Columbia employers continue to be among the lowest in Canada and the current rates are the province’s lowest for the last 30 years. The rate is lower than the agency’s average published base rate for 2008 through 2010, which was $1.56.
The average published base rate is a composite of rates in 67 individual rate groups, or insurance pools, which are compilations of various classification units. Insurance premium rates for B.C. employers are based on the safety history of their industry and of similar employers, and are further adjusted based on an individual employer’s performance.
Overall, in 2012, 53% of employers will experience a base rate decrease, while 39% will see an increase. Eight percent of employers will see no rate change.
The era of flat rates may be coming to an end, however, as WorkSafeBC has projected a deficit for 2011 and the agency has already suggested modest increases to the average base rate night be necessary beginning in 2013. Premium rates are required to be sufficient to cover the current and future needs of B.C.’s injured workers, some of whom will require financial and medical aid for the rest of their lives.
More information regarding the 2012 rates can be obtained through the WorkSafeBC website, where you can find the base rate for a specific classification unit, search by classification unit name or number, or browse by industry sector. The website also contains information as to how the agency sets rates and assigns classification units to employers.














