You will not automatically receive all of these benefits. The WSIB gets their funds from businesses. They pay premiums based on the earnings that they're getting from the program. The collection of these funds go towards paying for injured or ill employees' lost wages, healthcare, and more.
The payment plan that your employer is under will depend on the number of insurable earnings that the business is making:. The WSIB uses the last six years to determine your premium rate. So, if you have a poor premium now, you may be able to get a better deal when those past problems rollover. Risk bands are the WSIB's way of categorizing businesses based on the level of risk that they bring. In other words, these businesses are being split into different categories based on how likely it is that their employees are going to need the insurance.
Each class has a set of risk bands. And, each risk band represents a rate that those specific businesses have to pay in relation to the class rate.
The difference between each risk band rate is about five percent. A clearance certificate is a document that relieves a business' financial liability to the WSIB. It tells others that you're a professional who takes safety and legalities seriously. Overall, it looks very good for your business.
If the WSIB gives you a clearance certificate, it means that you've registered with the WSIB, filed all of your required forms, and reconciled any payments. A clearance also helps businesses avoid liability. If you're hiring a contractor or subcontractor, a clearance certificate clears you of any liability to pay insurance premiums for the work that those individuals are doing.
As of September 15th, , clearances automatically update for each business that is up-to-date on their payments. Now, the WSIB doesn't have to make an individual certificate for every single business. These simplified clearances are just as valid as the original ones.
So, if you receive one of these, it means you're in good standing. When it comes to running your business, you want to make sure that you're in good graces with the WSIB.
So, you want to make sure that you're contributing so that they can financially help your employees later. Luckily, our team here at Insurdinary has pulled together everything you need to know to care for your organization. What years are considered when calculating my premium rate?
What are risk bands and how do they relate to premium rates? How does predictability impact premium rates? What is a class rate? Can a business be assigned the class rate? Businesses with experience similar to the class are also assigned the class rate. How can I reduce my premiums? What is a projected premium rate? Now that the rate hold is over, how does transition to the rate-setting model implemented in work?
Can I get a detailed breakdown of how my premium rate was set? To request an extended statement: Email employeraccounts wsib. How will lost time and no-lost time claims impact premium rates? I received my premium rate summary statement and do not agree with the rate, how can I appeal?
Your premium rate cannot be appealed, however, you can appeal any of the following components by providing supporting documentation that shows: Your insurable earnings are inaccurate A claim s that occurred should not have been applied to your account Your claims costs are incorrect.
How do I report my premiums? Use our online service for premium reporting to report online Enter your insurable earnings and your premiums will be automatically calculated and submitted for you. You will also have the option to view your premium transactions online anytime. See how to calculate your premium and insurable earnings for more information on determining your insurable earnings. When do I need to file a year-end reconciliation?
You need to file a reconciliation form by if you: pay your premiums monthly close an account are asked to verify information by the WSIB Completing reconciliation ensures that you have reported and paid all your premiums.
Once you have signed up for our online service for premium reporting, select the account that you would like to report your premiums and follow these steps: Step 1: Select a reporting period This page will list any reporting periods that have not been submitted. Click the reporting period you would like to report. Step 3: Review and submit Review the amount s entered To correct the amount s entered, you may: Re-enter the incorrect amount s in column A insurable earnings field s , or Click clear all to delete the amount s in column A Insurable Earnings field s Re-enter the correct amount s Click Calculate premium If you are ready to submit this amount, click submit.
A dialog box appears prompting you to confirm whether you would like to proceed: Yes, please submit my premium to WSIB No, I want to review my premium before submitting Please note: If a NC has no earnings for the selected reporting period, enter 0. Similarly, if the session expires before clicking the Submit button, any data you may have entered will not be saved Tip: Depending on your computer settings, the pop-up box may not be visible.
Step 4: Confirmation You will see your submission details including the date and time and who submitted it. How can I view my report history? To view your reporting history: Select reporting history in the tools section of the menu A history of premiums that were not submitted through our online service for premium reporting e. To view details of a specific submission, click View You can print a record of this page or save a record of this page to an Excel spreadsheet by clicking Save as spreadsheet If you select a specific submission, the details of the submission appear.
You can print a record of this page or save a record of this page to an Excel spreadsheet by clicking Save as spreadsheet If the payment for this submission is outstanding, you can pay online through your financial institution. How do I review my online submission history? To view your online submission history: Select online submission history in the tool section of the menu Only the premiums that were submitted through this site appear in the history.
To view details of a specific submission, click View You can print a record of this page or save a record of this page to an Excel spreadsheet by clicking Save as spreadsheet If the payment for this submission is outstanding, you can pay online through your financial institution. Determining insurable earnings How do I determine insurable earnings? What part of my payroll do I include in my insurable earnings? Payment How often do I report and pay? Businesses pay either: monthly quarterly annually See reporting and payment frequency for details.
What payment methods can I use? You can pay your premium in several different ways: Pay online through your bank or financial institution Our online service for premium payment Visa or MasterCard credit, Visa Debit, Debit MasterCard or Interac Online through our online payment partner, Paymentus Mail the bottom part of your Premium Remittance Form with your cheque to the address on the remittance form stub.
Please write your account number on your cheque — allow extra time for processing if using this option. How do I pay by cheque? Make your cheque payable to the Workplace Safety and Insurance Board Record your account number on your cheque Detach the stub from your premium remittance or online services reporting payment only form.
What happens when I use the one-time payment feature? Can I use American Express? No, at this time, we only accept payment by Visa and MasterCard. For any circumstances if there is a filed claim, the primary goal is for both the employer and employee to cooperate and work towards getting the employee back to their job as soon as practicable. However, the primary deciding factor of your claim is based on the legitimacy of the injury.
As an employer, your key responsibility is to keep up with your premiums which protects you from the unfortunate case of an employee willing to sue you for unsafe work environments or injury at the workplace.
All employers must keep their payroll records up to date in order to complete their premium reporting in a timely manner without resulting in late penalties. In addition, annual reconciliations should be completed by the 3 rd month following the end of the year.
The purpose of annual reconciliation is to verify all insurable earnings have been accounted for and it ties into your annual payroll amounts. Want to discuss your Accounting questions?
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