In BC, small businesses make up about 88%of employers, spanning all industries—from agriculture and manufacturing, to construction and retail. Whether you employ a number of workers or are a one-person operation, it is important to obtain the right insurance to protect you, your workers, and your business.
Lowest Insurance Rates in North America
Businesses in BC have some of the lowest rates in North America. And in 2015, WorkSafeBC will carry on that trend, keeping the average base rate across all industries in BC the same as it was in 2014.
While WorkSafeBC has seen an increase in claims costs over the last year, they’ve also had positive investment returns. These returns, combined with other decisions they’ve made has allowed them to keep the average base rate from increasing.
Differences Across Industries
WorkSafeBC use a classification system to group employers in similar industries with similar levels of risk. Some of these classification units will see increases or decreases in rates due to certain situations specific to that classification unit.
If you know your classification unit and its base rate, your firm's payroll, and your experience rating discount or surcharge, then you can calculate your insurance premium for workers' compensation. Watch this video to learn more – How Much Will My Insurance Cost?
For more information please visit the 2015 insurance rates page.
The Benefits of Workplace Insurance
There are many benefits for insuring your business. WorkSafeBC coverage provides:
- Protection for you. You’re protected from potential lawsuits from workers who suffer workplace injuries or occupational diseases.
- Protection for your workers. They provide compensation for workers who are injured on the job and cover the costs of health care and rehabilitation services to help them get back to their normal routines.
- Access to a wide variety of health and safety resources. Visit the small business portal for a robust selection of free general and industry-specific health and safety resources—from videos and posters, to toolbox talks and brochures—many specifically created for small businesses to help you maintain a safe workplace and keep you and your workers safe.
Benefits of Sole Proprietors, Partners and Spouses
Did you know that WorkSafeBC also offers optional coverage, called Personal Optional Protection, to people who are not paid workers? If you are a sole proprietor or partner in a non-limited company, or a spouse of a proprietor, you have the opportunity to protect your own safety and well-being through this optional insurance.
Need help creating a safety culture in your workplace? Join WorkSafeBC, Small Business BC and your industry peers to find out how their commitment to health and safety has transformed their businesses.