Insurance Insights

WorkSafeBC’s Preliminary Insurance Premium Rates for 2018 See Overall Decrease

construction

October 19, 2017

In September, WorkSafeBC released preliminary insurance premium rates for 2018, expected to be approved by the Board of Directors by November.

While there are some increases for certain rate groups, the majority will see a decrease. The average base rate for 2018 will be 1.55 percent of employers’ assessable payroll, down from 1.65 in 2017. The rate reduction is a positive indicator that workplace injuries and illnesses across BC have gone down. Premium rate changes are driven by injury rates, return-to-work performance, cost of claims along with returns on investments.

Among the construction industry, the injury rate has steadily declined over several years, which has resulted in rates continuing to go down year over year. In particular, the industrial, commercial, institutional rate group is seeing its lowest rate ever, $2.26, down from $2.74 in 2017. Workplace health and safety regulations and programs implemented in recent years appear to be making a positive impact.

If you would like to check your premium rate for 2018, you can do so by visiting this WorkSafeBC page and entering your classification/industry.

For more information and resources on insurance and risk management, please contact us.

Get an Insurance Quote Today!