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WorkSafeBC announces that the average published base rate will drop by 1% to $1.54 in 2011 from the 2008, 2009 and 2010 rate of $1.56 per $100 of employers’ assessable payroll.
The average published base rate is a composite of rates in 65 individual rate groups or insurance pools, which are compilations of various classification units.
While the average published base rate is expected to drop 2 cents, the premiums for 56% of employers are expected to increase. This apparent dichotomy can be explained by the impact of the 2009 recession and the change in the "mix" of the province’s payroll: higher risk payrolls decreased at a faster pace than the average.
In recognition of the financial stress imposed on the employers of B.C. by the economic downturn in 2009, as a one-time measure WorkSafeBC limited all base rate increases in 2010 to a maximum of eight percent. It is proposed that the normal rate change capping of +/- 20% be reinstated in the rates for 2011. Of the employers witnessing a base rate increase in 2011, 56,500 employers had their base rate increase limited to eight percent in 2010.
View the 2011 rates
Industries with base rate decreases
Rate decreases are announced for the following industries: restaurants, convenience stores, couriers, real estate agencies, telephone and cable services, medical and dental practices, accounting, gas utilities, greenhouses, veterinary services, construction labour supply, heavy equipment manufacture, travel agencies, brokering, distribution centres, warehousing, orchards and berry farming, publishing, and business consulting.
Industries with base rate increases
Industries whose rates are to increase include supermarkets, house construction, building construction, electrical work, oil or gas production, wharf industries, electric utilities, bus lines, commercial laundry and commercial cleaning, furniture stores and flooring stores, underground mining, printing, most health care services, ranching, fishing, local governments, law enforcement, financial services, hotels, sawmills, and education.
General retail, trucking, forestry, short term care, building management, landscaping, retail bakeries and coffee shops will see that their rates remain virtually unchanged or will incur modest rate changes.
To learn more, watch How much will my insurance cost?
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