Expect a letter any day now with your business’s classification under the WSIB’s new rate framework for insurance premiums.* Taking effect January 1, 2020, the new rate framework is the product of extensive consultations with employers and employer groups, and prevention system partners such as WSPS.
The WSIB is moving from its current classification structure to the North American Industry Classification System (NAICS). NAICS is already used by Statistics Canada, the Canada Revenue Agency and is a North American standard. It will help streamline classifications from 155 rate groups down to just 34 classes/subclasses. The letter you will soon be receiving will display the class/subclass your business has been assigned.
The rate framework will use a two-step approach to set and adjust premium rates for businesses. The first step involves setting an average rate for each industry class based on their risk profile and share of responsibility to maintain the insurance fund.
The second step looks at how your individual claim history compares to the rest of the businesses in your class. This means that your overall rate under the new model will reflect your individual claims experience and risk.
Suggested next steps
When you receive your letter, note the NAICS classification assigned to your business. If you feel it may not reflect your operation, now is the time to act. Contact information for WSIB will be in your letter.
To learn more, visit the WSIB’s rate framework website.
Through the website, you can
- complete an online survey to help you determine if your assigned NAICS classification is accurate
- learn more about features and benefits, the NAICS model, and new policies that support implementation of the rate framework
- find helpful FAQs
- watch brief WSIB videos that explain specific aspects of the new rate framework
How WSPS can help
- Watch for more on the WSIB’s new rate framework in upcoming issues of WSPS eNews.
- Chat with an on-duty consultant on how you can start improving your health, safety and organizational performance now. Call Customer Care: 1-877-494-WSPS (9777
- Explore our extensive collection of resources and tools www.wsps.ca: free downloads, e-courses, classroom training, consulting services, and more.
* The WSIB sent a similar letter last year with the same classification information. The current letter is intended to remind employers of the change and the opportunity to request a change of classification, if required, prior to the new framework going into effect.