Rates for WCB insurance are much like other insurance rates – those with positive experience pay less than those with poor experience.
Still, because of Nova Scotia’s high injury rate and the length of time injured workers are off work, rates for workplace injury insurance in Nova Scotia are among the highest in the country.
When employers take steps to provide a safe work environment, it not only keeps employees safe, it reduces workers’ compensation costs for employers.
The best way to reduce workers’ compensation premiums is to prevent injuries in the workplace, and if an injury does occur, employers can support injured employees’ efforts to return to work. The WCB’s workplace injury insurance rate-setting model is responsive to the proactive safety efforts of employers: in addition to offering rebates and refund programs, employers’ with fewer claims costs in an industry will pay less than others in their industry.
The WCB uses the Statistics Canada Standard Industrial Classification (link to SIC codes) codes to classify employers doing business in Nova Scotia.