Employers across Canada are often faced with challenges when their Workers Compensation Board (WCB) premiums increase. They don’t understand why, or what to do. In fact, many employers believe there is nothing that they can do. WCB premium increases are not necessarily inevitable, and with strategic management and return-to-work initiatives, employers can save money.
How do WCB premiums work?
Employers are assigned a classification unit with other similar businesses. All the businesses within the classification unit pay the same base rate. However, if your organization has less claims or less expensive claims, than other similar businesses you can receive a discount of up to 50% of the base rate. Alternatively, if your claims costs are higher than the average, you may face a surcharge of up to 100%. This discount or surcharge amount is called your experience rating adjustment and is applied to the base rate to calculate your premiums.
How do I reduce my WCB costs?
Steps can be taken to reduce your premiums even if you are in a surcharge position with WCB. These steps can include:
- A comprehensive workplace health and safety program that helps prevent employee injuries
- Returning employees back to work quickly
- Proactively managing claims
A key factor in reducing your WCB costs is outsourced professional claims management services, which can save you both time and money. When an employee is injured on the job, Disability Management Institute (DMI) steps in to minimize the cost of injuries and accidents, facilitating early return to work and allowing you to focus on running your business. DMI’s WCB claims management team supports you and your employees through these situations by utilizing our long-standing, positive relationship with the board. We ensure your claims are managed proactively with a focus on recovery at work, and secure relief of cost on all eligible claims.
What can DMI do for you?
DMI’s proactive WCB claims management includes:
- Scrutiny of WCB claims decisions to ensure law and policy is followed
- Process training for supervisors and managers
- Stay-at/Return-to-Work Program Building
- Professional appeals management
- Successful return to work planning
- Monitoring all eligible claims for cost relief
That’s a win for everyone! Your employees can get back to their full earnings faster, and your business reduces the costly impact of occupational claims.
With DMI, the fixed monthly retainer model is budget friendly and allows you to incorporate the right services into your existing budget, with minimal impact. The service agreement is risk free, and you can terminate the services at any time with no additional cost or penalties – we just need 60-days’ notice to transition active claim files.
Talk to an expert today!
We’re committed to providing timely support & information. DMI has been working with employees & employers nationwide to provide comprehensive end-to-end solutions for their absence & disability management needs.
Learn more about lowering your WCB premiums by visiting DMI workers compensation claims management. Request a free review of your WCB claims experience from a DMI expert to determine if you will benefit from DMI’s claims management services.