puts an employer in a better position to bid on contracts and com-pete
with lower prices.
On the other hand, if you are a firm that does have claim costs and
ongoing injuries, you are headed to the terrible land of surcharge.
What does that really mean?
Well, let’s start out with the standard rate code premium, which
for 2017 is $1.24 per $100 of assessable wages. Then your firm has
an accident that is a lost time claim, and as with any other insur-ance
company, if you use your insurance, your rates will increase.
Depending on the costs of the claim, and/or the amounts of claims,
your premiums can be increased to a maximum surcharge or pen-alty
of 200 per cent (75 per cent for small employers). Now that is
a big number. For example, if your industry rate code is $1.24 and
you get assessed a surcharge of 200 per cent, your premium rate
jumps to $2.48. So, let’s say your assessable wages for your firm to-tal
$1,000,000. Your standard Rate Code you would be paying the
WCB is $12,400. With the surcharge of 200 per cent, you would be
54 Think BIG | Quarter 3 2017 | saskheavy.ca