5.18 Workers Compensation Benefits of Coverage
If you choose to obtain Workers Compensation coverage, as an employer, you are generally protected from a cause of action for damages for work-related injury or disease.
A worker whose claim is accepted will receive benefits for:
- wage loss: generally 90% of the worker's net annual earnings (estimated CPP, EI, and income tax deductions are taken from the annual earnings) up to an annual limit (90% of a maximum $98,700 for 2016)
- health benefits: coverage for medical services and supplies that are required for the worker to recover and
- permanent disability and fatality benefits.
WCB sets a rate assessment each year for you, calculated as an amount per hundred dollars of payroll. Your payroll is subject to audit by WCB. Once your assessment rate is set, WCB will advise you of how much is due and when it is due. Your assessment rate will be set each year and your premiums may be raised or lowered depending on your performance and the performance of your industry. In essence, high-risk, high-claim employers pay a higher WCB assessment as the program is meant to be an employer-funded system.
Your obligations include reporting your payroll and making your assessed payments. You can report your payroll, make your assessed payments and manage your account online.