What are the WSIB requirements for employers?
What are WSIB requirements for employers? All Schedule 1 businesses in Ontario pay WSIB premiums in exchange for no-fault liability coverage and access to important health and safety information tailored to their industry. Employers are required to report insurable earnings and make premium payments.
WSIB (Workplace Safety and Insurance Board) provides support to employees after suffering a work-related injury or illness. This can be in the form of benefits from lost wages, medical coverage, and other forms of support to help employees return to work.
Why is WSIB required?
WSIB supports workers and safeguards businesses across many different industries. Its importance should not be overlooked, as it helps create a harmonious and secure work environment for Ontario businesses and their employees. This is why it is important to know the WSIB requirements for employers.
Do I need WSIB for small business?
Whether your small business needs to pay WSIB premiums depends on the type of business you have. Certain types of businesses are exempt from mandatory registration for WSIB coverage including private day care, barbershops, and photography businesses.
If your business is exempt from mandatory registration, you can still opt in voluntarily. If you are unsure if your business is required to register for WSIB coverage, the WSIB website provides a simple form to help you determine your status.
How does WSIB work for employers?
For employers paying WSIB premiums, the process is first to report your insurable earnings then to pay premiums. The frequency at which premiums must be paid is dependent on your insurable earnings. Premiums paid by the employer are used to pay benefits for people who are injured or become ill in the workplace.
WSIB protects workers
At the core of WSIB’s mandate is the protection of workers. Everyone deserves to feel safe and secure in their workplace. Unfortunately, this is not always the reality. When a workplace accident, injury, or illness occurs, it can disrupt people’s lives and livelihoods in an instant.
WSIB helps employees during these difficult times. It provides compensation for lost wages, medical expenses, and rehabilitation services. Beyond financial support, WSIB encourages accountability among employers, creating safer work environments for employees and minimizing their risk of accident or injury.
WSIB safeguards businesses
WSIB emphasizes preventive measures and safety programs allowing businesses to identify and address potential hazards before they escalate. An investment in workplace health and safety programs not only mitigates financial risk but also enhances the reputation and credibility of a business.
When workplace accidents, injuries, or illnesses do happen, they can impose a financial burden on businesses. A timely resolution of claims reduces operational disruptions, minimizes legal liabilities, and preserves productivity. WSIB helps to forge a strong, cooperative relationship between employers and their workers. They serve as a neutral arbiter in disputes and negotiations, allowing both parties to come to a timely resolution.
Understanding the WSIB requirements for employers ensures that your business will fully benefit from the program.
How do I find my WSIB rate number?
Refer to WSIB’s employer classification manual to determine your rate number. WSIB uses 35 different rate classes to cover all workers in Ontario. Within each rate class, there are several different subclasses. For example, under Class E5 “Machinery, Electrical Equipment and Miscellaneous Manufacturing”, there are 17 subclasses to categorize the employer’s specific industry. From this, the employer is assigned a 6-digit WSIB classification code.
At GHRC, we are required to use the rate group of our customer for rating purposes but we pay the premium. If you are unsure of the WSIB requirements for employers, you can trust GHRC with your staffing and payroll needs and be confident that all workers paid by us are paid correctly and covered for WSIB. Once you provide us with the necessary information, our staffing and payroll experts will do the rest.
Feel free to contact us below for more information. We can work with you and provide a tailored approach to suit the current needs of your business. Employers in Ontario have been trusting us with their staffing and payroll needs for over 30 years!
