What is WSIB?
WSIB provides injury and illness insurance for Ontario workplaces. It offers employers no-fault collective liability insurance and workers loss of earnings benefits and health care coverage in case of a workplace accident or illness. WSIB also supports the safe return of injured and ill workers to work. Most employers must register with WSIB within 10 days of hiring their first employee.
How is WSIB Calculated?
Each industry is classified into a “Class” with a predetermined premium based on the industry's share of costs to maintain the insurance fund. High-risk industries like construction have higher premiums compared to lower-risk industries like office settings.
Your premium is influenced by your business's specific risk and claims experience compared to others in your class. If your business has higher or more expensive claims, your premium will increase. A Class premium rate is expressed as a dollar amount per $100 of insurable earnings. For example, in 2020, the rate for Class K (Finance, Management, and Leasing) was $0.90 per $100 of insurable earnings, with a maximum Insurable Earnings Ceiling of $95,400.
Who is Exempt from WSIB?
Certain industries are exempt from WSIB, including:
- Banks
- Insurance Companies
- Law Firms
- Real Estate Agencies
- Private Health Care Practices
- Recreational and Social Clubs
- Private Schools
Employers in these industries can choose to be covered by WSIB voluntarily, seek private insurance, or opt not to have insurance coverage at all.
What to Do if an Employee Gets Injured at Work
An employer must report a workplace injury to WSIB within three days if the employee:
- Receives treatment from a health professional
- Takes time off work
- Earns less than their regular pay
If the injury meets these criteria, complete a Form 7 on the WSIB website. Ensure the safe return of the employee by following health care professional restrictions and accommodations or working with a WSIB case manager for serious injuries. All workplace injuries should be reported to your Health and Safety Representative or Joint Health and Safety Committee for investigation and future prevention.
What is a Clearance Certificate?
A Clearance Certificate indicates good standing with WSIB and confirms all premiums are paid. Some customers may require this certificate before allowing your employees to enter their worksite to avoid liability issues.
Feeling Overwhelmed?
Managing WSIB requirements can be daunting. At Essential HR, we can handle the HR details, allowing you to focus on growing your business. Contact us today for expert HR support and guidance.
