When starting a business, there’s always a long list of things to get done. A task to pay special attention to is worker’s compensation insurance, or WorkSafeBC insurance. Although it means more paperwork, the short-term pains will pay off in dividends should you or one of your employees have an accident or become ill at work.
In BC, WorkSafeBC is the exclusive insurer for workers’ compensation. They’re responsible for administering compensation claims for work-related injury, illness, and disease and helping to promote workplace health and safety.
Is It Mandatory To Register With WorkSafeBC?
In BC, you’re required, by law, to register your business with WorkSafe BC if you:
- Are an incorporated or limited company
- Employ workers either full-time, part-time, casual or contract
The exception to this law is if you’re a labour contractor with employees. In that case, it isn’t mandatory to register your business. But you’re able to do it if you wish.
For more information on registering your business, visit WorkSafeBC’s Apply for Coverage page.
What Insurance Is Available to the Self-Employed or Business Owners of Incorporated Companies?
If your business doesn’t fall into the above two categories but you still want coverage, WorkSafeBC offers optional coverage for small businesses.
If you’re self-employed or are the business owner, owner’s spouse, or business partner in a non-limited company, you can apply for Personal Optional Protection (POP).
Many business owners use POP because mandatory registration only covers their employees, not them. So, if you, as a business owner, want to be eligible for compensation if you become ill or injured in the workplace, you should register for POP.
Why Register for POP?
Consider what would happen if you became ill or injured due to your work. Who would protect your loss of income? How would you pay for the medical and rehabilitative services you’d need?
Registering for POP will give you the medical care you need to recover should you become ill or injured through a work-related incident. This includes appointments with physicians and specialists, lab and x-ray services, medical supplies, and prescription drugs. You may also get vocational assessment and planning, counselling, skills development, and placement assistance if you need help returning to work.
Benefits of Registering With WorkSafeBC
Here are eight major benefits of registering for WorkSafeBC insurance:
1. Collective Liability
The money you pay for insurance as an individual or business is pooled with all the money from others in your industry. This means that this money funds all claims by injured workers. So, you’ll never have to bear the full cost of a claim alone.
2. Earn up to a 50 Percent Discount if You’re Safe
The safer you are, the less you pay. If your claims costs are low, you can earn discounts of up to 50 percent on your rate. But be warned, if you have high relative claims costs, you could be liable to pay as much as 100 percent more on your rate.
3. Free Expert Advice on Health and Safety
Gain access to expert advice on health, safety, and prevention to help make your workplace safer and your liability lower. With training programs, advisory services, and the wealth of information on their website, WorkSafeBC can provide the expertise you need to make your business safer.
4. It’s Not Just About Compensation
Help is not limited to financial compensation. WorkSafeBC staff can help set up modified work programs to help you or your employees return to work and lead healthy and productive lives.
5. Review and Appeal Services
Disagree with a decision by WorkSafeBC? You can appeal to the Review Division, which provides impartial reviews of decisions made by WorkSafeBC. If you still don’t agree, you can appeal to the Workers’ Compensation Appeal Tribunal, a body independent of WorkSafeBC.
6. Access your Account Information 24/7
You can access your account information 24 hours a day, seven days a week, via the WorkSafeBC website. Whether you’re looking to file an accident claim, report your payroll, or change your address, you’re not restricted by having to call during regular business hours. You can simply use their website to complete these tasks during the hours that suit you.
7. Money is Dedicated to Workers’ Compensation
WorkSafeBC doesn’t operate to make a profit. The premiums you pay go entirely towards funding BC’s workers’ compensation system. Any surplus funds from operations are returned to employers through rate reductions.
8. You Can Help Shape WorkSafeBC Policy
WorkSafeBC welcomes your input into the workers’ compensation system. To respond to policy proposals and surveys or learn about upcoming public hearings, visit Policy & Regulation Decisions on the WorkSafeBC website.
Small Business BC is Here to Help
SBBC is a non-profit resource centre for BC-based small businesses. Whatever your idea of success is, we’re here to provide holistic support and resources at every step of the journey. Check out our range of business webinars, on-demand E-Learning Education, our Talk to an Expert Advisories, or browse our business articles.