2023 WSIB Premium Rates
The Hospitality WSIB Premium Rates are going up in 2023 to 1.02 for every $100 of insurable payroll when compared to the 2022 rate of 0.94. The rates in 2022 dropped to the lowest in 20 years. A good initiative for small businesses enrollment in the Health and Safety Excellence program will see double the rebates for every topic completed, plus $1,000 toward implementing their health and safety plan.
Businesses have the opportunity to earn back their entire premium payment if they invest in health and safety improvements in the workplace.
The Board has announced that the average system wide 2023 premium rate will remain the same as 2022. See the Board’s 2023 premium rate webpage announcement here. This does not mean your company’s specific rate will necessarily remain the same for 2023 - see below:
Of the 35 business sectors, the average rates are going up for 18 sectors, going down for 15 sectors and remaining the same for 2 sectors.
Specific employer rates are adjusted based on the experience of the employer. The Board continues to incrementally implement rate framework. An employer’s specific 2023 premium rate will move downward to the projected rate or increase up to a maximum of two risk bands (approximately 10%) to the projected rate.
The Board advises that employers will be able to access the company specific rate for 2023 online as of November 1, 2022 (WSIB log in is here). The Board will also mail this information out to each employer “later this fall” (exact date not known).
When you view your 2023 premium rate statement, you will not only see your 2023 rate, but you will also see your “projected rate “ for them 2024 onward, rate framework.