Windley Ely - Financial Services

By: Windley Ely  09-12-2011
Keywords: Workers Compensation, Workers Compensation Premiums

Historically, workers' compensation assessments premiums had been thought of by business as a cost of doing business in Canada and beyond the control of an individual employer.

This is no longer so. With the introduction of experience rating in the 1990's and the expansion of classification groups at every provincial workers' compensation agency, employers have the opportunity to effectively reduce their workers' compensation expense.

Our financial services approach is based on sound accounting principles with a goal of reducing net workers’ compensation expense for our customers.

Our review of a customer’s classification will consider the accuracy of the classification as set out by the provincial workers' compensation agency; the legal structure of the customer's activities including relationships with parent and subsidiary companies; the viability and cost benefits of segregating payroll to add different classifications; opportunities to "opt out"; and analyze other issues that could impact the premiums our customers pay to provide workers’ compensation coverage for their workers.

Experience rating can provide an opportunity of 400% of the annual premiums an employer pays workers' compensation. Our financial services staff will review experience rating structures to determine if there are opportunities in such areas as "master rating", "safety groups", "mutuals", and switching experience rating programs in those jurisdictions that offer more than one experience rating plan.

Provincial workers' compensation boards using payroll auditing to ensure that they are receiving the correct and maximum premiums from employers.  WE provide audit assistance, whereby our expert staff will review assessable earnings and classifications prior to the audit date and can be present at the time of the audit.  Our goal is to minimize employer assessments and premiums.

As legislation changes, so often do workers' compensation policies and the classification of employers. Our financial services can ensure that your workers' compensation premiums and experience rating program afford you the opportunity to minimize your expense.

Keywords: Workers Compensation, Workers Compensation Premiums

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