Do I Need WSIB for My Business?

As a new or prospective small business owner in Ontario, one of the key aspects to understand is the Workplace Safety and Insurance Board (WSIB). Navigating these requirements can be complex, but knowing the basics is essential to protect your employees and your business. In this article, we'll answer common questions about WSIB and how it impacts your business operations in Canada.

What is WSIB?

WSIB offers injury and illness insurance for Ontario workplaces. It provides employers with no-fault, collective liability insurance and offers workers benefits such as loss of earnings compensation and health care coverage in the event of a workplace injury or illness. The WSIB also plays a vital role in ensuring the safe and timely return of injured employees to the workplace. Most businesses in Ontario must register with WSIB within 10 days of hiring their first employee.

How is WSIB Calculated?

Industries are grouped into specific classes based on their risk level, which determines their WSIB premium. Higher-risk industries, such as construction, are charged higher premiums, while lower-risk sectors, such as office environments, pay less.

Your company’s premium is calculated based on your industry classification and your company’s claims history relative to others in your class. The rate is typically expressed as a dollar amount per $100 of insurable earnings. For instance, in 2020, businesses in Class K (Finance, Management, and Leasing) had a rate of $0.90 per $100 of insurable earnings, with an insurable earnings ceiling of $95,400.

Who is Exempt from WSIB?

Not all businesses are required to register with WSIB. Some industries are exempt, including:

• Banks
• Insurance companies
• Law firms
• Real estate agencies
• Private health care practices
• Recreational and social clubs
• Private schools

While these industries are exempt, employers in these sectors can choose to opt into WSIB coverage voluntarily, seek private insurance, or operate without insurance.

What Should You Do if an Employee is Injured?

If an employee is injured at work, you must report the incident to WSIB within three days if the employee:

• Receives medical treatment
• Takes time off work
• Receives less than their regular pay due to the injury

To report an injury, you’ll need to complete a Form 7 on the WSIB website. It’s also essential to follow any health care professional recommendations and workplace accommodations to ensure a safe return to work. Serious injuries may require coordination with a WSIB case manager.

Additionally, report any workplace injuries to your Health and Safety Representative or Joint Health and Safety Committee to investigate and help prevent future incidents.

What is a Clearance Certificate?

A WSIB Clearance Certificate confirms that your business is in good standing and that all premiums have been paid. Some clients may require this certificate before your employees can access their worksites to avoid potential liability issues.

Feeling Overwhelmed?

Managing WSIB regulations can be time-consuming and overwhelming, especially for small business owners. At Essential HR, we provide expert HR support in Canada to help you navigate these requirements and offer tailored fractional HR services. Let us take care of the HR details so you can focus on growing your business.

Contact us today for professional guidance and support - HERE

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