What is wcb mean

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Discuss these WCB abbreviations with the community: 0 Comments. Notify me of new comments via email. Cancel Report. Create a new account. Log In. Know what is WCB? Got another good explanation for WCB? Don't keep it to yourself! Add it HERE! Still can't find the acronym definition you were looking for? WCB Premiums: What do they mean to employers? Who pays for the WCB?

What does experience rating mean to you as the employer? Experience rates are based on historical data and trends, such as : Your organizations history of workplace accidents The industry sector you are assigned by the WCB The safety history of that sector, rate groups that have higher risks for injury and illness are charged higher premiums As well as your safety history compared to others in the same industry sector.

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While Workers' Compensation insurance is mandatory for most Canadian businesses, it's administered provincially, meaning that Workers' Compensation insurance varies from province to province. In certain cases, sole proprietors or independent operators running unincorporated businesses with zero employees do not have to register—depending on the province. Moreover, it doesn't matter if the employees are full-time, part-time, casual, contract workers, or subcontractors. In most provinces, if you hire a proprietor to do work for you, the proprietor is considered to be one of your workers, unless he maintains his own WCB account.

In the case that contractors or subcontractors have their own WCB accounts, you have a responsibility to ensure that these accounts are in good standing. Remember, even if you think that injury is unlikely, just imagine what the ramifications would be if even a single injury occurred.

What if an injured employee launched a lawsuit? The WCB system helps protect employers by pooling the risk and sharing the costs. Disclaimer: This article provides general information and should not be construed as tax advice. Since tax rules may change over time and can vary by location and industry, please consult a CPA or tax advisor for advice specific to your business.