How is the premium determined?
A. Premium is determined based on payroll and job description. The Workers’ Compensation Board assigns rates for various occupations depending on the hazard of the occupation. The employer then pays a deposit premium based on estimated payroll. At the end of the policy period, an audit is conducted. If the actual payroll is greater, then the employer owes additional premium. If the actual payroll is less, the employer receives a refund. There are a number of credits, modifications and dividend programs available for employers with larger payrolls. Please call our customer service department for specific quotations.
