TORONTO, Ont. – The Workplace Safety and Insurance Board is reducing average premium by 17% for 2020, the provincial agency announced Wednesday.
For trucking, the premium will go down by 12.5% from $4.88 to $4.27. That will be the amount charged on every $100 of insurable payroll.
The industry is classified under F1, along with railways, water and postal service.
The decision was made at the agency’s annual general meeting.
This marks the fourth year in a row the WSIB has reduced the average premium rate, and fully eliminates the premium surcharge businesses were paying to cover a historic unfunded liability, the agency said.
“Eliminating our unfunded liability last year paved the way for us to implement a new premium rate-setting model that levels the playing field, boosts fairness and increases transparency,” said Elizabeth Witmer, chairperson of the WSIB.
“We are pleased that we have been able to help more people recover and return to work while reducing premiums for Ontario businesses.”
Reducing the average premium rate from $1.65 to $1.37 is expected to leave approximately $607 million in the economy that businesses can invest in new jobs, new technology and workplace health and safety improvements, the organization said.
The agency also announced new online services and a new Health and Safety Excellence program to help Ontario businesses become even better places to work.
“Our focus now is on improving service for people and making Ontario a safer place to work,” said Thomas Teahen, president and CEO of the WSIB.
The Health and Safety Excellence program, to be launched in November, will focus on 36 key standards that will provide a clear roadmap for businesses to improve workplace health and safety, the agency said.