2021 premium rates

All businesses covered by our workplace insurance will pay the same rate in 2021 that they paid in 2020. Premium rate stability will help Ontario businesses while protecting coverage for the people we serve as we all continue to adjust to the ongoing COVID-19 pandemic.

This builds on our financial relief package that allowed people to defer reporting and payment of premiums from March to August 2020. To help further reduce the financial burden during this difficult time, repayment of premiums can be made in one or multiple equal installments between January and June 30, 2021, interest-free.

We will continue to work with you to do everything we can to help, so you can focus on your business and together make Ontario the healthiest and safest place to work.

Reading your 2021 statement

Your 2021 statement provides you with your classification under the North American Industry Classification System (NAICS), and your 2021 premium rate – the actual rate you will pay, based on your claims and insurable earnings data as of May 15, 2020.

Your projected premium rate gives the future direction, up or down, that your premium rate is headed if there is no change in your individual and class experience from year-to-year.

New businesses are assigned the class rate of the class/subclass they are placed in based on their business activity. As part of keeping rates the same for businesses in 2021 as in 2020, new employers will be assigned the 2020 class rate for 2021. View our 2020 class rates

You can now view your 2021 individual premium rates by logging in to our online services and selecting "analyze your rates and past claims costs.”

Learn more about how to read your statement.

Transition

As part of keeping rates the same in 2021 as they were in 2020, our staggered approach to help businesses gradually move to any projected rate increases under our new rate-setting model has been updated:

  • In 2022, businesses with projected premium rate increases will move up a maximum of five per cent from their 2021 rate
  • In 2023, businesses that have not yet reached their projected premium rate will move up a maximum of 10 per cent from their 2022 rate
  • Any projected decreases will automatically be applied to your rates in 2022 and 2023

Starting in 2024, our policies for premium rate setting under the new model will be fully in effect. Businesses with projected premium rate increases or decreases will see their rates move up to 15 per cent per year, until they reach their projected premium rate.

Maximum insurable earnings

The WSIB Maximum Insurable Earnings Ceiling for 2021 is $102,800, compared to $95,400 in 2020. Changes to the Maximum Insurable Earnings Ceiling are directly linked to changes in average earnings in Ontario as measured by Statistics Canada, and provisions under the Workplace Safety and Insurance Act (WSIA).

The economic impact of COVID-19 continues to effect businesses and has also led to irregular financial outcomes, such as a larger increase in the maximum insurable earnings for 2021 than in previous years. We are aware that on December 8, 2020 the Ontario government introduced legislation to amend the WSIA regarding the 2021 annual maximum insurable earnings ceiling, more information will be provided when available. Businesses that may require additional support due to the ongoing pandemic can contact us at employeraccounts@wsib.on.ca.

Classification update

As of January 2021 subclass G1, building construction, are separated into two subclasses for rate-setting purposes. Residential construction activities remain classified as subclass G1 and non-residential construction activities moved into a newly created subclass G6.

Reporting and payment responsibilities remain the same for all businesses remaining in G1 residential building construction and moving to G6 non-residential building construction. The 2021 class rate for subclass G1 and G6 is $2.30, the same as the 2020 class rate for subclass G1.

If your business performs multiple construction activities that are separately classified as residential and non-residential construction, your premium rate is determined by the activity with the largest percentage of your insurable earnings, known as your predominant class.

Businesses may be eligible for multiple premium rates if they meet the criteria outlined in our Single and Multiple Premium Rates policy.

See our news release: WSIB holds premium rates for Ontario businesses.