Schedule 2 security requirement

All private sector businesses are required to provide the WSIB with security to cover the estimate of future costs.

If the WSIB determines that a Schedule 2 organization is required to post security for current or future payment obligations, you must do so using a letter of credit and/or a surety bond.

You can view our Schedule 2 Security Requirement policy for more information.

Letter of credit

The standard form of security is a letter of credit issued or guaranteed by a bank listed in Schedule 1 or Schedule 2 of the federal Bank Act. Letters of credit must conform to the WSIB's letter of credit Schedule 2  form. 

Acceptance of a surety bond as security for payment is determined by the WSIB. In cases where the WSIB permits a Schedule 2 employer to provide a surety bond to meet its security requirements, the surety bond must conform to the WSIB's surety bond  form.