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Insurable earnings and premiums

what is insurable earnings



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    Independent operators in construction Sole proprietors in construction without workers Partners in a partnership in construction without workers Executive officers in a corporation in construction without workers Sole proprietors in construction with workers Partners in a partnership in construction with workers Executive officers in a corporation in construction with workers Workers Home renovators Working for a landlord or contractor in construction Purchasers of construction services – for your home Purchasers of construction services – for your job
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Home > Insurable earnings and premiums

What are Insurable Earnings?

Your insurable earnings are the portion of your total income that you will need to pay premiums on.

Your business will not necessarily have to pay premiums on 100% of your earnings; there are different ways to calculate your insurable earnings, depending on your business type. The WSIB also sets an annual maximum amount that you have to report as insurable earnings each year. For example, the annual maximum for 2015 is $85,200. This means, for 2015, you don’t have to report or pay premiums

on anything you earn over $85,200.

When you have figured out what the insurable portion of your earnings is, that number is multiplied by the premium rate assigned to the type of work you do (rate group) to determine your total payable premium.

Once you know what your total payable premium is, that total will be divided by the number of times you are required to report each year (some employers report four times a year, and some report every month). This final number is the premium amount you will need to pay each time you report. Please note however, that if your earnings change later in the year, you will have to adjust the premium amount you report.

The premiums you pay to the WSIB will be invested to cover your benefits if you are involved in a workplace injury or develop a work-related illness.

What is Your Premium Rate?

Different types of work are classified differently and have different premium rates. If you don’t know which rate group you are in, you can use WSIB’s Employer Classification Manual  to find out.

How do you Calculate Insurable Earnings?

Try the insurable earnings and premium estimator for the construction industry . It will help you estimate your insurable earnings and premium amounts for your construction business.

If you’re not sure how you’re classified under Bill 119, use our tool to find out How Bill 119 Mandatory Coverage affects you .

What if I do More than One Type of Work?

The WSIB assigns different premium rates to different types of work, depending on how that work is classified. So, if you do more than one type of work, you might fall into more than one rate group.

Multiple Rate Groups

If you have more than one rate group, please contact us, and we will help you to determine your insurable earnings. Please call us Monday to Friday from 7:30 a.m. to 5:00 p.m. at 416-344-1000 or 1-800-387-0750 (TTY 1-800-387-0050).

Category: Insurance

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