WCB cost relief paves the way to lower employer premiums
As an employer, you understand the importance of maintaining a healthy and safe workplace. However, sometimes accidents happen, and when they do, they can lead to costly workers’ compensation claims. Fortunately there’s a way for employers to reduce the cost of these claims through WCB cost relief.
What is WCB cost relief?
WCB cost relief is a program that allows eligible employers to reduce their claims costs. Where a claim is either caused by a preexisting condition or is substantially prolonged by such, the accident employer is eligible for cost relief. Cost relief occurs when some or all of the claim costs are removed from an accident employer’s cost experience. This removal precipitates a cost credit in the employer’s experience rating and lowers the total costs used to calculate the employer’s rate. If an adjustment to the claim costs is sufficient, the employer can qualify for an assessment rate decrease. In layman’s terms, this means lower WCB premiums.
Under what circumstances does cost relief apply?
Cost relief applies when a worker’s recovery is prolonged due to a work-related injury or illness. However, cost relief does not apply when a worker’s recovery is prolonged due to a pre-existing condition. Additionally, the employer must have met certain requirements, such as participating in safety programs and providing return-to-work plans.
How to apply for cost relief
The process of applying for cost relief begins with understanding the WCB’s policies and procedures. Employers should work closely with the WCB to understand the options available to them, and to ensure they’re following all the steps.
To apply for cost relief, employers should:
- Gather all necessary documentation and evidence, such as medical reports and return-to-work plans
- Complete Complete the WCB’s cost relief application form
- Submit the application, along with the necessary documentation and evidence to the Board
It’s important to note that WCB will consider the specific circumstances of each case when determining whether an employer is eligible for cost relief. The Board will also take into account factors such as the nature of the injury or illness, the employer’s safety record, and the steps the employer has taken to prevent and manage claims.
The benefits of cost relief
The benefits of cost relief are significant for employers. By reducing the cost of claims, benefits reaped include:
- Improved bottom line
- Increased competitiveness in the marketplace
- Mitigated future liabilities
Blue Collar’s historical cost recovery
Blue Collar examines your claims in order to reveal unnecessary charges to your account. This ensures that massive opportunities for cost recovery won’t be missed. This evaluation takes into account every facet of a claim, including the initial decision regarding entitlement, the determination of the compensation rate, ongoing entitlement to benefits, medical reporting, the detection of concurrent or prior conditions, assessments of permanent impairment, and any decision regarding an appeal. After the evaluation is complete, Blue Collar pinpoints areas where cost recovery may be possible, takes action, and pursues problems until they are finally resolved, including representation at all levels of WCB review or appeal.
The final word
In closing, WCB cost relief is an important program for employers who seek to reduce the cost of workers’ compensation claims. By understanding how WCB’s policies and procedures apply to specific claims, employers can take advantage of the cost relief program to improve their bottom line and increase their competitiveness in the marketplace. Furthermore, while case managers do their best to identify costs subject to relief, many times glaring opportunities lie permanently fallow. So it’s incumbent upon employers themselves, or an experienced WCB consultant, to unearth recoverable charges. Don’t rely on WCB to reliably expose these valuable opportunities.