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In 2017 WorkSafeNB’s board increased the average assessment rate from $1.11 to $1.48 per $100 of payroll. This represented a 33% average increase and cost almost $18 million in additional premiums to New Brunswick’s small and mid-sized business. You can read more about the impact of workers compensation costs in CFIB’s report WorkSafe Gain, Small Business Pain.
In a recent public stakeholder session held by WorkSafeNB an independent actuarial analysis indicated that if the 2016 cost trends continue, the average assessment rate for 2018 could rise up to $2.37 per $100 of payroll. You can review a full copy of the stakeholder presentation here.
CFIB continues to lobby on your behalf, politicians and the WorkSafeNB board need to understand that legislative changes are required to restore stability to workers compensation assessment rates.
Have questions? Comments? Contact our office at [email protected] or by calling 1 888 234-2232.