For many business owners in Nova Scotia, it’s mandatory to have Workers’ Compensation coverage.
Until very recently, the process of registering for coverage, including how your business was classified, could have led to your business being classified incorrectly.
Or if you’ve been in business for a while and over time your business operations have evolved, your classification may not accurately reflect your current business practices.
Incorrect business classification can lead to a business overpaying into WCB.
WCB conducts 1000 payroll audits annually. Sometimes an error in classification is revealed through the audit process. WCB also conducts business classification reviews on 50 randomly selected employers annually but this could still leave some employers incorrectly classified and potentially overpaying into WCB.
It’s not a guarantee that if you are classified incorrectly, the accurate classification could lead to savings. But in some cases it could.
If you wonder if your business is classified correctly, let us know. We can help facilitate a review of your business classification that protects your business. If it appears a change in classification is beneficial, we’ll give you the support you need to take action.