August 19, 2024
WorkSafe BC has unveiled its preliminary premium rates for 2025, with the average rate remaining steady at 1.55%. However, for the trucking industry, significant reductions are on the horizon. Companies in the General Trucking classification will see their base rate drop by 6.6%, decreasing from 3.04% in 2024 to 2.84% in 2025.
Other trucking classifications will also benefit from substantial rate cuts. Moving and storage companies are looking at a 10.2% reduction, bringing their rate to 2.95% for 2025. Dump truck operations are set to experience an 8.6% reduction, while log hauling will see the most dramatic drop, with a 20.1% decrease in base rates.
The scale of these reductions is significant. Compared to 2020, when the base rate for General Trucking was 5.01%, the 2025 rate marks a 43% decrease. For a trucking company with 15-20 employees, this reduction translates into savings of over $21,000 per year.
This dramatic decline in premiums is attributed to the consistent efforts of employers and workers across the sector. By focusing on reducing the frequency and severity of injuries, claims costs have steadily decreased, paving the way for these lower premiums across various trucking classifications.
In addition to these base rate reductions, individual companies have the potential to save even more based on their claims experience. Companies with a positive safety record can earn discounts of up to 50%. Even a modest 25% discount would add another $7,000 in savings. Companies that are COR certified (Certificate of Recognition) are eligible for an additional 10% rebate, which could equate to another $2,800 in savings.
When combined, a company with a $1 million payroll could see a total savings of $31,300 per year—60% less than what they were paying just five years ago.
As 2025 approaches, trucking companies can look forward to reaping the financial rewards of their dedication to safety, while continuing to prioritize the health and well-being of their employees.
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