Association of Workers' Compensation Boards of Canada (AWCBC) (AWCBC)
Definition - What does Association of Workers' Compensation Boards of Canada (AWCBC) (AWCBC) mean?
The Association of Workers' Compensation Boards of Canada (AWCBC) is a nonprofit organization representing a conglomerate of employers from diverse industries who contribute to funding insurance premiums, research, and statistical analyses regarding employee disabilities and/or injuries. Established in 1919, the AWCBC comprises Workers' Compensation Board members from provincial territories who share mutual information concerning workplace health and safety initiatives. The AWCBC covers a broad spectrum of major industry fields including construction and transportation, where environmental hazards are common.
WorkplaceTesting explains Association of Workers' Compensation Boards of Canada (AWCBC) (AWCBC)
Prior to the establishment of the AWCBC, big employers were vulnerable to litigation issues in the event an employee sustained a work-related injury. Most employers who are incorporated entities are obligated to register with their provincial workers compensation board (WCB) to cover insurance claim costs for all reported accidents/incidents.
The AWCBC operates on a dual level of protecting company interests and reputation against lawsuits while introducing safe work guidelines for employees to follow avoiding injury. Although many businesses are reluctant to provide insurance claim coverage because of high premiums, the AWCBC cooperates in pooling resources together to facilitate workforce recovery. Through research and statistical analysis, the AWCBC provides across-the-board premium estimates with rates varying between provinces and based on factors such as job classification (i.e., construction, transportation), occupation, employees/shareholders payroll, and number of annual accidents/incidents.
In every province, WCB boards earmark compensation benefits to companies with solid track records in avoiding injury-related accidents. The AWCBC is a collective ownership of major enterprises in helping to drive down insurance premium costs, leveraging companies to run a consistent and stable workforce.