Bloated, bureaucratic, broke—all words that are used to describe Ontario’s workers’ compensation board (WSIB). A number of voices are calling for a private insurance option for employers who are rightly concerned about ever rising premiums and the growing unfunded liability of WSIB. They feel the system is broken and that competition is the only solution.
I agree that WSIB is bureaucratic and in desperate need of reform. One only has to be involved in worker appeals and the unending delays to see that.
But is private insurance the answer? Here are five reasons why private insurance is not the way to go.