The Financial Benefits of Having a COR Certified Business
- COR
Ikram Mohamed, Principal Health & Safety Advisor
(Last updated )
Ikram Mohamed, Principal Health & Safety Advisor
(Last updated )
Employers are responsible for keeping their employees safe from accidents and injury. Certificate of Recognition (COR) is an occupational health and safety management system that helps employers attain this by ensuring compliance with Occupational Health and Safety (OHS) regulations. Though it is a requirement for some industries, all businesses may benefit from being COR-certified.
What industries require COR certification?
Businesses that are interested in bidding on contracts with government entities, municipalities, and major corporations often need COR to be eligible. A valid COR certification is also deemed mandatory for companies supporting some larger businesses in the construction, oil and gas, transportation, and manufacturing industries.
It can take up to one year or more to achieve COR and requires the participation of management and cooperation of all employees. While this may feel like a major undertaking for many employers, there are several financial benefits to having your business COR certified. These benefits can include discounts on WSIB/WCB premiums, rebates, and a fair chance of attracting new customers.
Can businesses other than construction benefit from COR?
All businesses benefit from having a COR certification. This is including but not limited to:
Improving the business’ corporate image
– Having COR shows that the business is committed to health & safety
Rebates on compensation board rates
– Being a COR-certified business may result in employers qualifying for rebates on their Worker’s Compensation Board (WCB) / Workplace Safety and Insurance Board (WSIB) rates
Higher compliance rates
– Businesses with COR have less workplace injuries and higher OHS compliance rates
How does COR certification affect insurance premiums?
Having a COR certification may result in financial incentives from Worker Compensation Board (WCB) Partnerships in Injury Reduction (PIR) premium programs.
Some of these financial benefits include:
Rebates on compensation board rates
– In many jurisdictions, employers with a valid Certificate of Recognition (COR) may be eligible for rebates on their workers’ compensation board (WCB/WSIB) premiums. These rebates vary based on jurisdiction but can be as high as 50 percent of the employer’s annual WCB premium. While higher-than-average claims can result in surcharges of up to 100 percent.
In many cases, COR-certified organizations can also participate in other rebates and programs offered at the provincial level such as the Alberta Partners in Prevention program or the Ontario Safe Employers Rebate program.
Discounts on insurance premiums
– Employers with a COR certification typically have less workplace injury or illness. This is due to the stringent measures associated with the COR program. Before an employer becomes COR certified, they must prove their eligibility and commitment to health & safety within their workplace. COR training, having a robust Occupational Health & Safety (OHS) program in place, and frequent COR audits keep employers accountable and compliant.
One of the ways employers are rewarded for compliance is through discounts received from no-claim bonuses from past performance. Having no claims on insurance policies typically indicates that the insured is a low-risk client and proves compliance. No-claim discounts are a way for employers to secure additional discounts and save on WCB premiums.
Competitive advantage
– Having a valid COR certification may give employers a competitive edge when bidding for contracts. COR demonstrates an employer’s strong commitment to workplace safety, which is helpful in attracting new customers and clients.
Some large companies also require suppliers to have a valid COR before entering into business agreements.
Becoming COR certified has many overall benefits for employers and is often considered a great investment in the future and long-term progression of the company.
Do you need help getting COR certified?
Our expert consultants will help you prepare to get
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COR certified
and pass the audits. We offer staff training, internal audits, on-site consultation, 24/7 advice line, and more, to keep you compliant. Speak to an expert today by calling
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