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Work
Comp Partners' ModBustersÔ Program
The second most common cause of overcharges on
workers' compensation insurance, following the misclassification
of employees, is the calculation of the Experience Modification
Factor.
Unfortunately, most insurance buyers and many
insurance agents do not thoroughly understand how the experience
rating process works.
To effectively control insurance costs, it is very
important to closely monitor the development of experience
modifiers.
So, is your Mod correct?
Even if your Mod is correct, did you use strategies that
could have lowered it? Chances are you do not know what we can do to lower your Mod.
Even though the Mod is calculated with a complex
formula, there are simple methods that can be implemented that
will have a positive impact for you.
Ask
Yourself the Following Questions:
- Are
you 100% certain that your Experience Modification Factor is
correct?
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- Even
if it is correct, are you aware of the ways it can be managed
and driven down?
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- Have
you ever seen a report, which outlines each injury and their
impact on the Mod?
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- Are
you aware of how open claims affect your Experience Modification
Factor?
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- Have
you received a written report on all claims that were open 6
months prior to your renewal?
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For
a Free Experience Mod Review,
Contact
Work Comp Partners |
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