Work Comp Experience Mod and Changing Your Policy Dates

The experience modification is a ratio of expected losses to actual losses by a particular employer.A mod of 1.00 means you are average..90 means you are better than average - plus you save roughly 10% on your workers' compensation insurance.A mod of 1.10 means you are worse than average - plus you pay roughly 10% more on your workers' compensation … [Read more...]

Work Comp Hints and Tips

I was recently interviewed by the trade magazine, Hardwood Floors on workers compensation issues.Get the article here.Snippet:“Many business owners aim for an x-mod of 1.0, a figure which indicates your claims are no higheror lower than the average,” Simmonds says. “To me, though, that’s like getting a ‘C’ grade in school.” … [Read more...]

Claim Check – Work Comp Experience Mod

Check Loss Reserves at the Policy Five-Month Point Your workers' compensation experience modification is calculated based on three years of experience (payrolls and losses). Your modification for 2009 is based upon payrolls and losses in 2005, 2006, and 2007. The calculation is based on losses at, approximately, the halfway (six month) point in the … [Read more...]

Work Comp Experience Modification

I got a call yesterday from a construction company in NY having trouble with their experience modification. The experience modification can have a dramatic affect on an employer's workers' compensation premium. Here are some resources for you... -My work comp book covers the mod calculation extensively. See the online version. -I offer … [Read more...]

Workers Compensation Experience Mod Video

Here's a short video I did on the workers' compensation experience modification worksheet. It covers the makeup of the mod and how the information is organized.The modification is a ratio of expected losses to actual losses. It is the part of the work comp premium that you determine.Comments welcome.width="320" height="266" … [Read more...]

Consider Deductibles on Your Workers’ Compensation

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: A deductible is the part of a claim you pay before the insurance company steps in. Put another way, a deductible is a way for you to retain a portion of the loss. The larger the deductible, the larger the premium savings. Workers' compensation deductibles are usually … [Read more...]

Work Comp Tip – Know Your Perfect Mod

An Excerpt From My Book, Simmonds on Workers' Compensation Insurance: Know Your Perfect Mod If you spend more than $4,500 on your workers’ compensation premium you probably have, as part of your premium calculation, a factor known as the experience modification. It’s a calculation that compares your actual losses to the average losses of … [Read more...]