You’ve probably heard that reporting Workers’ Compensation claims promptly leads to lower claim costs, but have you seen how much lower?
Viewing ‘Experience Modification’ Category
03
Nov
2011
Posted by Mark Centoni
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Workers’ Compensation Cost Control: Statistics on how prompt claim reporting cuts costs
11
Oct
2011
Posted by Mark Centoni
Safety & Loss Control – Boost your bottom line with a Committed Safety Program
Safety is often neglected as part of a Workers’ Compensation Cost Control program because it seems like a hassle and an expense. But it is actually one of the biggest keys to saving money on your Workers’ Compensation program. It’s hard to conceptualize the long run when you’re spending time running your business
15
Sep
2011
Posted by Mark Centoni
Why Claim Management is crucial to lowering your Experience Modification and Workers’ Compensation Costs
In our last post in the series, How to read your California Workers’ Compensation Experience Modification Worksheet, we told you that there are two tactics for reducing your Ex Mod: preventing claims before they happen, and managing them once they do. In this post, we go into more detail about why and how good claim management lowers your Ex Mod and your overall Workers’ Compensation costs. Recall that your Ex Mod is a factor multiplied directly by your unmodified premium to produce your final premium. A lower Ex Mod directly lowers your premium.
12
Sep
2011
Posted by Mark Centoni
How to read your California Workers’ Compensation Experience Modification Worksheet
California Workers’ Compensation Experience Modification Worksheet
This is a quick, easy to understand walk-through of an Experience Modification (Ex Mod) worksheet. When we’re done you’ll know what information goes into the calculation, how to read each section and how to determine what your Ex Mod is telling you. Your Ex Mod is calculated by the Workers’ Compensation Insurance Rating Bureau (WCIRB), an unincorporated, private, nonprofit association made up of all insurance companies licensed to transact Workers’ Compensation insurance in California.
The Ex Mod Worksheet’s three main sections play the following roles in creating your Ex Mod:
19
Aug
2011
Posted by Mark Centoni
12 Frequently Asked Questions about California Workers’ Compensation Experience Modifications
1) What is an Xmod?
Answer: It is the factor resulting from the statistical comparison of a company’s Workers’ Compensation loss history to the loss history of an average company of the same size and the same operations in California. For example, if a company has a better than average loss record, their ex-mod would be less than 100%.
11
Jul
2011
Posted by Mark Centoni
How an analysis of your Workers’ Compensation Experience Mod can save you money
It’s frustrating when your Workers’ Compensation premium increases because of your Experience Modification (Ex Mod). But I’ll let you in on a little secret: your Ex Mod is one of the most powerful cost saving tools in your toolbox. The information in your Ex Mod worksheet draws a road map of exactly the route you need to take to lower your overall Workers’ Compensation costs. How?
