For many employers, workers’ compensation insurance is all about one number—the premium quoted. Understandably, employers want to pay the lowest amount possible on this mandatory coverage. While some brokers try to compete on a low bid, those who do miss the chance to educate employers on how their mod affects their premium, and how lowering ...
A key to understanding your workers’ compensation premium is the experience modification factor, also known as your mod. Understanding your company’s mod and the data used to obtain it helps you identify ways to minimize your workers’ compensation premium. Who calculates the mod factor? Most states use the National Council on Compensation Insurance (NCCI) to ...
Having a sound safety program designed to continuously improve can yield significant savings by reducing injuries and illnesses over the long run–saving workers’ compensation dollars and protecting your bottom line. The Five Steps You can control workers’ compensation costs with five steps designed to create a well-rounded safety program that produces a safer job site, ...
