Improve your Experience Mod
Your Experience Mod factor has a direct impact on your Workers’ Compensation premium. Yet all too often, it is calculated incorrectly, resulting in higher premiums for you. Alera Group helps you identify, evaluate and address the leading factors driving your Experience Mod rate.
In addition to reviewing the calculation, our team:
- Analyzes payroll audits and claims data for prior years
- Corrects the modifier, which directly impacts the premium
- Projects future Experience Mod scenarios based on claims trends
- Develops a loss control plan that can assist in the mitigation of claims frequency and severity.
Why review your Experience Mod?
Your Experience Modifier is one of the primary drivers that impact your Workers’ Compensation premium. Conducting an Experience Modifier review can help you:
Uncover errors
The calculation is complicated, and errors are routinely discovered.
Reduce costs
Correcting or improving your Experience Mod can reduce your fixed Workers’ Compensation costs by as much as 30%.
Win more business
A poor or debit Experience Mod can negatively impact a company’s opportunity to bid on contracts.
Take control
Identifying cost drivers can allow a business to create and implement targeted loss control and claims processes to reduce the Experience Mod.
THOUGHT LEADERSHIP
Insights
Property and Casualty
5 P&C Insurance Tips for Public Sector Entities
Public sector entities — including counties, cities, town villages, local law enforcement and special service districts — offer vital services to our communities. They also face growing challenges, some from the constituencies they serve, as they navigate heightened public scrutiny, shrinking budgets and inflation. In this challenging environment, having a comprehensive property and casualty (P&C) insurance program, supported by a strong risk management strategy, is more crucial than ever.
October 8, 2024
Find out more
Property and Casualty
What To Do About the High Cost of Insurance for Transportation and Logistics Companies
Here’s a close look at three major insurance challenges for transportation and logistics companies, along with practical steps you can take to address them.
September 26, 2024
Find out more Property and Casualty
Umbrella Insurance for Businesses: Peace of Mind in an Increasingly Unpredictable World
Whereas a skilled agent can help provide businesses with adequate insurance against property losses by following a predictable formula, the unpredictability of liability claims underscores how important it is for businesses to buy as much Umbrella/Excess Liability coverage as they can afford.
September 18, 2024
Find out more Property and Casualty
The Role of Risk Management in Public Sector Insurance
Public sector organizations increasingly find themselves in an environment of shrinking budgets, staffing shortages, growing hostility and rising inflation.
May 31, 2022
Find out more