Roberts Insurance Group
  • Personal Insurance
    • Vehicles >
      • Auto Insurance
      • SxS/RZR Insurance
    • Property >
      • Home Insurance
      • Landlords Insurance
    • Other >
      • Boat Insurance
      • Wedding Event Insurance
      • Umbrella Insurance
  • Business Insurance
    • Coverage Types >
      • Apartment Owners Insurance
      • Bonds
      • Business Auto - Commercial Auto Insurance
      • Business Liability Insurance - General Liability
      • Business Owners Package (BOP) Insurance
      • Builder's Risk Insurance
      • Commercial Property Insurance Georgia - Commercial Real Estate Insurance Canton GA
      • Commercial Umbrella - Excess Liability Insurance
      • Cyber Liability - Data Breach Insurance
      • Employment Practices Liability Insurance (EPLI)
      • Liquor Liability Insurance
      • Pollution Liability Insurance
      • Professional Liability Insurance
      • Trucking & Transportation Insurance
      • Vacant Building Insurance
      • Workers Compensation
    • Industry Specialties >
      • Auto Body Shop Insurance
      • Auto Dealers Insurance
      • Auto Mechanics Insurance
      • Car Wash Insurance
      • Contractors Insurance
      • Convenience Store - Gas Station Insurance
      • Day Care Insurance
      • Dump Truck Insurance
      • Electricians Insurance
      • HVAC Contractor Insurance
      • Janitorial Insurance
      • Landscaper Insurance
      • Manufacturers Insurance
      • Non Profit Organization Insurance - Religious Organizations - Charities
      • Plumber Insurance
      • Restaurant Insurance - Bar
      • Roofing Contractor Insurance
      • Trucking - Transportation - Cargo Insurance
      • Towing Insurance - Tow Truck
  • Work Comp Cost Control
  • Pricing
  • Blog
  • Contact
    • About
    • Staff Directory
    • Client Testimonials
    • Accessibility Statement

Roberts Insurance Group Blog

How Does an Experience Modifier Impact Your Business’ Workers Comp Premium?

1/14/2021

0 Comments

 
Picture
One of the biggest factors in determining a business’ workers compensation premium is their Experience Modification Rate, also known as the Mod. The Mod is a way that insurance companies can rate a business’ premium based off of their previous claim history. It is somewhat similar to an accident/claim surcharge or a claim-free discount on a personal lines policy. The insurance company will charge you extra if you have recent claims and give you a discount if you’ve gone a while without a claim.

The standard Mod for any given business or industry is 1.0. This means that companies with claims on their record will have a Mod above 1.0, meaning your business will pay about the industry average. Companies who are claim free have the potential to have a Mod below 1.0 and pay less than the industry average. This is essentially a “discount” on your worker’s comp premium.

So what does this mean for your business?

The National Council on Compensation Insurance (NCCI) determines the Mod for most state rating purposes. The NCCI’s Mod is mandatory and the minimum standard can’t be changed by your insurance company.​ 

Since the Mod is such a big factor in regards to the workers compensation premium, this can have a major impact on a business’ bottom line. For example, your business has had a few injuries over the past few years, resulting in claims against your workers comp policy. This may give you an experience mod of 1.6. On the other hand, your competitor down the street has been claim free for many years. This may give them an experience mod of 0.8. If everything else is the same, this means that your company is paying about 80% more in premiums than your competitor down the street!

At the Roberts Insurance Group, we work with many businesses that have higher than average experience modifiers to help get them lowered and to help businesses in our community increase their bottom line. Contact us today to see what we can do for your business.


0 Comments



Leave a Reply.

    Contact Us

    (678) 250-8133
    64 Academy St
    Canton, GA 30114​
    Click Here to Email Us

    Archives

    February 2022
    January 2022
    October 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    September 2020

    Categories

    All
    FAQs
    Financial
    Insurance
    Local
    Safety

    RSS Feed

Navigation

Homepage
Insurance Products
Contact Us

Connect With Us

Share This Page

Contact Us

Roberts Insurance Group
64 Academy St
Canton, GA 30114​
(678) 250-8133
Alex@RobertsInsGroup.com

Location

Canton town square photo by Akhenaton06 | CC-BY-SA-3.0 | Website by InsuranceSplash
  • Personal Insurance
    • Vehicles >
      • Auto Insurance
      • SxS/RZR Insurance
    • Property >
      • Home Insurance
      • Landlords Insurance
    • Other >
      • Boat Insurance
      • Wedding Event Insurance
      • Umbrella Insurance
  • Business Insurance
    • Coverage Types >
      • Apartment Owners Insurance
      • Bonds
      • Business Auto - Commercial Auto Insurance
      • Business Liability Insurance - General Liability
      • Business Owners Package (BOP) Insurance
      • Builder's Risk Insurance
      • Commercial Property Insurance Georgia - Commercial Real Estate Insurance Canton GA
      • Commercial Umbrella - Excess Liability Insurance
      • Cyber Liability - Data Breach Insurance
      • Employment Practices Liability Insurance (EPLI)
      • Liquor Liability Insurance
      • Pollution Liability Insurance
      • Professional Liability Insurance
      • Trucking & Transportation Insurance
      • Vacant Building Insurance
      • Workers Compensation
    • Industry Specialties >
      • Auto Body Shop Insurance
      • Auto Dealers Insurance
      • Auto Mechanics Insurance
      • Car Wash Insurance
      • Contractors Insurance
      • Convenience Store - Gas Station Insurance
      • Day Care Insurance
      • Dump Truck Insurance
      • Electricians Insurance
      • HVAC Contractor Insurance
      • Janitorial Insurance
      • Landscaper Insurance
      • Manufacturers Insurance
      • Non Profit Organization Insurance - Religious Organizations - Charities
      • Plumber Insurance
      • Restaurant Insurance - Bar
      • Roofing Contractor Insurance
      • Trucking - Transportation - Cargo Insurance
      • Towing Insurance - Tow Truck
  • Work Comp Cost Control
  • Pricing
  • Blog
  • Contact
    • About
    • Staff Directory
    • Client Testimonials
    • Accessibility Statement