When it comes to understanding the cost of your workers’ compensation, there are a few different factors to consider. One is the experience modification or ex mod. The CA experience mod or ex mod helps determine your workers’ compensation costs and premiums.
Use Safety Programs To Lower Your Ex Mod
To invest in a safety program can help your company avoid accidents and lawsuits. This improves your claims experience and rating. If you want lower premiums, you need a safer workspace. The more you invest in safety programs, the more that it will pay off. Safety programs can decrease the frequency of accidents. With decreased accidents, there is always a decreased risk.
Analyze Your Ex Mod Data
If you want to have a better rating, then you need to make sure that your ex mod data is accurate. A quality insurance company should be able to perform a modifier evaluation and should be able to forecast your premiums. When you have an inaccurate ex mod, it is usually because there were errors in the payroll, improper claim reserves and inaccurate job classifications.
When it comes to workers’ compensation, you want to have the best coverage possible without paying more than the coverage is worth. To pay less in workers’ compensation premiums, the ex mod is only one factor.