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What Is My Workers' Compensation Experience Mod? And How Can I Control It?

What Is My Workers' Compensation Experience Mod? And How Can I Control It?

Posted On: July 7, 2020 by VGM Insurance in: Coverage Explanations

We all know as business owners that Workers’ Compensation is an essential coverage we need to carry. But, many of us may be unaware of how our premium is calculated and what factors are considered. After all, every business has its own unique combination of operating procedures and risk factors. This is where the Workers’ Compensation Experience Modification comes in. In this post, we’ll look at what the Workers’ Compensation Experience Modification is and steps you can take to control it. What Is the Workers’ Compensation Experience Modification? The Workers’ Compensation Experience Modification is a rating factor that looks at three years of Workers’ Compensation history at a time. It’s based on how your claim history compares to other businesses of similar size and types of employees. It may be a single number, but it can have a big impact on your premiums. Here’s what it looks like in practice. A Workers’ Comp experience

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