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Experience Modification Rating

The workers compensation modification factor can often be an overlooked or misunderstood element of an employer’s workers comp policy.

While most employers realize that a lower workers comp mod (also called the experience rating factor, ex-mod, or x-mod) is somehow a good thing, many don’t make the connection between this number and their premium costs. Others don’t realize that a mod of 1.0 is just average, and they may have considerable opportunities for saving on their workers comp premiums. That’s where Power Group can help.

Our software enables us to:

  • accurately project the experience rating factor before it is promulgated by the bureau
  • identify the minimum mod possible and calculate the controllable mod, thus showing how much money could be saved in premiums
  • analyze losses to show what specific losses cost in increased premiums
  • better communicate the factors affecting the mod and illustrate the value of loss control and loss prevention services
  • anticipate client concerns, such as a significant change in payroll or loss trends which may impact the mod for several years
  • increase accuracy of cost allocation and risk management decisions
  • use the mod in underwriting before it is promulgated by the bureau
  • forecast the mod for the next policy period
  • compute and verify the accuracy of mods

Let us show you how to take control of your modification factor today.

Testimonials

We have been involved with Power Group for 10 years. When we started our company Mike Muldoon was there to help us find the best and most reasonable services for our small business. Now we would not trust anyone else with our insurance needs. Power Group has excellent customer service and a great attitude toward their clients. In this tentative business climate, it is good to have a company that you can trust.

Cathi Schwartz, Finance/HR, Water’s Edge Aquatic Design

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