How is Your Worker Comp Insurance Premium Calculated Part Two

Written by on 1/10/2018 1:14 AM in , . It has 2 Comments.


Average losses result in a modifier of 1.00.
(Premium remains the same.)

Those with less losses than average earn a modifier of less than 1.00.
$500,000 ÷ 100 = $5,000
$5,000 × 0.15 = $750
$750 × 0.90 X-mod = a final premium of $675

Those with more extensive losses suffer a modifier greater than 1.00.
$500,000 ÷ 100 = $5,000
$5,000 × 0.15 = $750
$750 × 1.1 X-mod = A final premium of $825

As you can see, the X-mod is a multiplier of your premium, affecting the way work comp consultants calculate your rates based on your business’ previous claims history to the advantage/disadvantage of premium costs.

Making the Math Work to Your Advantage
Although you have minimal control over your industry’s loss rating, or those assigned to your classification, you have significant control over your X-mod, with work in the safety arena offering the potential to reduce premiums and lower your modifier.

What Specific Steps Can You Take to Lower Your Modifier?

- Put Safety First
Building a culture of safety both in and out of the workplace, including outside safety evaluations and training, can net a reduction in workplace injuries that can greatly reduce your modifier/premiums.

- Revamp Your Return-to-Work Program
Developing effective return-to-work can greatly reduce the direct and indirect costs of workcomp claims.

- Look to State-Offered Opportunities
Ask your insurer about available state-sponsored safety programs that can help your business reduce injuries/premiums.

- Join a Group
If your business has better-than-average safety, consider joining a group to earn ‘group rated’ discounts.

Flabbergasted by premium inflation? Change the equation with the help of our expert work comp consultants today.

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