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Insurance Metrics for Small Business Insurance - Workers Compensation

Wednesday, April 3, 2013

As a small business owner and purchaser of small business insurance it is beneficial for you to get a handle on a key metric in workers compensation and that is the "experience mod". Depending upon your premium size, most businesses that are paying over $10,000 in workmen's compensation insurance have a state promulgated "experience mod". This calculation is based upon your claims experience (which includes paid and incurred, and other factors that the states so determine) on a three year average. They don't use the policy year that just ended. So, if you are starting your 2010 policy year, the carrier would be using years, 2008, 2007 and 2006 in the calculations but not 2009 has those claims probably have not been "seasoned" yet. The baseline "experience mod" is 1.00. This indicates the "average" factor for a similar type business as yours that has average type, size, and frequency of claims. If your "experience mod" comes in higher than 1.00+, then that indicates that you are performing worse than the industry average and you will be surcharged for your poor claims performance. If your "experience mod" is less than 1.00-, then that is an indicator that you are outperforming your competition by having claims/loss experience. Please note that whatever your insurance company calculates as your rate and premium will then be multiplied by this factor to determine your total cost of workers' compensation insurance. Knowing and understanding your experience modification is in your best interest in keeping your insurance costs down.
 
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