WCBIS Assistance with High Ex-Mods
If you’re looking to find strong Workers’ Compensation to protect your business and workers, you might worry about experience modifier rates and how they’ll impact your Workers’ Compensation premium. At Work Comp Business Insurance Solutions, we specialize in helping businesses navigate and overcome challenges like high experience modifier rates—here’s what to know about how we can help!
What are Ex-Mods and How Do They Affect My Business?
Experience modification rates, or ex-mods, are numerical values insurance carriers use to adjust Workers’ Compensation premiums. To determine ex-mods, insurance carriers look at factors like:
- Baseline premium rates, which are set by your state’s Workers’ Compensation authority
- Your Workers’ Compensation claims history, including the severity and cost of the claims
- How your claims history compares to other businesses in your region and industry
By looking at factors like these, an insurance company can get a sense of your level of risk. If your business is low-risk, you’ll receive a lower ex-mod. On the other hand, if your business has many claims or a history of severe and costly workplace accidents, you’ll receive a high ex-mod.
If your business has a high ex-mod, it can lead to complications such as:
- High Workers’ Compensation premiums
- An increased risk of lapsed Workers’ Compensation coverage
- Compliance errors, which can lead to fines and other legal penalties
- An increased risk of workplace accidents
How We Help Businesses with Ex-Mod Challenges
To lower your ex-mods, reduce challenges, and improve safety at your workplace, there are many steps you can take. These include:
- Implementing safety training and education to create a safer workplace and reduce the risk of common accidents, like slip-and-falls or machinery accidents
- Carefully managing your claims management system to ensure any injured employees receive the support and compensation they need
- Offering return-to-work programs to ease injured employees back into their previous role, or offering modified or light-duty roles
- Practicing risk management strategies to identify and mitigate risks before they lead to workplace injuries or accidents
- Staying in compliance with all state, federal, and industry-specific laws and regulations
- Keeping accurate and organized documentation, especially documentation that pertains to workplace accidents and claims
- Conducting regular audits to ensure your business is free of risks and in compliance with all safety regulations
If you need extra assistance with tasks like these, we can help! At WCBIS, we specialize in helping high-risk businesses, and offer a suite of products tailored to your unique needs. This includes a full PEO product, which offers extra assistance on tasks like payroll processing, HR, risk management, and loss control. Through services like our Full PEO product, we can also help you secure comprehensive and affordable Workers’ Compensation coverage, even if you struggle with high ex-mods or other Workers’ Compensation challenges.
At Work Comp Business Insurance Solutions, we help business owners find the best Workers’ Compensation and payroll solutions.To learn more about our services and how we can help your business, visit us online at https://www.wcbis.com.
