Lowering your workers’ compensation MOD rate doesn’t happen overnight, but many businesses can make meaningful improvements by focusing on a few key operational areas. Here are five practical steps that often help companies reduce their experience modification rate over time. 1. Strengthen Workplace Safety Programs Preventing injuries is the most effective way to control…
Many companies focus on reducing their insurance premiums by negotiating with brokers or shopping policies between carriers. While these steps can sometimes produce short-term savings, they often overlook the biggest driver of workers’ compensation costs: the company’s Experience Modification Rate (MOD). A high MOD rate can quietly increase insurance premiums year after year. Because…
For many businesses, workers’ compensation insurance is simply another annual expense. What many leaders don’t realize is that a key factor behind those premiums is something called the Experience Modification Rate, commonly known as the MOD Rate. A MOD rate is a number used by insurance carriers to measure how your company’s claims history…