How to Lower Your Experience Modification Factor

Your Experience Modification (Ex-Mod or X-Mod) is the single most important factor in determining the rate of your Workers Compensation Premium. Here is a list of the 10 most effective ways you can reduce your Experience Modification.

10 Ways to Lower the Cost of Your Workers' Compensation Premium

Enact a return to work program appropriate for the employee’s limited work abilities. Ask your broker for more information.

Conduct pre-employment, post accident, and random drug testing. These services are included in our HR package.

Implement a thorough safety program that starts with new hire training, is followed up on a regular basis, and places the burden of accountability on the line managers. Safety programs have been highly recommended for years but are not very effective unless senior management emphasizes the strategic importance of these programs to the entire organization as a whole.

Verify the accuracy of the mod computation. Mistakes are more common than you think! Speak to your broker who is familiar with computing, analyzing and verifying a mod. Invensure verifies the accuracy of an experience modification at no extra cost as part of their commitment to superior service.

Report and manage claims promptly.Invensure’s Workers Compensation Claims Management Program was designed to handle incidents immediately and can reduce your number of claims.

Do a thorough incident/claim investigation. Take pictures, interview employees, and get a statement from the employees involved. Go to http://www.invensure.net/experience-modification-reports to download a Management Workers Comp Incident Investigation Report and get more information.

Review claims with your claims handling administrator on a regular basis to make sure they are not being ignored.

Be aware of tasks that seem to repeatedly cause injuries and change the nature of these tasks. Keep a record of any incidents and review them with your broker to develop a safety procedure.

Know the true cost of a loss. Speak to your agent to fully understand all the costs associated with a loss. There may be more than you think.

Implement a company wide rewards program for reduced claim frequency is a great incentive to have everyone working safer which will reduce your long-term costs.

Invensure offers FREE inspection of the factors that affect your experience modification. Call (800) 331-4700 to speak to a specialist about verifying your ex-mod and discussing strategies to reduce it.