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  • “Shopping” Workers Comp Insurance is pointless without a plan.

“Shopping” Workers Comp Insurance is pointless without a plan.

It’s not solving a bigger problem.

If your experience modification is not addressed, you may have a cash-flow problem for years…  

Here’s a black-and-white example.

Let’s say you paid $100,000 of workers comp premium based on an average experience modification score of 100. Now your score jumps to 144 –

That’s a 44% increase.

The premium that was once $100,000, has now skyrocketed to $144,000.

A yearly increase of $44,000!

But there could be a bigger problem… 

Claims are not monitored & closed,
Reserves are not negotiated,
New injuries aren’t handled properly,
You don’t have a return-to-work program,
Protocols aren’t in place,
And, you don’t have the proper guidance and a solid strategy –

Based on the example above, this 1-year problem can easily become a 5-year problem.

If you continue to trend in the same direction –

In 5 years your 144 Experience Modification Rate can potentially cost you an additional $220,000!

What happens to your business if you can’t get your experience modification down?

Or, worse

What happens to your business if your experience modification continues to increase?

Shopping insurance is the easy part.

Do you have a plan in place to lower your experience mod?

Start today. Reach out to learn more about lowering your experience modification factor. We love to nerd out about this stuff.

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    July 21, 2021

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