WORK COMP SAVINGS CALCULATOR

Get an idea of how much extra you're paying as a result of injury claims.

Please do not include $, %, other symbols or commas in your answers

ABOUT EXPERIENCE MODS

An experience modification is a work comp policy rate-factor given to eligible employers annually by the work comp rating bureau. It compare's an employer's 3-year loss experience to the "average" for employers in the same classification. 

A HIGH MODIFICATION INCREASES PREMIUM.

A LOW MODIFICATION REDUCES PREMIUM.

Fact One

Claims increase premium for at least 3 years. Premium rates are based on 3 years of prior claim information. As claim costs go down, rates drop dramatically...and that's the goal.  

Fact Two

There are mistakes and overcharges. The work comp system is deluged with record-keeping and complex actuarial formulas. Avoiding overcharges requires that every data item be 100% correct. 

Fact Three

Renewal time is the wrong time to get educated and correct mistakes. Waiting will cost a year of savings. That's why work comp is so different from other insurance. Start now...not at renewal.

BENEFITS OF THE CALCULATOR

Most business owners believe that because workers compensation is "legislated" they have little control over their costs. In truth, workers compensation is the ONE insurance that can be controlled. 

Promotes Safety  All injuries are preventable. Knowing the cost of claims helps prioritize safety in managing day-to-day operations.  

 

Targets Savings  You can't hit an invisible target. The calculator helps quantify savings potential to see if its worth it to make changes.  

‚ÄčJustifies Change  Winning at safety and claim reduction requires an aligned team. Knowing the numbers speeds up the process.  

Entitles Discounts  Organizations that eliminate injuries qualify for insurance carrier pricing advantages and rate discounts.  

Competitive Advantage  Your x-mod is the scorecard of how work comp costs for your business compare with your competitors.

Grows Enterprise Value Loss-free organizations save time and money. They are more profitable which works to increase their market value. 

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