What the Ex-Mod Means for NY Workers Comp

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New York workers compensation insurance quotes

Buying a NY workers comp policy for your small business is a bit different from buying other types of insurance. With most types of commercial insurance, it’s fine to just get quotes from a few companies and then go with the lowest one. The workers compensation policy is a little more complicated because it depends on a number insurance companies … Read More

How Loss Ratios Affect NY Workers Comp Rates

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New York workers compensation rates

As NY workers comp rates continue to rise, employers must take steps to understand how insurers calculate premiums so that they can learn methods to keep their rates as low as possible. Every year, workers compensation insurance policies renew, and prior to the new renewal year, insurance carriers issue rates for every industry classification. Insurance underwriters review overall loss ratios … Read More

Ex-Mods and How They Affect NY Workers Comp Rates

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Save on NY workers compensation insurance

One factor that strongly impacts your business and your NY workers comp rates is the experience modification rate or ex-mod. Insurance companies use the ex-mod factor to evaluate past injury losses and the chance of future ones. When it comes to workers compensation rates, your company’s experience mod directly affects your costs. The lower the ex mod rate, the lower … Read More

Should You Ever Pay Small Workers Comp Claims Out of Pocket?

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Should you pay injured worker's medical expenses yourself?

New York employers ask this question frequently, and it’s certainly a good one. The typical reasoning behind it is that if your experience modification is affected by policy losses, then having a lot of small medical only claims on it could affect it negatively. This, in turn, could mean an increase in rates. It seems logical that paying these small … Read More

Intermediate Experience Mod Analysis – Part 2

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Workers Compensation Experience Modification

Intermediate Experience Mod Analysis – Part 2 An experience mod analysis can provide valuable insight into your business operations and Workers’ Compensation losses. Loss sensitivity is an important aspect of experience mod analysis and involves both specific and aggregate. Mod Analysis: Specific Loss Sensitivity This analysis identifies the specific impact that a single loss has on your experience mod and on the … Read More

Experience Mod Analysis for Workers Comp Insurance – Part 1

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Experience Mod

Intermediate Experience Mod Analysis An experience mod analysis can provide valuable insight into your business operations and Workers’ Compensation losses. If you have a basic understanding of how an ex-mod is calculated, you can use a few simple equations to gain a deeper understanding of the factors contributing to your number. Determination of the Minimum Ex Mod Factor The minimum experience … Read More

Workers Comp Experience Modification Factors NY, NJ,CT

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Workers Comp Experience Modification Factors NY, NJ, CT Ever wonder about that mystery line item on your Workers Comp policy declarations page called Experience Modification or Mod factor? This is actually one of the key factors in determining the cost of your Workers Comp insurance.  The Experience Modification factor uses an employers past experience to determine future losses.   It’s … Read More