InsuranceSphere

Today’s tough economic conditions call for employers to step up their knowledge of how workers compensation insurance works, says Shreveport insurance agent Shari Crowder. Specifically, she says, too few employers understand that their workers compensation modification factor – a number that directly affects premium costs – has a “perfect score” they should work to reach.

The mod factor, calculated using a company’s payroll and loss experience, is used to weight the premiums a company pays for workers comp insurance. An average mod is 1.0, but “companies are missing an opportunity if they don’t know their minimum mod,” says Crowder, of ISA/Stewart Insurance. The minimum mod varies based on a company’s industry and payroll, but any company can eventually reach its minimum mod through best practices in loss control and prevention.

Crowder helps companies identify their minimum mod and analyze their mod to gain insight into loss trends. The agency helps clients understand how issues such as diligent hiring practices will decrease claim frequency, how an injury management coordinator will improve outcomes of injuries that occur, how to prepare for a premium audit, and much more. Clients receive a custom plan that incorporates these elements and enables them to gain control over their experience modification.

Crowder provides these services through WorkCompEdge, a web-based service dedicated to helping employers reduce workers comp costs and improve productivity. As a Member Agency of WorkCompEdge, ISA/Stewart “goes the extra mile to provide clients with resources and value beyond standard workers compensation insurance policies,” said WorkCompEdge CEO Tim Coomer.

Shari Crowder invites interested companies to contact her for a complimentary mod analysis at 318-673-2500

Tags: Premium Costs