Informative

Understanding Gross vs. Net Reporting in Workers’ Compensation Experience Rating

If your business purchases a workers’ compensation insurance policy, you’re likely familiar with the term “experience modification factor” or “experience mod.” This number is a reflection of your company’s safety record compared to that of your industry peers and directly influences your insurance premiums.  Did you know that in 13 states the way they use […]

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What is Consent to Rate in Workers Compensation?

Consent to rate is a term used by insurance companies to charge more premium than typically allowed. Why? Well,  in workers’ compensation, either the state sets the rates to be charged on workers’ compensation classifications or the insurance company has filed their individual rates that they intend to charge each classification. Insurance companies can only

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UNDERSTANDING THE EXPECTED LOSS RATE IN WORKERS COMPENSATION

Managing the operational costs effectively for your business is important to the overall financial health of the company.  For long term success of any business, properly developing a strong risk management and comprehensive insurance program is crucial.  A key part of any risk management plan or insurance plan is workers compensation coverage which is based

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