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 […]
What is Consent to Rate in Workers Compensation? Read More »
Let’s talk Farm Safety. Agriculture, at its core, is not just a vital industry for food production but also one that comes with its unique set of risks and challenges, especially during the labor-intensive spring planting season. As the preparations begin on the farm for planting begin, it becomes crucial to emphasize safety and effective
FARM SAFETY GUIDE – SPRING 2024 Read More »
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
UNDERSTANDING THE EXPECTED LOSS RATE IN WORKERS COMPENSATION Read More »
OVERVIEW On January 10, 2024, the U.S. Department of Labor published a final rule that will go in effect on March 11, 2024. This rule revises the Department’s guidance on how to analyze who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). This final rule rescinds the Independent Contractor Status
NEW RULE – EMPLOYEE OR INDEPENDENT CONTRACTOR? Read More »
At Mod Advisor, we help businesses navigate the complexities of workplace management and calculate the return on investment (ROI) of Return to Work Programs. Mod Advisor can offer a clear view of the economic impact of RTW Programs.
The Importance of Return to Work Programs Read More »
We are committed to keeping you informed about crucial changes in the insurance industry and how workers compensation changes impact your business. Recently, NCCI’s Experience Rating Plan Methodology underwent a significant update commonly referred to as Item E-1409. These changes are starting November 1, 2023. These changes aim to enhance the precision and fairness of
Important Updates to the NCCI’s Experience Rating Plan Methodology Read More »
If your business has a workers’ compensation policy and you use subcontractors on a frequent basis, will you be charged for an injury? The answer, it depends on the task and if they have coverage. Who is Considered a Subcontractor? A subcontractor refers to an individual or company that carries out a task or provides
Workers Compensation for Subcontractors: Will You Be Charged? Read More »
If your company has employees and injuries are a possibility, understanding the nuances of insurance can make a significant difference in your premiums. One critical factor is the Experience Modification Rate (EMR), often just referred to as the “mod or x-mod.” Claim reserves play a key role in determining your mod. Here, we will delve
The Impact of Claim Reserves on Your Experience Modification Rate Read More »
The intricate world of workers’ compensation premiums can often seem confusing and overwhelming, particularly when it comes to understanding job classifications and how they impact premiums. A common misconception among employers is that premiums are based on the activity an employee performs most frequently. In reality, the job classification codes used to calculate these premiums
The Crucial Role of Job Classification in Workers’ Compensation Premiums Read More »
There are a lot of different outcomes that can happen when you file a claim with your workers’ compensation policy. It depends on the amount of the claim and the type of claim. In this blog we’ll break down the types of claims, show how they can affect your policy differently, and ways to reduce
How Does Filing A Claim Impact Your Work Comp Policy? Read More »