When it comes to your workers’ compensation premium, your experience modification factor, or mod, is a very important component in the calculation. What exactly is the mod we’re referring to? Great question!
The mod is a premium rating factor that is determined by finding the difference in your actual worker’s compensation claims and the expected or actual claims for employers of a similar size and business. Controlling your mod can help lower your price so, at Staples & Associates, we’ve gathered our top 10 ways to control your workers’ comp mod.
1. When accidents happen in the workplace, investigate immediately and thoroughly. Along with this, take corrective action to eliminate hazards, and be aware of fraud.
2. Don’t leave your carrier out of the loop! Report all claims to your carrier immediately. Alert the carrier to any serious, potentially serious, or suspect claims. But your work’s not over then. Frequently monitor the status of the claim, and communicate with the adjuster to resolve them as quickly as possible.
3. When an injured employee is released from treatment, take an aggressive approach to provide light duty at work. Supervise light duty employees to ensure their conformance with restrictions.
4. In serious cases that involve lost time, communicate with the claims adjuster to demonstrate your interest in returning the injured employee back to gainful employment.
5. Always set safety performance goals for those with supervisory responsibility. Success in achieving safety goals should be used as a measure during performance appraisals.
6. In a proactive effort to ensure the safety of your employees, develop a written safety program, and train employees in their responsibilities for safety. Incorporate a disciplinary policy into the program that holds employees accountable for breaking rules or rewards them for correctly following safety procedures.
7. Frequently communicate with employees, both formally and informally, regarding the importance of safety.
8. Always make safety a priority – senior management must be visible in the safety effort and must support improvement.
9. Evaluate accident history and near-misses at least monthly. Look for trends in experience, and take corrective action on the worst problems first.
10. Finally, hire Staples & Associates Insurance to ensure success. We’ve got your back and are here to help!
Staples & Associates can help you impact your bottom line for workers’ compensation premium through controlling your mod. Contact us today for more information and check out more of our insurance safety tips!