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Workers Compensation

Work Comp Wednesdays – Do You Know Your Lowest Possible Experience Mod?

By Business Insurance, Insurance People of North Carolina, Workers Compensation

Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. What is a minimum experience mod? What is my organization’s min mod? How do I get to my minimum mod? Experience Mod Your Experience Modification Factor is an important part of determining how much you’ll ultimately pay for your Workers’ Compensation Insurance. The final number evaluates you against peers in your industry – whether that…

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Work Comp Wednesdays – 7 Secrets You’re Paying Too Much for Your Worker’s Comp

By Business Insurance, Workers Compensation

Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. Secret 1: Insurance companies don’t pay for employer injuries – they just finance them for you at an exorbitant cost You pay $2 to $3 to the insurance company for every dollar it pays out for employee injuries. Each claim results in the most expensive financing contract you have in your business. First,…

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Work Comp Wednesdays – What is a Workers’ Compensation Premium Audit?

By Business Insurance, Insurance People of North Carolina, Workers Compensation

  Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. Why was my work comp premium audit so high? Why do I owe money to the insurance company after my premium audit? How do I prepare for a premium audit? What do I need for a premium audit? Workers’ Comp Premium Audit Workers’ Compensation costs are a major expense item for most…

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Work Comp Wednesdays – How is Workers’ Compensation Insurance Rated?

By Insurance People of North Carolina, Workers Compensation

Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. Common FAQ’s: How much does my work comp cost? How is my work comp premium calculated? Work Comp Premium – Payroll & Job Classification: Although Workers’ Compensation insurance is one of the most frustrating coverages to understand, it is one of the easiest coverages to produce a quote. The main two factors used…

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Work Comp Wednesdays – What is the Experience Modifier?

By Business Insurance, Insurance People of North Carolina, Workers Compensation

Welcome to Work Comp Wednesdays! Insurance People is the industry-leader in North Carolina workers’ compensation insurance. Each week, our team takes a frequently asked question and expands on the issue for our clients, prospective clients, and community members to better understand the confusing nature of Work Comp. Experience Modifier Experience rating is a mandatory process that modifies the published rates for workers’ compensation coverage based on a comparison of your past losses to your industry’s average losses. Usually three years of loss experience are used to calculate the experience modifier (Ex Mod). An Ex Mod below 1.00 means your recent…

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