Work Comp Wednesdays – The North Carolina 1.50 Ex Mod Rule: How to Navigate the Safety and Health Programs and Committees Act 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. Background: The Ex Mod (Experience Modification Rating) in Workers’ Compensation insurance has the ability to cripple an organization that has issues actively mitigating their workplace injuries. Few people understand the…
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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. This article is from our friends at EmergeApps: OSHA Recordkeeping Background: Each year, millions of workers get hurt on the job. In order to help prevent work-related injuries and illnesses, OSHA has for decades required employers to keep track of these incidents by recording them in what is often called an…
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This article is from our friends at the Institute of WorkComp Professionals: Both in the media and in general conversation, we often hear people refer to the workers’ compensation laws in various states as being very “employee friendly” because they feel that it’s easy for injured employees to get more than they “deserve” from the workers’ comp system. This may be true; as certainly there is little or no question that there are laws in some states that are more business friendly as opposed to employee friendly. But employers would do well to ignore this debate because in reality when…
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In August, we posted a blog about the importance of promptly reporting claims. Today, we continue this theme by emphasizing the value of “Post-Claim Communication”. As vital as it is to quickly report claims, it is equally as necessary to keep the communication going with all on-going claims. Because the claims process can be so arduous for the company, it can be easy to forget about the well-being of the injured employee. Employers should take it upon themselves to check-in with the employee to see how they are doing and ask if they need anything. This communication will go a…
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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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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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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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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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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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