We often find that experience modifications (MODs) are incorrect. Losses going into the formula may be improperly reserved or in some cases closed for no payment but still shown. This can make a big difference in your modification which can have a great impact on your Workers Compensation costs. The Chittenden group can help by conducting a MOD Review.
Key to Controlling Costs: Accident Prevention.
MOD is often incorrect. Formulated losses may be improperly reserved or closed for no payment but still shown. This makes all the difference in Workers Compensation Premium.
Experience MOD Worksheets…
- Issued by the National Council on Compensation Insurance (NCCI).
- Are very informative.
- Detail your Workers Compensation losses.
- Can be a bit confusing.
Mod Review Effect on a $220,000 Workers Compensation Premium
Financial Effect on Workers Compensation Cost After Review
- Pre-Review Premium $300,580.00
- Post-Review Premium $200,460.00
- Dollar Savings “$100,120.00”
- Percentage Savings 33%