High Mod PEO Insurance

Experience Modification Factor Workers’ Compensation

High Mod PEO insurance or PEO Insurance with High Ex-Mods can be expensive and hard to place.  If you’ve insured workers’ compensation clients in the past, you’re probably familiar with the elephant in the room… the experience modification factor.

At PEO Insurance Brokers Network, we specialize in insuring high ex mods, so you can say “goodbye” to the days of hunting for coverage for your insured.

High Ex-Mods
What Does Workers’ Compensation Cover?

What Exactly is The Experience Modification Factor?

The experience modification factor is a ratio developed by calculating the difference between your insured’s actual past experience and the expected experience of their workers’ comp class. The result (negative or positive) will increase or decrease their standard premium.

In a situation where employers have a modifier greater than 1, the employer would pay more than their premium. Those with modifiers below 1 would pay less than their premium.

How is the Experience Modification Factor Calculated?

The experience modification factor is calculated by the state where your insured is located by comparing the insured’s actual workers’ comp claims to the expected claims cost for companies of a similar size in the same workers’ comp classification. Typically, calculations are based on the last three years of data — the lower the number, the better the premium for the insured.

How Does a Company Improve a High Experience Modification Factor?

How Does the Experience Modification Factor Affect Your Workers’ Compensation Premium?

A high ex mod doesn’t mean your insured is paying a high premium forever. Implementing safety programs and a proactive return-to-work plan can help your client lower their high ex mod over time.

The experience modification factor, at its core, is an incentivization system for employers to provide safer workplaces. The idea is that the safer the workplace, the greater the reward. Employers with a low ex mod reap the benefit of a reduced premium, while those with a high ex mod pay for it… literally.

So what can you do if you have an insured with a high ex mod today? Besides encouraging actions to lower risk, you can contact PEO Insurance Brokers Network to get the high mod workers’ comp coverage your client needs to continue operating safely.

Ready to find out more? Getting started with PEO Insurance Brokers Network is easy.

01.

Fill out the form below.

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A representative will reach out to you.

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Set up coverage for your insured.

Warehouse Industry – Forklift Accidents

Find Workers’ Compensation Coverage for Your High-Risk Insured

Your insured’s industry, Ex-Mod, claims history, or previous coverage problems should not automatically prevent you from finding a solution.

PEO Insurance Brokers Network helps agents navigate difficult workers’ compensation placements across construction, transportation, healthcare, staffing, roofing, tree service, manufacturing, warehousing, recycling, logging, cannabis, security, USL&H, and other high-risk industries.

Explore the industry-specific pages above to learn more about available solutions, or contact PEO Insurance Brokers Network to begin finding the right PEO or workers’ compensation program for your insured.