Experience Mod Factor Changed, Number 2 on the Top 10 Workers Compensation Audit Mistakes

Your experience modification factor was changed on your audit.

Experience mods are complicated calculations that compare your specific company experience with that of other businesses in your industry. Assigning your business a factor that is applied to your workers compensation premium calculation thus adjusting the total cost of your workers compensation insurance program.

When an audit is completed the insurance company will recalculate your premium. During this recalculation of premium the experience mod must again be applied. We consistantly find errors that occur in the recalculation of premium.

Insurance companies also have very specific rules they must adhere to in the application of an experience modification factor. There are certain time frames they must meet in order to apply an experience mod to a policy. We find where these rules are broken when a company applies the experience mod. This mis-application of the experience mod results many times in additional premium being applied.

To protect your best interest we feel it's important to have your experience mod factor reviewed by an independent source, not employed by your insurance company, on a regular basis.

Keep in mind experience modifiction factor calculations are very complicated and the application of experience modification factors must follow specific rules. We continue to find errors in these calculations that benefit our clients.

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Experience Mod Factor Changed

Number 2 on the top ten list of Workers Compensation Audit Mistakes