Insurance, Experience Modification Rate - Increase Your Profit by Lowering Your Experience Modification


by RANDY RUSSELL - Date: 2009-02-22 - Word Count: 437 Share This!

As workers' compensation audits and claims seem to be becoming more and more of a problem each day it is important that every business take as many precautions as possible to alleviate this problem. The growing concerns in today's economy should only make you more diligent in protecting your bottom line. One way to help alleviate these problems is by getting control over your experience modification rating.

To succeed in this economy it is necessary to take every step in reducing the growing costs of workers' comp.

The Experience Modification Rate of your business is a means of comparing and analyzing employee claims and comparing them to claims made by other companies that are similar in size and capital within your industry.

Understanding your experience mod rate can greatly benefit your company's ability to maximize returns. Having a good grasp of your experience mod rate will allow you to reduce the cost of premiums for workers comp. Monitoring this rate closely will help to lower your costs and make your company a better and safer environment for your employees. Every day it seems that the new companies refuse to hire or work with companies that do not control or monitor their experience modification rate.

In addition, it is a well known fact that over 75 percent of companies today are overpaying their workers' comp insurance premiums. Maximizing your experience rating modification is one of the best ways to quickly increase the profitability of your business, it is very important to take the necessary steps now to help your business grow in this struggling economy.

There is a strong probability that you have been overcharged through the years and you likely have no idea that it's even going on. Insurance companies will not tell you if you when they make mistakes. They do not want to help you find their mistakes and find ways to reduce your premiums.

This is where we come in and provide you with a comprehensive audit of workers' comp premium without you incurring more costs. Allow us to perform an audit for you, and help you to lower your premiums, with no upfront fees. We are experts in researching and calculating these errors that insurance companies commonly do wrong.

Why continue overpaying if it's not necessary?

Lowering your experience modification rating and recovering overpaid money should be a priority for anyone in this economy.

For more information about having a policy audited go to Work Comp Audit.

We perform audits at no charge to you. If there is no recovery there is no fee.

You have nothing to lose.

Randy Russell, CPA


Related Tags: work comp, experience modification, experience mod, experience modification rating, experience modification rate, work comp audit

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