Helping you control costs for this critical coverage.
We understand your concern over rising workers compensation costs and their effect on your bottom line. That’s why at Martin Insurance Group, we look at several factors that influence your workers compensation insurance premium, including your experience modification factor.
Understanding your “ex-factor.”
In determining your experience modification (ex-mod) factor, your company’s actual losses are compared to its expected losses by industry type. The formula incorporates various factors that take into account company size, unexpected large losses, and the difference between loss frequency and severity.
Often what we find, especially in industries where there is a high experience modification, is that an insurance company may assume the business has more risk than it really does. There may be a higher charge made, or premium credits, such as rate deviations, discounts, and schedule rating, are minimized. We’ll review your experience modification and see if any necessary adjustments are required, which, when corrected, can lower your rates.
As part of your workers compensation review, Martin will also check your employee classifications. Often workers are improperly classified, which can result in regulatory and insurer problems. We’ll also look at payroll audits and loss-sensitive rating adjustments to see if there are any problems or miscalculations and determine if any improvements can be made. Our professional staff can take a look at your NCCI classification and conduct an ERM-14 review to make sure that any ownership changes are accurate.
Since 1983, Martin Insurance Group has been providing insurance and consulting on loss prevention for businesses throughout New Jersey, Pennsylvania, and Connecticut, including companies and organizations throughout Mercer, Middlesex, Monmouth, Ocean Counties, as well as Bucks County, PA. We would like to extend our experience, expertise, and professional service to you and your company, too. Call 800.353.5000 now to speak with a representative about an audit of your insurance risks and coverage.