The Insurance Hot Seat

Below are the active numbers for the current weekly game. Mark them off on your digital or paper card.

How to participate:

Our weekly numbers are emailed directly to our client list. If you don't have a card, click Play Bingo in our navigation bar to generate one instantly on your device, or fill out the form to request a printable PDF copy.

Complete any 5-square straight line (vertical, horizontal, or diagonal) to hit "BINGO". Once you do, click the submit claim button to notify Eric Hernandez and claim your community prize!

A strong safety culture always starts with management commitment. However, workers share the responsibility to follow guidelines and set a positive example.

The following characteristics reflect a worker profile committed to safety in the workplace:

• Responsibility: You feel responsible for the safety of your coworkers as well as yourself.
• Initiative: You are willing to go beyond the call of duty on behalf of others' safety.
• Compliance: You comply with company safety rules and regulations at all times.
• Reporting: You report all hazards, accidents, and close calls immediately to your supervisor.
• PPE: You abide by policies regarding personal protective equipment (PPE) use.
• Mentorship: You act as a safety mentor to new hires to guide them in safe practices.
• Awareness: You always stop and think before acting, especially when uncertain.

How does your team compare?

By building a culture around these standards, DFW businesses reduce employee injuries, claim frequencies, and ultimately decrease their insurance cost index. If you need safety manuals or training frameworks, contact Eric Hernandez to audit your program.

A key to understanding your workers’ compensation premium is the experience modification factor, also known as your mod. Understanding your company’s mod and the variables used to calculate it helps you identify active ways to minimize your workers’ compensation costs.

Who calculates the mod factor?

Most states use the National Council on Compensation Insurance (NCCI) to collect data and calculate the experience modification factor. NCCI is a private corporation funded by member insurance companies.

How is a mod calculated?

The formula compares your company's actual payroll-adjusted losses to expected losses for businesses of the same size within your industry class code.

The rating system splits losses into primary losses (indicators of frequency, counted at full value) and excess losses (indicators of severity, weighted less). Since frequency is a stronger indicator of workplace risk, a business with ten $5,000 claims will have a worse mod than a business with one $50,000 claim.

How does it affect my premium?

• Debit Mod (Mod > 1.0): Your loss history is worse than average. A surcharge is added. For example, a 1.2 mod means you pay a 20% penalty surcharge on your premium.
• Credit Mod (Mod < 1.0): Your loss history is safer than average. You receive a discount. For example, a 0.8 mod means you receive a 20% discount on your premium.

The experience period typically includes loss data for 3 complete years, excluding the immediate past policy term. To analyze your experience mod worksheet and discover errors, contact Eric Hernandez for a full audit.