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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.
