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Top 10 Ways to Control Your MOD

Lower your company’s experience modification rating to reduce your workers’ compensation premium.

March 13, 2024

Your company’s experience modification rating, or MOD, is an essential component used in calculating your workers’ compensation premium. If you can control your MOD, you can lower your premium cost like this company did. Here are 10 tips to help you positively impact your bottom line.

1. Investigate accidents immediately and thoroughly. Take corrective action to eliminate hazards and be aware of fraud.

2. Report all claims to your carrier immediately. Alert the carrier to any serious, potentially serious or suspect claims. Frequently monitor the status of the claims and communicate with the adjuster to resolve them as quickly as possible.

3. Take an aggressive approach to providing light duty to all injured employees upon release from treatment.

Supervise light-duty employees to ensure their conformance with restrictions. Learn more about best practices for return-to-work programs.

4. In serious cases involving lost time, communicate with the claims adjuster to demonstrate your interest in returning the injured employee to gainful employment.

5. Set safety performance goals for those with supervisory responsibility. Success in achieving safety goals should be used as one measure during performance appraisals.

6. Develop a written safety program and train employees in their responsibilities for safety. Incorporate a disciplinary policy into the program that holds employees accountable for breaking rules or rewards them for correctly following safety procedures.

7. Frequently communicate formally and informally with employees regarding the importance of safety.

8. Make safety a priority. Senior management must be visible in the safety effort and must support improvement.

9. Evaluate accident history and near-misses at least monthly. Look for trends in experience and take corrective action on the worst problems first.

10. Work with credentialed loss control risk management experts to ensure success.

Related Reading: Workers’ Comp Continues to Be an Excellent Opportunity for Captives

The above information does not constitute advice. Always contact your insurance broker or trusted advisor for insurance-related questions.

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