It is a fact that many employers actually overpay for their Longmont workers’ compensation premiums. According to the latest reports, employers are paying around 20% more in surcharges than they need to. Most surcharges come from increases in the experience modification factor (mod).
The experience mod is a factor unique to each employer. In simple terms, this formula is designed to compare a specific employer’s historical claim and payroll data, to other employers with similar business operations. An individual employer’s experience mod is calculated using claims data compared to premiums from the three most recently completed years, excluding the expiring term.
Key points to consider
How to reduce your mod?
For over 10 years, we have focused on reducing insurance costs and improving coverage for Colorado contractors which make up over 80% of our current clientele. In fact, Steve has studied to be a CRIS (Contractor Risk Insurance Specialist) agent, a very rare and difficult certificate to achieve. Since he knows all the details of contractor’s risks, you are in good hands with Steve! Coverage for contractors include Commercial Auto, General Liability, Inland Marine, Property, Workers Compensation and more.