Protective Insurance is now Progressive Fleet & Specialty Programs. For more details, visit the blog.

Understanding your experience rating and mod

Experience rating is the main pricing component of your workers’ compensation policy that you can directly impact. It’s essentially a method for determining whether your business’ losses are better or worse than expected.

Download our brochure, Workers’ Compensation: Understanding Your Experience Rating & Mod, to learn how your experience mod is calculated and how to gauge your performance compared to others in your industry.

Reducing your losses and costs

Proactive accident prevention and claim management are the keys to improving your loss experience and mod.

To determine the quality of your safety and loss prevention program, ask yourself the following questions. Click each question for related steps you can take to improve your operation and reduce costs.

  • ▾ Do you have a robust hiring & orientation program?

  • ▾ Do you have a written safety program?

  • ▾ Do you have training and regular safety meetings about specific topics such as safe driving, lifting, slips and falls, etc.?

  • ▾ Do you investigate all incidents using root cause analysis and corrective action techniques?

  • ▾ Do you have a behavior observation program and provide on-the-spot feedback to workers?

  • ▾ Do you require seatbelt usage and/or have high visibility seatbelts?

  • ▾ Do you require slip-resistant shoes?

  • ▾ Do you have a formal written return-to-work program?