What Is an Experience Modification Rate?

Experience Modification Rate

An¬†experience modification rate¬†is a calculation insurance companies use to manage workers’ compensation costs. It assesses past claims of this type and determines the potential for additional lawsuits. How Experience Ratings Work Insurance carriers use the metric: actual claims/expected claims to compare your workers’ compensation claims to other businesses within your industry. The industry average is […]

February 3, 2021