Tough Times Demand Better Understanding of Premium Costs
SHREVEPORT, La. and BRENTWOOD, Tenn., May 26 /PRNewswire/ -- Today's tough economic conditions call for employers to step up their knowledge of how workers compensation insurance works, says Shreveport insurance agent Shari Crowder. Specifically, she says, too few employers understand that their workers compensation modification factor - a number that directly affects premium costs - has a "perfect score" they should work to reach.
The mod factor, calculated using a company's payroll and loss experience, is used to weight the premiums a company pays for workers comp insurance. An average mod is 1.0, but "companies are missing an opportunity if they don't know their minimum mod," says Crowder, of ISA/Stewart Insurance. The minimum mod varies based on a company's industry and payroll, but any company can eventually reach its minimum mod through best practices in loss control and prevention.
Crowder helps companies identify their minimum mod and analyze their mod to gain insight into loss trends. The agency helps clients understand how issues such as diligent hiring practices will decrease claim frequency, how an injury management coordinator will improve outcomes of injuries that occur, how to prepare for a premium audit, and much more. Clients receive a custom plan that incorporates these elements and enables them to gain control over their experience modification.
Crowder provides these services through WorkCompEdge, a web-based service dedicated to helping employers reduce workers comp costs and improve productivity. As a Member Agency of WorkCompEdge, ISA/Stewart "goes the extra mile to provide clients with resources and value beyond standard workers compensation insurance policies," said WorkCompEdge CEO Tim Coomer.
Shari Crowder invites interested companies to contact her for a complimentary mod analysis at 318-673-2500 or email@example.com. Employers are also encouraged to read the award-winning blog at WorkCompEdge.com.
About the Companies
Founded in 1950, ISA/Stewart Insurance utilizes a proactive approach to assist clients in developing and executing plans to lower their total cost of risk and make them more attractive to the insurance marketplace. Owner and president John David Stewart oversees the agency's use of a unique, proprietary system to help clients recognize opportunities for business change that will improve bottom line costs.
Tennessee-based Specific Software Solutions (http://www.specificsoftware.com) and its affiliate, SIGMA Actuarial Consulting Group, serve risk management and insurance professionals in companies of all sizes across the nation with software products and casualty actuarial consulting. Founded in 1990, the company is best known for its flagship product ModMaster, which computes and analyzes the workers compensation experience rating modification factor.
SOURCE Specific Software Solutions
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