By the very nature of the insurance business, agents are busy folks. So, it’s easy to understand how some “details” can be missed, like the importance of keeping a trained eye on an employer’s workers’ compensation experience modification (mod) factor. What may be an unintentional oversight often translates into doing a disservice to a client — a disservice that can cost an employer potentially thousands of dollars in increased workers’ comp costs.
At the same time, experience suggests that many agents are not fully aware of the enormous influence the mod plays and, more importantly, how to help a client manage it to the lowest permissible point. Here’s a checklist that can help agents better serve their employer clients:
1. Agents need to know each client’s minimum experience mod.
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