FAQ: We just renewed our insurance. Can you call me next year?
Well… yes, but let’s just talk right now.
Here at Whiteboard, when it comes to lowering your experience modification, we’re not talking about moving your insurance and hopefully getting you a better rate elsewhere. Here’s where the confusion lies: There’s a difference between your ex-mod and your rates.
The similarities are obvious. They’re both numbers on your workers’ compensation insurance, and they both affect your bottom-line.
Here’s the difference: Your rates are given to you by your insurance carrier and based on the kind of business they want, while your ex-mod is issued by the WCIRB based on your business’ claims history. This means that different insurance carriers will have different rates (usually that are all pretty close to one another), but your experience mod will follow you to whichever insurance carrier you end up choosing.
Here’s the other difference: You can only work on getting better rates one time a year, namely when it’s time to quote your insurance. Otherwise, you’re locked into whatever rate you chose for your policy term. On the other hand (and here comes the answer to the original question), you can and should be working on lowering your ex-mod all the time.
But how do you do that?
In short, by controlling your claims and the costs that they incur throughout the year, your business is also able to control your ex-mod rate. Businesses will try all kinds of things to get a handle on this from safety policies to incentive programs to… well… anything that they can think of. Here at Whiteboard, we get to the heart of the issue. We manage your past claims data, currently open claims, and even your potential claims in order to keep a constant handle on your experience mod.
So here’s the bottom line: It doesn’t matter if you just renewed or you’re just about to renew, we can lower your ex-mod, which is the largest controllable factor contributing to your premiums. Otherwise, you’ll be hunting for a cheaper quote next year with no guarantee that you’ll find one.