I can hear you thinking, “My EMOD score? What’s that?” EMOD is short for “Experience Modifier.” Businesses are given an EMOD score based on their Worker’s Compensation policy; typically, it is determined by the three previous years of loss experience. This number is super important when it comes to worker’s comp premiums. To understand it a little better, the sample below provides a comparison of a good safety record verses a poor safety record.
The Good Safety Record Wages $1,000,000 Insurance Rate 25% Manual Premium $250,000 Experience Modifier (EMOD) 0.80 Premium (actual cost) $200,000
A difference of $272,500… real bottom line savings!
An EMOD score of 1.0 is considered normal. Taking a proactive approach- that is, preventing injuries instead of doing something about them after they occur- is one of the best ways to lower your score. With Ergonomic Evolution’ s assitance, we can take a look at your current EMOD score and discuss ways to potentially lower it, and ultimately reduce your premiums. Contact us today to learn more!