It keeps track of how your company is doing over a period of time. Think of your X-mod as the blood of your company.
Learn how to manage your risks, reduce claims and minimize hits on your score this is how an X-mod impacts your workers’ compensation cost in California.
An X-mod helps every business make great choices that positively impact the way that things are run, as well as costs. The rating essentially penalizes businesses that don’t have control over their claims process through charging higher premiums. The X-mod is when companies are given a smaller premiums in return for the management of worker compensation claims. Because this is such a crucial insurance program for businesses of all size and type, it’s best to know everything about the product, including the system called the “Experience Modification Rate,” also known as an X-mod. This particular insurance industry is worth billions of dollars annually most of the 50 states (including California) require businesses to have it. The workers’ compensation insurance market services over 140 million employees across the United States, equating to 94 percent of employees.
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