Your Experience Mod Factor (X-Mod) can be the single most controlling factor in determining your Workers Compensation Costs.  Depending what your X-Mod is, you could either pay 50 percent less than your competitors or you could pay as much as 300 percent more than your competitors.  So, controlling your X-Mod is the best way to lower your Workers Comp costs.

If you are active in controlling your X-Mod you can see major savings on your Workers Comp.

Below are 10 ways that you can actively control your X-Mod:

  1. Investigate accidents immediately and thoroughly; take corrective action to eliminate hazards, and be aware of fraud.
  2. Report all claims to your carrier immediately.  Alert your carrier to any serious, potentially serious or suspect claims.  Frequently monitor thework-place-accident-1-300x200 status of the claim, and communicate with the adjuster to resolve them as quickly as possible.
  3. Take an aggressive approach to providing light duty to all injured employees upon their release from treatment.  Supervise light duty employees to ensure their conformance with restrictions.
  4. In serious cases that involve lost time, communicate with the claims adjuster to demonstrate your interest in returning the injured employee back to gainful employment.
  5. Set safety performance goals for those with supervisory responsibility.  Success in achieving safety goals should be used as one measure during performance appraisals.
  6. Develop a written safety program, and train employees in their responsibilities for safety.  Incorporate a disciplinary policy into the program that holds employees accountable for breaking rules or rewards them for correctly following safety procedures.
  7. Frequently communicate with employees, both formally and informally, regarding the importance of safety
  8. Make safety a priority – senior management must be visible in the safety effort and must support improvement.
  9. Evaluate accident history and near misses at least monthly.  Look for trends in experience, and take corrective action on the worst problems first.
  10. Make sure that you team up with an expert Workers Comp provider like Admiral Employer Services.

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