CompSeach, Inc. specializes in auditing the cost of workers' compensation insurance policies. Employers, brokers, offices managers, etc. have utilized our services to verify, and often correct expense errors in loss experience ratings. Corrections can result in premium reduction, or premium recoveries in the hundreds and sometimes thousands of dollars. Even a slight correction in the mod can have a significant impact on your insurance premiums.
To illustrate the potential savings of correcting an inaccurate experience rating (mod), consider the following example of a common workers' compensation insurance policy:
Billed Premium
Mod corrected by .10
Mod corrected by .20
Manual Premium
$25,000.00
$25,000.00
$25,000.00
Exp. Rating (mod)
1.10
1.00
.90
Modified Premium
$27,500.00
$25,000.00
$22,500.00
Premium Savings
N/A
+ $2,500.00
+ $5,000.00
Here's How it Works:
Experience modifier calculations use loss information reported in by an employer's past insurers. This is compared to a calculation of expected losses for a company in that line of work, in that particular state, and adjusted for the size of the employer.
The calculation of expected losses utilizes past audited payroll information for a particular employer, by classification code and state.
These payrolls are multiplied by Expected Loss Rates, which are calculated by rating bureaus based on past reported claims costs per classification.
The fee for our services is contingent upon our results: No premium reduction, no premium recovery means no fee!
We have been helping employers by correcting and reducing their workers' compensation insurance premiums for years! Call our office and let us help you!
201-652-4956
Thank you for visiting our web-site. Please note that while we make every effort to ensure the accuracy of the information presented on this web-site, we can not be responsible for typographical errors. IROC Family of Companies 179 South Maple Ave Ridgewood NJ 07450 201-652-2015