10 Tips for Mod Control
Your experience modification factor, or mod, is an important component used in calculating your workers’ compensation premium. If you can control your mod, you can lower your price and help impact your bottom line — so we’ve gathered our top 10 tips for mod control:
1.) Investigate Incidents
- Investigate accidents immediately and thoroughly; take corrective action to eliminate hazards, and be aware of fraud.
2.) Report Claims Immediately
- Report all claims to your agent and carrier immediately. Alert the carrier to any serious, potentially serious or suspect claims. Frequently monitor the status of the claim, and communicate with the adjuster to resolve them as quickly as possible.
3.) Return to Work Plan
- 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.) Communication is Key
- 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 Goals
- 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 Program
- 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.) Safety First
- Frequently communicate with employees, both formally and informally, regarding the importance of safety.
8.) Starts with Management
- Make safety a priority – senior management must be visible in the safety effort and must support improvement.
9.) Evaluate Your Experience
- Evaluate accident history and near-misses at least monthly. Look for trends in experience, and take corrective action on the worst problems first.
10.) Hire Experts
- Hire Charlie and his team at Robertson Ryan & Associates to ensure success. We are true risk partners and employ a dedicated team of loss control specialists to evaluate, plan, and implement real strategies to control and lower your MOD.
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Sourced in Part From: Zywave