ABCs of Experience Rating
I feel the following topic is of importance to all business owners. If you’re interested in staying competitive in today’s economic market, this information can be very useful. As always, please call or e-mail me if you’d like to learn more.
Access the ABCs of Experience Rating brochure for a helpful and straightforward explanation.
This brochure offers a detailed explanation of experience rating and how it affects your workers compensation costs. It also explains what data is used in experience rating and how a mod is calculated. Revised in 2016.
You’ll discover essential information, such as:
• Purpose and benefits of experience rating
• How the Experience Rating Plan operates
• Qualification for experience rating
• Definitions of intrastate and interstate modifications
• Types of statuses—Preliminary, Final and Contingent
• How the experience modification affects premium
• Components and calculation of the worksheet
• Ownership changes that affect experience rating
National Council on Compensation Insurance, Inc., based in Boca Raton, FL, manages the nation’s largest database of workers compensation insurance information. NCCI analyzes industry trends, prepares workers compensation insurance rate recommendations, determines the cost of proposed legislation, and provides a variety of services and tools to maintain a healthy workers compensation system.