As discussed in our post “XMODs: What Is It & How Does It Effect Me?”, XMOD rating can have a huge impact on how much you pay for your Workers Compensation. How big of an impact and if its positive or negative depends on a few factors. Most importantly, you want to have an Insurance Adviser that specializes in your industry and knows the ins/outs of Workers Compensation, XMODs, and dealing with claims. The second most important thing is setting up and maintaining a safe work environment. This means training, safety meetings, check-ins with employee, and proper management staffed.
When a claim actually occurs and is processed by the carrier, it will go on your Loss Run report. This Loss Run report will show all claims you’ve had, and the status of whether they are open or closed. The reason some companies suffer bigger XMODs for longer than necessary is because their broker isn’t proactive in working with the adjuster/carrier to close out the claim. The longer a claim sits open on your Loss Runs, the longer your XMOD will affect you negatively. Most brokers will be passive and sit around until the claim closes itself out. This is why we pride ourselves on our Industry Knowledge and closing out claims as fast as possible.
