At Hearten, we believe that understanding the details of your workers’ compensation rate helps you better protect your people, and your bottom line. Here’s a breakdown of what goes into your premium.
Job Classifications and Rates
Each employee is classified by job type, using codes that reflect the level of risk in their work. Higher-risk jobs carry higher base rates. Your premium is calculated by carriers applying those rates to your total payroll (per $100).
The Experience Mod
Your experience modification factor, or mod, reflects your claims history compared to similar organizations. A mod of 1.00 means your actual loss experience matches up with expected loss experience for companies of similar size and classification. Companies with fewer or less severe claims often earn lower mods and reduced premiums. A higher mod signals more costly claims and results in higher rates.
Beyond the Basics
Safety culture matters. Insurers may adjust rates based on your company’s commitment to training, prevention, and return-to-work practices. With Hearten Workers’ Comp Program, you gain a partner who helps you identify risk, improve safety, and take control of your costs.
Take Control of Your Costs
When you understand how your premium is calculated, you can make smarter choices. Hearten’s advisors are here to guide you every step of the way.
Ready to take a closer look? Let’s connect.
