As a business owner, hopefully you haven’t had to experience the pain of extremely high worker’s compensation rates based on employee injuries.
An ex-mod (or experience modifier) is how insurance companies measure the safety of your company. The more injuries your employees have, the higher the ex-mod. The higher the ex-mod, the higher your rates.
Nobody wants higher rates; they will dramatically slow your company’s growth, since the money you could spend on hiring an employee is instead spent on worker’s compensation for your other employees.
It gets worse. If your company has a culture of injury, some unscrupulous employees might try to take advantage of you and injure themselves enough to earn worker’s compensation. Fraud is tragically common in this day and age, especially in this area.
Finally, if your company has high rates due to injuries (whether actual or fraudulent), your company won’t be as attractive to potential employees. Would you want to work for a company with a dangerous reputation?
Fortunately, there is a solution.
PEO Select is an alternative market solution. We have close relationships with many partners who understand these kinds of problems. Our partners work with companies in the exact position described above.
First, and most importantly PEO Select has access to alternative markets that can lower the cost of worker’s compensation insurance rates for businesses that have very high ex-mods (125+).
Secondly, not only will they help you lower that high ex-mod, they’ll help you effectively manage your company for the two or three years until your rates change. At that point, they’ll give you new, better options for your future.
Learn more by calling 1.844.221.7347 or by visiting PEOSelect.com.
William Hollar works for PEO Select – a fast-growing company that connects businesses all over the U.S. with a PEO ideal for their needs.
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Except where expressly indicated otherwise, the postings on this site are my own and do not represent PEO Select’s position, views, strategies or opinions.