Man Auditing WC Insurance Bill

Experience Modification Factor: Reducing Workers Compensation Premiums

June 27th, 2018 / 0 comments

In most states, every workers compensation policy that generated average $5,000- $10,000 annual premium in the past 2 -3 policy periods will be issued a mandatory “experience modification factor”,  generated based on your company claims and payroll history.Experience modifications are a factor that modifies a company’s annual workers compensation premium based on your own experience, the factor… Read More »

Reduce Workers Comp Fees: Compulsory Workplace Notices & WPS Charges

March 12th, 2018 / 0 comments

Did your company receive a notice from the New York Compensation Rating Board with subject, “Compulsory Workplace Safety and Loss Prevention Program” or did State Insurance Fund or other insurance company add a “WPS” charge to your annual premium? If so, read the following: NYS Department of Labor “Regulation 59, Workplace Safety and Loss Prevention… Read More »