Buffalo Insurance Agency Offers Insight into Work Comp Premium Costs
Posted on: Wednesday, 12 August 2009, 11:59 CDT
BUFFALO, N.Y., Aug. 12 /PRNewswire/ -- In today's tenuous economic conditions, Buffalo insurance consultant Mark O'Brien of Lawley Insurance says, too few employers understand the control they can have over their workers compensation premium costs.
That control comes in the form of the experience rating modification factor, a number calculated using a company's payroll and loss experience. The mod factor is used to influence the premiums a company pays for workers comp insurance. An average mod is 1.0, but "a company needs to know - and have a plan for reaching - its minimum mod," says O'Brien. The minimum mod varies based on a company's industry and payroll, but any company can eventually reach the minimum through excellent practices in loss control and prevention.
With the help of a web-based service called WorkCompEdge, Lawley helps companies identify their minimum mod and analyze their mod to gain insight into loss trends. The agency helps clients understand how issues such as diligent hiring practices will decrease claim frequency, how an injury management coordinator will improve outcomes of injuries that occur, how to prepare for a premium audit, and much more. Clients receive a custom plan that incorporates these elements and enables them to gain control over their experience modification. Interested employers can contact O'Brien at 716-849-1504 to learn more.
About the Companies
Founded in 1945, Lawley is a dynamic independent regional firm of insurance professionals specializing in property and casualty, employee benefits, and risk management consulting. With seven offices in New York State and two in New Jersey, the agency focuses on business insurance, personal insurance, and specialty lines and is the 72nd largest independent insurance agency in the country.
Tennessee-based Specific Software Solutions (http://www.specificsoftware.com) and its affiliate, SIGMA Actuarial Consulting Group, serve risk management and insurance professionals in companies of all sizes across the nation with software products and casualty actuarial consulting. Founded in 1990, the company is best known for its flagship product ModMaster, which computes and analyzes the workers compensation experience rating modification factor.
SOURCE Specific Software Solutions
Source: PR Newswire
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