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Trucking Insurance

Trucking Workers' Compensation: Controlling Your Ex Mod

By March 30, 2015April 26th, 2019No Comments

Workers’ compensation costs play a role in any trucking business. These costs can prove substantial, and often seem uncontrollable. But this is actually not the case. Workers’ compensation costs are assessed based in large part upon a company’s experience modification factor. This is the multiplier applied to the standard policy rate for your business size, type, and region. Though experience mod factors can seem complex and daunting, the process of positively influencing them is more logical and accessible than you might think. The following steps require patience and commitment, but can reliably and dramatically reduce your workers’ compensation costs:

  • Minimizing severity of claims by leveraging sound accident mitigation practices
  • Hiring the right employees for the job and making sure they are fit enough for rigorous work
  • Reducing frequency of claims by implementing more rigorous safety protocols and wellness practices
  • Having employees report incidents (close calls) as well as accidents to management, to create better awareness of risk areas
  • Taking steps to ensure your business falls into the most advantageous classification

These practices not only improve workers’ compensation costs, but can serve to bolster your trucking company’s reputation as a safe and efficient business partner. To learn more about implementing these and other related objectives, contact us.

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