how do i find my experience modification rate

Gaining a Better Understanding of Workers’ Compensation

Insurance providers often use a number of different metrics in order to evaluate an individual’s history with workers’ compensation claims. This is conducted so that the agency can assess the potential future costs of a similar incident. One such metric is EMR and many people find themselves asking “how do I find my experience modification rate?”

How Your EMR Works

EMR can have a profound effect on the way a company conducts business. Usually, an insurance agency will analyze data surrounding a business and its workers’ compensation claims. This is the agency’s way of determining expected losses for the future. There are several factors that will determine your

EMR including:

Previous workers’ compensation claims
The exact type of business you run
Size of your company and number of employees
Your state’s EMR classification codes

The Impact of Your EMR Value

There is a good reason many people ask “how do I find my experience modification rate.” The wrong value on your EMR and you could be dealing with more complicated compensation claims down the line. However, the main goal of your EMR is to encourage you to improve the conditions of your operation and exceed all safety standards.

Understanding your EMR is a useful way for you to improve the operations of your business. Speak with your insurance provider to gain a more in-depth understanding of this practice and how it impacts your company.