21 Years. One Broker. Zero Mod Reviews.
A grading contractor with 42 employees used the same insurance broker for 21 years. During that entire two-decade relationship, no one ever reviewed their experience mod. They paid their premiums faithfully, assuming they were getting a fair deal. They weren’t.
How the refund was won
The $33,150 in savings achieved here is a direct result of applying Module 1 (Experience Mod Mastery). This contractor was penalized with a 1.40 mod because of “open” claims that had actually been closed for over two years.
This is the silent killer of workers’ comp premiums. If you do not actively manage your claims before the valuation date, the insurance company will report inflated, outdated reserves to the rating bureau. By reviewing the mod worksheet, identifying the closed claims still showing as open, and demanding a correction, the mod dropped to 1.23. You must inspect what you expect. If you ignore your mod, you pay for it.
This outcome maps to: