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The Most Worthwhile 5-Minute Homework Assignment You'll Ever Do
Manage episode 372166842 series 3404312
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In this episode, Angela dives into the hidden costs of workers' comp and shares four important questions to ask yourself that could be eating into your margin by 2-3 points.
5-minute Assessment:
1. What is your experience mod?
An experience mod is basically what is your rating relative to others in the industry.
2. What is your loss ratio?
Calculate your loss ratio by dividing what you've paid out in claims by the premiums that you've been paying out.
3. What is the 4-digit workers' comp code?
Hint: the events industry workers' comp code is 9154
4. Are you paying workers' comp on hours not worked, but paid?
It's important to start tracking hours worked versus hours paid. Jump to [00:04:01] for an example.
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