In most states, businesses go through a process called experience rating which results in a number called the experience modification factor - "the mod." Many employers realize the higher the mod, the more premiums they pay. The lower your mod, the less premiums they pay. But employers often don't realize what they can do to lower their mod and their insurance costs!

Your mod tells a story.

Your mod is all about how your business compares to similar businesses in the state(s) you operate in. Maybe...

• Your mod is higher than the average (1.0) because you're having too many losses.

• Your mod is higher than average because the losses you're having are too severe - perhaps due to safety issues or not getting your employees back to work on time.

• You're happy because your mod is at 1.0 - but do you know how low your mod could be? The number will differ based on your payroll and the type of work you do, but every mod point you save translates to dollars saved. Do you know how much you could be saving in premium costs?

You need a broker who can help you learn the story of your mod.