An X-Mod (short for Experience Modification Factor) is a number used to adjust the premium rates of workers’ compensation insurance policies. It is calculated based on the claims experience of a particular business and is intended to reflect the relative risk of that business.
In general, businesses with a history of high workers’ compensation claims will have a higher X-Mod, which means their premium rates will be higher. On the other hand, businesses with a history of few or no claims will have a lower X-Mod and lower premium rates.
X-Mods are typically used by insurance companies to determine the cost of workers’ compensation insurance for businesses. They are typically calculated on an annual basis and are used to adjust the premium rates for the following year.
Overall, the X-Mod is an important factor to consider when purchasing workers’ compensation insurance, as it can significantly impact the cost of the policy.
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