This episode is all about EMR: what it is and why you should be aware of it. We are joined with IBC's Chris Hoak. Chris is our Vice President of Sales and also works with companies on Workers Compensation. Tune in to hear the knowledge and expertise Chris has on this subject.
Experience Modifier Rate is a number that is assigned to your business. 1.0 is the baseline and if you have a 1.0 you are standard or average. It can go up and down based on a 3 year rolling rate. A calculation that depends on the lose history and your payroll for the prior 3 years. As payroll goes up and the lose history stays low than the EMR goes below 1. On the other hand, if payroll stays the same and lose history goes up than the EMR goes up. Lose history is based on just work comp and payroll is based on just the hours worked.
Each .1 increase is 1% more on your premium. If you go the other direction, you get a credit and save money.
The overall goal is to get your EMR as low as possible.
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