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Do You Know Your EMR?
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What is an Experience Modification Rating (EMR)?
An EMR is a calculation used by insurance companies to price the cost of workers’ compensation premiums. This number is based on your company’s historical cost of injuries and future risk chance.
How is it calculated?
EMR is based on real information and actual insurance claim history. Claims that have been reported to NCCI in the past 5 years are considered.
What is a good score, and what is a bad score?
The average is 1.0. Anything over 1.0 is considered a debit factor and will increase your workers' compensation costs. An EMR that is below 1.0 is considered a credit factor and will decrease your total work comp premium.
Do you know your zero?
Your zero is your best-case scenario. Let us help you discover it.
How can you improve your EMR?
Track and understand key indicators, build a culture of safety, and invest in safety technology. The goal is to prevent accidents on the job. The safer the environment, the more likely a company can lower its EMR.
How can we use it to help you and your business?
BKCW can review your workers' compensation audits to see if they are accurate, and if you have more claims than usual in a year, we can calculate your EMR to forecast rate changes for next year to help you prepare your budget accordingly.
