Ways To Improve Your Company Experience Modification Rate

Ways To Improve Your Company Experience Modification Rate

Safety should be first and foremost for any company. Given that workplace safety ties into efficiency, it’s only natural that companies want to improve their work culture. Still, if that wasn’t enough, insurance companies set premiums based on a company’s experience modification rate. Here are some ways to improve your company experience modification rate and decrease workplace accidents.

What Is EMR?

First, what is the experience modification rate? Experience modification rates (EMRs), also known as experience modifiers, are the chief metric used to measure the adjustment between worker’s compensation and insurance premiums. It’s calculated through actual losses divided by expected losses. Insurance companies use EMRs to assess future risks during onsite projects. If the EMR is a 1.0, then your company meets expectations in its expected performance. Less than 1.0 signifies that you exceed expectations, whereas a rating greater than 1.0 shows poor performance. Keep in mind that EMRs typically comprise three years of work history. The time without accidents improves the rate, and since it’s cyclical, the oldest EMR is not accounted for when a new one begins.

Be Accountable

Given the above information, one of the easiest ways to lower your EMR is to be accountable for your team and work environment. Assess the date to begin organizing these new processes. Once your team leaders and crew members undertake accountable work practices, they’ll nonetheless change the work environment to be safer and more secure. Encourage open communication, too. If anyone is sick, send them home without penalty. Train employees on machine operation, equipment checks, tool location, and other important facets of a safer work environment.

Change the Work Culture

Another way to improve your company experience modification rate is to improve the work culture. Whether it’s through onsite training, onsite communication, or longer allocated breaks, use every opportunity to ensure each worker feels safe and comfortable in their work environment. Though this may seem contrary to work performance, your workers will take greater precaution in their work if they are less stressed. When crews face deadlines and high expectations, they’re more prone to incidents or accidents. Even just communicating your commitment to safety and organization is a great first step. Take this approach in your industry to create site-specific plans for your team and the project.

Implement a Work Safety Plan

Work safety plans are an asset to any industrial project. Corporate or industrial safety plans lay the template for site-specific plans given a specific project. Make these plans detailed and clear to read. These safety plans must include a focus on best practices, continuous improvement for work culture, and tailored industry-specific work practices. Don’t deviate from the plan. Follow through with it to reduce workplace incidents and further lower your EMR.

Of course, not everyone has the time, energy, or resources to create industry-specific project plans. That’s where we come in. At Industrial Compliance and Safety, we create ISNetworld safety programs for a wide variety of industries, including mining, construction, transportation, oil and gas, and much more. Call us to learn more about our customized safety plans that will help you lower your EMR and see better results at your company.