Summer 2018
Experience Modification Ratings - How It is Calculated and How You Can Lower It

Your business’ Experience Modification Rating (EMR) directly impacts your Workers’ Compensation premiums. This blog will explain what an EMR is, what factors contribute to the calculation of your company’s EMR, and share some tips on how you can lower it.

What is an Experience Modification Rating?

An EMR is a rating that compares your company’s workers’ compensation claims and subsequent risk to other similar-sized companies in your industry. Companies who have fewer claims and/or lower-cost claims than the industry average have a better chance of receiving a lower rating. This lower rating then translates to a lower premium since there is less risk for the insurer to provide them with coverage. The opposite is true as well. If a company has a large number of claims and/or higher-cost claims than the industry average than they will most likely receive a higher rating and higher premium.

EMRs take into account information from the three full years ending one year before your current policy expires to help determine the rating for the current year. The ratings and the industry/state benchmarks are determined yearly by the National Council on Compensation Insurance (NCCI).
What I Thought Insurance Was, What It Actually Is, and What I've Learned
By: Michael Crowell

W hen I first decided to embark upon a new career in insurance, I was all in. I plunged head first into a new career, confident that I would succeed. Expecting an adjustment period and some initial growing pains, I’m going to be honest with you…I really had no clue what the daily grind of an independent agent is like.

In this blog, I’m going to break down what I thought insurance was, what it actually is, and what I’ve learned over the past year since this path was started. You may even find yourself with a new appreciation for “your insurance guy/girl” at the end of this blog.

What I thought It Was and What It Actually Is

Insurance was supposed to be easy. At least that is what I had convinced myself when deciding to change careers. Don’t get me wrong, I anticipated the need to devote myself to building relationships and my book of business. The cold calling, networking, and relationship building doesn’t faze me…in fact, I mostly enjoy it!

However, I never anticipated how long the sales process truly is. Honestly, getting the go ahead to start sourcing quotes is the painless part. What is not quite so painless is the back work involved in sourcing quotes for prospects and clients. This is far more time consuming than originally expected.

What's Happening at Georgetown Insurance Service, Inc
We launched a new blog column!

The world of insurance can be crazy and we decided to let you in on it! Each month we are sharing some of the craziest claims that have come across our agents' desks. This is one series you won't want to miss. Check out our blog to see the column.

Media Spotlight

Georgetown Insurance Service, Inc. was recently featured in Construction Executive Newsletter and MD Construction Network. Check it out!

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