Definition: An experience modification rate adjusts your workers’ comp premium up or down based on your claims history compared with similar businesses.

Why it matters for salons and spas

Larger salons with a few years of payroll may qualify for a mod; fewer claims can lower future premiums.

Example

A salon with no comp claims for three years earns a credit mod at renewal.

Related terms

Workers’ Compensation · Premium Audit

Learn more: workers’ comp · full glossary · salon insurance questions.

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