Beauty Store Business

AUG 2013

For beauty business news, beauty store owners turn to Beauty Store Business. Beauty business trends, beauty business profiles and more!

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Here's an update on the ever-changing topic of workers compensation and how its new calculation factors affect you. by Phillip M. Perry 88 August 2013 | beautystorebusiness.com EMPLOYERS HAVE LONG BEEN CONCERNED about the cost of workers compensation insurance. This year, though, the premium environment seems particularly harsh as the insurance industry changes the way it calculates the "experience rating modification," or x-mod—that powerful pricing engine gear assigned to each employer. The change is expected to result in higher rates at a time when premiums are already rising quickly in response to escalating medical costs. As if all that weren't enough, a growing number of carriers are leaving the market, diminishing the supply of competing policies and putting even more upward pressure on the price of this mandated benefit. It all boils down to a challenge for employers. "We are currently in an environment of rising workers compensation costs," says Peter Burton, senior division executive for state relations at the National Council on Compensation Insurance (ncci.com) in Boca Raton, Florida. iStockphoto.com Workers Compensation: What You Should Know

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