Insurance Xdate > Reports > CA > Stafford M Painting


Commercial Insurance Overview

Stafford M Painting is based in Orange county in California. They operate in the Construction industry, specifically in Painting and Paper Hanging, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

They have been with the same worker's comp carrier for the last 3 years. We have coverage data for them in a single state.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.778. A 1.778 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by INF% which is a significant shift. It is worth investigating why.

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Stafford M Painting. This can give you an idea of what carriers might best fit your business.

$3.85$0.75
Erie Ins Grp
$1.50
$1.04$2.30
Berkshire Hathaway Grp
$2.20
$1.20$2.08
Hartford Fire & Cas Grp
$1.91
$0.83$3.56
Travelers Grp
$1.32
$0.85$3.85
Amtrust Ngh Grp
$1.85
$1.00$2.30
State Farm Grp
$2.09
$1.14$2.10
Selective Ins Grp
$3.03
$1.10$3.43
Markel Corp Grp
$2.06
$1.40$2.39
Proassurance Corp Grp
$1.65
$1.00$1.73
Liberty Mut Grp
$1.56
$0.75$3.20

Market Comparison for Stafford M Painting

For the Agent

These are points that might help guide an agent as they look to approach a prospect.

  • Increasing LCM and decreasing market share may indicate carrier is tightening underwriting guidelines and/or has written higher risk accounts that they are less willing to fight for.
Needs Attention

LCM Rate

LCMs have the largest effect on your WC costs. Carriers file LCM's which are multiplied with the state approved Loss Costs for your employment classifications to create your policy rates. Carrier Groups have several Carrier Tier's each with their own filing, allowing their underwriters to price aggressively to overly prudent depending on the risk.

  • The LCM of the Current Carrier is Higher than 75% of peers.
  • Shopping around for a carrier that would provide a more competitive tier would make sense.
  • In the last year, LCM Increased by INF%. While peers Increased an average of 0%.
Needs Attention

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 33% of peers have changed carriers since last year. This might indicate carriers are competing aggresively for similar businesses to cover.
  • Of the 33% of peers who changed carriers, This might indicate carriers are competing aggresively for similar businesses to cover.
  • Current Carrier's market share is in the 99th percentile at 9.9% of the market.
Needs Attention

Business Owners

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Agents

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Policy Renewal Date
Current Carrier
Policy Number
Class Code
SIC Code
LCM
Multi State
Carrier Tenure
Contact Phone
Coverage History


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Carriers & Underwriters

Our data provides an unparalleled view into the commercial insurance market across the US. Examples include:

  • Competitive Account Won/Loss
  • Competitive Class distribution
  • Appetite Analysis
  • Market Share Analysis