Insurance Xdate > Reports > CT > Shiny Spa 1 & Nail Inc
Commercial Insurance Overview
Shiny Spa 1 & Nail Inc is based in Hartford county in Connecticut. They operate in the Services industry, specifically in Barber Shops, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.
Having been with the same worker's comp carrier for 6 years, it may be wise to shop around. 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 1.573. A 1.573 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by 5% 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 Shiny Spa 1 & Nail Inc. This can give you an idea of what carriers might best fit your business.
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$1.27$0.27
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|---|---|---|
| $0.29 38% 631 Businesses 73 | ||
| $0.43 353 Businesses 91 | ||
| $0.39 15% 308 Businesses 80 | ||
| $0.41 176 Businesses 32 | ||
| $0.53 3% 126 Businesses 25 | ||
| $0.44 90 Businesses 26 | ||
| $0.45 68 Businesses | ||
| $0.45 61 Businesses 20 | ||
| $0.58 59 Businesses 4 | ||
| $0.51 16% 54 Businesses 10 |
Market Comparison for Shiny Spa 1 & Nail Inc
For the Agent
These are points that might help guide an agent as they look to approach a prospect.
- A break in policy terms may indicate inconsistent work load which can result in substandard employment.
- 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.
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 79% of peers.
- Shopping around for a carrier that would provide a more competitive tier would make sense.
- In the last year, LCM Increased by 5%. While peers Increased an average of 4%.
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.
- 6% of peers have changed carriers since last year.
- Of those who changed carriers, 10.4% decreased their LCM vs those who stayed with their current provider who saw a 5% increase, a difference of roughly 2x.
- Current Carrier's market share is in the 99th percentile at 33.2% of the market.
Business Owners
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Agents
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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