Insurance Xdate > Reports > GA > Fitness Depot Of Ga Inc
Commercial Insurance Overview
Fitness Depot Of Ga Inc is based in Cobb county in Georgia. They operate in the Retail industry, specifically in Dental Equipment and Supplies, 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 12 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 2.650. A 2.650 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by 43% which is a significant shift. It is worth investigating why.
We know the Standard Premium for this company. You can see how it compares to similar businesses in the Market Comparison.
Premium Comparison
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Fitness Depot Of Ga Inc. This can give you an idea of what carriers might best fit your business.
$1.60$0.43
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$0.45 63% 21 Businesses 6 | ||
$0.54 6% 6 Businesses 1 | ||
$0.77 20% 3 Businesses 1 | ||
$0.65 3 Businesses | ||
$0.61 3 Businesses | ||
$1.13 29% 1 Businesses 1 | ||
$0.65 1 Businesses | ||
$0.62 1 Businesses | ||
$0.80 33% 1 Businesses | ||
$0.49 1 Businesses |
Market Comparison for Fitness Depot Of Ga Inc
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.
Premium
Worker's Comp premium is based on two key factors - the LCM your carrier has filed to use, and the total payroll you run over the policy term, which is multiplied by the rate to determine premium. Comparing premium to businesses in the same industry and of similar size can indicate how fair your WC insurance provider's costs are relative to the market.
- Premium is Higher than 93% of peers.
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 in-line with peers, in the 36th percentile.
- In the last year, LCM Increased by 43%. While peers Increased an average of 21%.
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.
- 4% of peers have changed carriers since last year.
- Current Carrier's market share is in the 99th percentile at 74.6% 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