European Nails & Spa Llc

4955 W 72ND AVE, UNIT P
WESTMINSTER, CO 80030


Commercial Insurance Overview

European Nails & Spa Llc is based in Adams county in Colorado. 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.

They have been with the same worker's comp carrier for the last 4 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 1.370. A 1.370 LCM overall is a bit high, but check the market comparison below for more details.

We know the Standard Premium for this company. You can see how it compares to similar businesses in the Market Comparison. The premium paid has increased by 12%. Relevant questions to ask are has payroll increased or have claims increased?

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to European Nails & Spa Llc. 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 European Nails & Spa Llc

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 78% of peers.
  • In the last year, premium Increased by 12%. While peers Increased an average of 0%.
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 Very Good, in the 31st percentile compared to peers.
Good

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.

  • 5% of peers have changed carriers since last year. Those who did, saw a 19.9% decrease in premium vs those who stayed with their current provider had a 1% increase, roughly 19x those who stayed with their current provider.
  • Current Carrier's market share is in the 75th percentile at 7.4% of the market.
Needs Attention

Business Owners

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Policy Renewal Date
Current Agent
Current Carrier
Policy Number
Class Code
SIC Code
Premium
LCM
Multi State
Carrier Tenure
Contact Phone
Website
Loss Cost
FEIN
Coverage History


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

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