Insurance Xdate > Reports > IL > Park Forest Currency Exchange Inc


Commercial Insurance Overview

Park Forest Currency Exchange Inc is based in Will county in Illinois. They operate in the Services industry, specifically in Functions Related To Depository Banking, which is a low risk industry. The business is in the Assigned Risk pool, which means they are (or were) a high risk business. 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 2 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 1.903. A 1.903 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 decreased by -10%, does this mean payroll is decreasing or are they managing their risk better?

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Park Forest Currency Exchange Inc. 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 Park Forest Currency Exchange 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.
  • Premium increase and carrier group change may indicate a claim occurrence.
Needs Attention

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 in-line with peers, in the 46th percentile.
  • In the last year, premium Decreased by 10%. While peers Increased an average of 4%.
Average

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 48th percentile.
  • In the last year, LCM Decreased by 1%. While peers Increased an average of 11%.
Average

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 25th percentile at 4.2% of the market.
Needs Attention

Business Owners

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Agents

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Policy Renewal Date
Current Agent
Current Carrier
Policy Number
Class Code
SIC Code
NAICS Code
Premium
LCM
Multiple Locations
Multi State
Assigned Risk
Carrier Tenure
Revenue
Employees
Contact Email
Contact Phone
Linkedin
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Loss Cost
FEIN
Coverage History

Carriers & Underwriters

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