Insurance Xdate > Reports > IL > Brown & Joseph Llc
Commercial Insurance Overview
Brown & Joseph Llc is based in DuPage county in Illinois. They operate in the Services industry, specifically in Adjustment and Collection Services, 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 5 years. We see commercial coverage for them in 26 states including Alabama, Arizona, Colorado, Connecticut, Florida, Georgia, Illinois, Kentucky, Maryland, Maine, Minnesota, Missouri, North Carolina, Nebraska, New Hampshire, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Vermont.
The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 3.653. A 3.653 LCM overall is a bit high, but check the market comparison below for more details. Their LCM has decreased -9% which is a good sign. They either shifted to a better carrier tier, or were placed with a better carrier.
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 Brown & Joseph Llc. This can give you an idea of what carriers might best fit your business.
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Erie Ins Grp
Pol Rate: 1.50 Med. LCM: 1.50 | $1.50
32117 Businesses 2242 | |
Berkshire Hathaway Grp
Pol Rate: 2.20 Med. LCM: 2.20 | $2.20
25207 Businesses 6534 | |
Hartford Fire & Cas Grp
Pol Rate: 1.91 Med. LCM: 1.91 | $1.91 87%
22158 Businesses 2305 | |
Travelers Grp
Pol Rate: 1.32 Med. LCM: 1.32 | $1.32
14924 Businesses 1409 | |
Amtrust Ngh Grp
Pol Rate: 1.85 Med. LCM: 1.85 | $1.85
13877 Businesses 1630 | |
State Farm Grp
Pol Rate: 2.09 Med. LCM: 2.09 | $2.09
5438 Businesses 624 | |
Selective Ins Grp
Pol Rate: 3.03 Med. LCM: 3.03 | $3.03
5406 Businesses 336 | |
Markel Corp Grp
Pol Rate: 2.06 Med. LCM: 2.06 | $2.06 2%
5380 Businesses 375 | |
Proassurance Corp Grp
Pol Rate: 1.65 Med. LCM: 1.65 | $1.65
5258 Businesses 382 | |
Liberty Mut Grp
Pol Rate: 1.56 Med. LCM: 1.56 | $1.56 25%
4667 Businesses 343 | |
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Payroll
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Total Payroll:
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Calculate Premium Estimates
Enter the State, Mod, and Payroll for each employee class to get premium estimates from the top carriers writing that class of business
Carriers are sorted by number of accounts in that class of business.
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Market Comparison for Brown & Joseph Llc
These are points that might help guide an agent as they look to approach a prospect.
- Premium decrease and carrier tier change may indicate competitive situation and incumbent prevailed.
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 90% of peers.
- In the last year, premium Increased by 2%. While peers Increased an average of 2%.
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 90% of peers.
- Shopping around for a carrier that would provide a more competitive tier would make sense.
- In the last year, LCM Decreased by 9%. While peers Increased an average of 6%.
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.
- 12% of peers have changed carriers since last year. Those who did, saw a 22.4% decrease in premium vs those who stayed with their current provider had a 0.7% increase, roughly 32x those who stayed with their current provider.
- Of those who changed carriers, 4.4% increased their LCM vs those who stayed with their current provider who saw a 5.7% increase.
- Current Carrier's market share is in the 99th percentile at 34.9% of the market.