Insurance Xdate > Reports > IL > Bratcher Enterprises Inc
Commercial Insurance Overview
Bratcher Enterprises Inc is based in Cook county in Illinois. They operate in the Retail industry, specifically in Auto Exhaust System Repair 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 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 1.750. A 1.750 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.
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 Bratcher Enterprises Inc. This can give you an idea of what carriers might best fit your business.
$6.55$1.34
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$3.49 5% 412 Businesses 40 | ||
$1.86 11% 409 Businesses 121 | ||
$2.05 389 Businesses | ||
$3.02 384 Businesses 26 | ||
$3.18 3% 331 Businesses 129 | ||
$2.49 315 Businesses 53 | ||
$3.60 43% 313 Businesses 83 | ||
$2.48 20% 297 Businesses 96 | ||
$4.30 4% 247 Businesses 37 | ||
$1.96 166 Businesses 1 |
Market Comparison for Bratcher Enterprises 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 in-line with peers, in the 72nd percentile.
- In the last year, premium Increased by 3%. While peers Increased an average of 5%.
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 44th percentile.
- In the last year, LCM Increased by 5%. While peers Increased an average of 5%.
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.
- 26% of peers have changed carriers since last year. This might indicate carriers are competing aggresively for similar businesses to cover.
- Of the 26% of peers who changed carriers, This might indicate carriers are competing aggresively for similar businesses to cover.
- Current Carrier's market share is in the 75th percentile at 2.1% of the market.
Business Owners
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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