Insurance Xdate > Reports > IL > Systems Piping Inc


Commercial Insurance Overview

Systems Piping Inc is based in Lake county in Illinois. They operate in the Construction industry, specifically in General Industrial Machinery, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

It looks like they just changed commercial insurance carriers. 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.

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 29%. 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 Systems Piping 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 Systems Piping Inc

For the Agent

These are points that might help guide an agent as they look to approach a prospect.

  • 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 57th percentile.
  • In the last year, premium Increased by 29%. While peers Increased an average of 7%.
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 in-line with peers, in the 50th percentile.
  • In the last year, LCM Increased by 2%. While peers Increased an average of 0%.
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.

  • 31% of peers have changed carriers since last year. Those who did, saw a 5.6% decrease in premium vs those who stayed with their current provider had a 11.6% increase. This might indicate carriers are competing aggresively for similar businesses to cover.
  • Of the 31% 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 4.7% of the market.
Needs Attention

Business Owners

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Current Agent
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Policy Number
Class Code
SIC Code
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LCM
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Carrier Tenure
Revenue
Employees
Contact Phone
Loss Cost
FEIN
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Carriers & Underwriters

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