Midwest Music Academy Inc is based in Will county in Illinois. They operate in the Services industry, specifically in Schools and Educational Services, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.
Having been with the same worker's comp carrier for 8 years, it may be wise to shop around. 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 1.735. A 1.735 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 -22%, does this mean payroll is decreasing or are they managing their risk better?
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Midwest Music Academy Inc. This can give you an idea of what carriers might best fit your business.
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.
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.
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.
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.
Our market intelligence, prospecting database, and software can streamline your new business process. This listings contains: Policy Renewal DateCurrent AgentCurrent CarrierPolicy NumberClass CodeSIC CodePremiumLCMMulti StateCarrier TenureEmployeesContact EmailContact PhoneWebsiteLoss CostFEINCoverage History
Our data provides an unparalleled view into the commercial insurance market across the US. Examples include:
We will utilize our unique insights into the business insurance market to find up to three appropriate carriers and agents, and will put them in contact with you to provide a quote.
Would you like to transfer the workflow to . Please confirm below.
Please confirm to permanent delete the record.
You have reached your daily limit of reports. Please consider subscribing to continue benefiting from the abundant data Insurance Xdate has to offer. Subscribing gives you access to:
You are permitted one free trial account. You can reset your password if you have forgotten it. If you would like a demo please contact us.
Why
Reason 1Reason 2
Set your appointment date/time: