Insurance Xdate > Reports > KY > Wham Steam Cleaning Inc


Commercial Insurance Overview

Wham Steam Cleaning Inc is based in Floyd county in Kentucky. They operate in the Retail industry, specifically in Automotive Repair Shops Nec, 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 4 years. We see commercial coverage for them in 2 states including Kentucky, West Virginia.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 2.680. A 2.680 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by 33% which is a significant shift. It is worth investigating why.

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Wham Steam Cleaning 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 Wham Steam Cleaning Inc

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 Higher than 97% of peers.
  • Shopping around for a carrier that would provide a more competitive tier would make sense.
  • In the last year, LCM Increased by 33%. While peers Increased an average of 0%.
Needs Attention

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.

  • 12% of peers have changed carriers since last year.
  • Of those who changed carriers, 2.1% decreased their LCM vs those who stayed with their current provider who saw a 0.7% increase, a difference of roughly 3x.
  • Current Carrier's market share is in the 95th percentile at 4.7% of the market.
Needs Attention

Business Owners

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Policy Renewal Date
Current Carrier
Policy Number
Class Code
SIC Code
NAICS Code
LCM
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OSHA
DOT
Loss Cost
FEIN
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Carriers & Underwriters

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  • Market Share Analysis