Insurance Xdate > Reports > MD > Gopi Vraj Basna Inc


Commercial Insurance Overview

Gopi Vraj Basna Inc is based in Prince Georges county in Maryland. They operate in the Retail industry, specifically in Miscellaneous Retail Stores Nec, 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 10 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 1.590. A 1.590 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by INF% 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 Gopi Vraj Basna 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 Gopi Vraj Basna 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 Very Good, in the 16th percentile compared to peers.
  • In the last year, LCM Increased by INF%. 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.

  • 3% of peers have changed carriers since last year.
  • Of those who changed carriers, 18.1% decreased their LCM vs those who stayed with their current provider who saw a 0.3% increase, a difference of roughly 66x.
  • Current Carrier's market share is in the 95th percentile at 81.4% of the market.
Needs Attention

Business Owners

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Agents

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Policy Renewal Date
Current Carrier
Policy Number
Class Code
SIC Code
NAICS Code
LCM
Multi State
Carrier Tenure
Loss Cost
Coverage History


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Carriers & Underwriters

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  • Competitive Class distribution
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  • Market Share Analysis