Insurance Xdate > Reports > TX > Dba Able Machinery Movers
Commercial Insurance Overview
Dba Able Machinery Movers is based in Harris county in Texas. They operate in the Construction industry, specifically in Special Trade Contractors Nec, 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 see commercial coverage for them in 21 states including Alabama, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Maryland, Missouri, North Carolina, Nebraska, New Hampshire, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, 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 1.200. An LCM of 1.200 is pretty good. More details on how it compares can be seen below. Their LCM has decreased -31% which is a good sign. They either shifted to a better carrier tier, or were placed with a better carrier.
An Experience Mod (MOD) is a rate applied to the business. It represents how risky the business is based on past claims. This business has a MOD of... You'll need to join... Which is an excellent rating no matter the industry, and should be able to shop aggressively. The rating based on their claims (MOD) increased by INF% which is not good. It is worth investigating why, and taking action to mitigate risks
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 -59%, does this mean payroll is decreasing or are they managing their risk better?
Premium Comparison
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Dba Able Machinery Movers. This can give you an idea of what carriers might best fit your business.
|
|
|
Erie Ins Grp
Pol Rate: 1.50 Med. LCM: 1.50 | $1.50
32117 Businesses 2242 | |
Berkshire Hathaway Grp
Pol Rate: 2.20 Med. LCM: 2.20 | $2.20
25207 Businesses 6534 | |
Hartford Fire & Cas Grp
Pol Rate: 1.91 Med. LCM: 1.91 | $1.91 87%
22158 Businesses 2305 | |
Travelers Grp
Pol Rate: 1.32 Med. LCM: 1.32 | $1.32
14924 Businesses 1409 | |
Amtrust Ngh Grp
Pol Rate: 1.85 Med. LCM: 1.85 | $1.85
13877 Businesses 1630 | |
State Farm Grp
Pol Rate: 2.09 Med. LCM: 2.09 | $2.09
5438 Businesses 624 | |
Selective Ins Grp
Pol Rate: 3.03 Med. LCM: 3.03 | $3.03
5406 Businesses 336 | |
Markel Corp Grp
Pol Rate: 2.06 Med. LCM: 2.06 | $2.06 2%
5380 Businesses 375 | |
Proassurance Corp Grp
Pol Rate: 1.65 Med. LCM: 1.65 | $1.65
5258 Businesses 382 | |
Liberty Mut Grp
Pol Rate: 1.56 Med. LCM: 1.56 | $1.56 25%
4667 Businesses 343 | |
|
Class
|
Payroll
|
|
Total Payroll:
|
$0 |
|
|
|
Calculate Premium Estimates
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.
|
Market Comparison for Dba Able Machinery Movers
These are points that might help guide an agent as they look to approach a prospect.
- A break in policy terms may indicate inconsistent work load which can result in substandard employment.
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 Decreased by 59%. While peers Increased an average of 9%.
Mod is an indication of how risky a company is to insure. It is based on a company's claim history.
- Experience Mod is in-line with peers, in the 35th percentile.
- There was a recent mod increase.
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 10th percentile compared to peers.
- In the last year, LCM Decreased by 31%. While peers Increased an average of 3%.
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.
- 32% of peers have changed carriers since last year. Those who did, saw a 33.8% decrease in premium vs those who stayed with their current provider had a 3.7% decrease, roughly 9x those who stayed with their current provider. This might indicate carriers are competing aggresively for similar businesses to cover.
- Of the 32% of peers who changed carriers, 12.5% decreased their LCM vs those who stayed with their current provider who saw a 1.8% increase, a difference of roughly 7x. This might indicate carriers are competing aggresively for similar businesses to cover.
- Current Carrier's market share is in the 99th percentile at 38.1% of the market.
Most employers with 10 or more employees are required to maintain injury and illness records, known as the 300 log. In the event of an inspection, this information will likely be requested. Even without injury or claim, the proper documentation should be readily available on a location by location basis. These logs are critical but simple to maintain.
- Businesses with serious and/or repeat violations should be provided with risk management practices to eliminate unnecessary risk and minimize what must exist in current processes.