Insurance Xdate > Reports > PA > Bucknell University
Commercial Insurance Overview
Bucknell University is based in Union county in Pennsylvania. They operate in the Finance/Ins/RE industry, specifically in Security Brokers and Dealers, 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 2 years. We see commercial coverage for them in 11 states including Arizona, Connecticut, Florida, Maryland, Missouri, North Carolina, Ohio, Pennsylvania, South Carolina, 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 1.505. A 1.505 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by 48% which is a significant shift. It is worth investigating why.
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
Premium Comparison
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Bucknell University. This can give you an idea of what carriers might best fit your business.
$3.85$0.82
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$1.50 31403 Businesses 2257 | ||
$2.25 2% 22271 Businesses 2509 | ||
$2.25 18% 21478 Businesses 2200 | ||
$2.20 19% 14445 Businesses 1606 | ||
$2.44 30% 13752 Businesses 1014 | ||
$3.03 5204 Businesses 311 | ||
$1.65 5091 Businesses 232 | ||
$2.12 3% 4998 Businesses 346 | ||
$2.29 10% 4922 Businesses 490 | ||
$1.05 4790 Businesses 607 |
Market Comparison for Bucknell University
For the Agent
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.
Experience Mod Rating
Mod is an indication of how risky a company is to insure. It is based on a company's claim history.
- Experience Mod is high. It is in the 91st percentile compared to peers.
- Mod increased by more than 75% of peers.
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 39th percentile.
- In the last year, LCM Increased by 48%. While peers Increased an average of 6%.
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.
- 19% of peers have changed carriers since last year.
- Current Carrier's market share is in the 95th percentile at 9.5% of the market.
OSHA
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.
Business Owners
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- Try our 100% free premium estimate tool to compare coverage options.
- Get a Quote from a real agent, guided by our market insights.
Agents
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Carriers & Underwriters
Our data provides an unparalleled view into the commercial insurance market across the US. Examples include:
- Competitive Account Won/Loss
- Competitive Class distribution
- Appetite Analysis
- Market Share Analysis