Insurance Xdate > Reports > TX > Clearcorrect Operating Llc


Commercial Insurance Overview

Clearcorrect Operating Llc is based in Blanco county in Texas. They operate in the Manufacturing industry, specifically in Electromedical Equipment, 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 5 states including Illinois, Kentucky, Oregon, Texas, Nevada.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.758. A 1.758 LCM overall is a bit high, but check the market comparison below for more details. Their LCM has decreased -29% which is a good sign. They either shifted to a better carrier tier, or were placed with a better carrier.

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 -37%, 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 Clearcorrect Operating Llc. 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 Clearcorrect Operating Llc

For the Agent

These are points that might help guide an agent as they look to approach a prospect.

  • Premium decreased after the policy was bound. Did payroll drop, or a last minute credit?
Needs Attention

Premium

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 Higher than 100% of peers.
  • In the last year, premium Decreased by 37%. While peers Increased an average of 3%.
Needs Attention

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 46th percentile.
  • In the last year, LCM Decreased by 29%. While peers Increased an average of 6%.
Good

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.

  • 14% of peers have changed carriers since last year. Those who did, saw a 10.3% decrease in premium vs those who stayed with their current provider had a 5% increase, roughly 2x those who stayed with their current provider.
  • Of those who changed carriers, 5.3% decreased their LCM vs those who stayed with their current provider who saw a 7.5% increase.
  • Current Carrier's market share is in the 1st percentile at 1.7% of the market.
Needs Attention

Business Owners

  1. We don't sell insurance. Our market intelligence allows us to find the ideal commercial insurance partner.
  2. Try our 100% free premium estimate tool to compare coverage options.
  3. Get a Quote from a real agent, guided by our market insights.

Premium Estimate

Agents

Our market intelligence, prospecting database, and software can streamline your new business process. This listings contains:

Policy Renewal Date
Current Carrier
Class Code
SIC Code
NAICS Code
Premium
LCM
Multiple Locations
Multi State
Carrier Tenure
Revenue
Employees
Contact Email
Contact Phone
Website
Loss Cost
FEIN
Coverage History


Free Trial

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