Insurance Xdate > Reports > TX > Greatwood Lodging Group Lp
Commercial Insurance Overview
Greatwood Lodging Group Lp is based in Fort Bend county in Texas. They operate in the Services industry, specifically in Hotels and Motels, 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 6 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 1.140. An LCM of 1.140 is pretty good. More details on how it compares can be seen below.
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 -9%, 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 Greatwood Lodging Group Lp. This can give you an idea of what carriers might best fit your business.
$1.90$0.37
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$0.83 1018 Businesses 281 | ||
$0.55 1009 Businesses 222 | ||
$0.58 379 Businesses 273 | ||
$0.79 9% 351 Businesses 118 | ||
$0.81 342 Businesses 92 | ||
$0.65 11% 308 Businesses 113 | ||
$0.72 229 Businesses 19 | ||
$0.82 94 Businesses 26 | ||
$0.96 83 Businesses 4 | ||
$1.26 79 Businesses 10 |
Market Comparison for Greatwood Lodging Group Lp
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 Very Good, in the 22nd percentile compared to peers.
- In the last year, premium Decreased by 9%. While peers Increased an average of 2%.
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 26th percentile compared to peers.
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.
- 9% of peers have changed carriers since last year. Those who did, saw a 8.1% decrease in premium vs those who stayed with their current provider had a 1.4% decrease, roughly 6x those who stayed with their current provider.
- Current Carrier's market share is in the 99th percentile at 24.4% of the market.
Business Owners
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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