Insurance Xdate > Reports > TX > Driveline Retail Merchandising, Inc.
Commercial Insurance Overview
Driveline Retail Merchandising, Inc. 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.
They have been with the same worker's comp carrier for the last 3 years. We see commercial coverage for them in 27 states including Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Kentucky, Maryland, Maine, Minnesota, Missouri, North Carolina, Nebraska, New Hampshire, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Vermont.
The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.640. A 1.640 LCM overall is a bit high, but check the market comparison below for more details.
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 increased by 57%. Relevant questions to ask are has payroll increased or have claims increased?
Premium Comparison
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Driveline Retail Merchandising, Inc.. This can give you an idea of what carriers might best fit your business.
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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 | |
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Payroll
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Total Payroll:
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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.
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Market Comparison for Driveline Retail Merchandising, Inc.
These are points that might help guide an agent as they look to approach a prospect.
- Increasing LCM and decreasing market share may indicate carrier is tightening underwriting guidelines and/or has written higher risk accounts that they are less willing to fight for.
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 Increased by 57%. 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 65th 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 34th percentile compared to peers.
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.
- 31% of peers have changed carriers since last year. Those who did, saw a 55.6% decrease in premium vs those who stayed with their current provider had a 5% increase, roughly 11x those who stayed with their current provider. This might indicate carriers are competing aggresively for similar businesses to cover.
- Of the 31% of peers who changed carriers, This might indicate carriers are competing aggresively for similar businesses to cover.
- Current Carrier's market share is in the 1st percentile at 3.4% of the market.