Insurance Xdate > Reports > CO > Simonson & Associates Inc
Commercial Insurance Overview
Simonson & Associates Inc is based in Jefferson county in Colorado. They operate in the Services industry, specifically in Secretarial and Court Reporting, 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 15 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 1.360. A 1.360 LCM overall is a bit high, but check the market comparison below for more details.
We know the Standard Premium for this company. You can see how it compares to similar businesses in the Market Comparison.
Premium Comparison
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Simonson & Associates Inc. This can give you an idea of what carriers might best fit your business.
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$0.24$0.01
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|---|---|---|
| $0.13 133% 6226 Businesses 963 | ||
| $0.08 3% 3169 Businesses 427 | ||
| $0.06 25% 1636 Businesses 178 | ||
| $0.17 675 Businesses 95 | ||
| $0.09 29% 671 Businesses 61 | ||
| $0.07 35% 593 Businesses 51 | ||
| $0.06 524 Businesses 233 | ||
| $0.07 15% 508 Businesses 138 | ||
| $0.09 500 Businesses 66 | ||
| $0.10 328 Businesses |
Market Comparison for Simonson & Associates Inc
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 in-line with peers, in the 47th percentile.
- In the last year, premium Decreased by 1%. 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 16th percentile compared to peers.
- In the last year, LCM Decreased by 3%. While peers Increased an average of 1%.
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.
- 7% of peers have changed carriers since last year.
- Current Carrier's market share is in the 99th percentile at 67.2% 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