JOHN H. BEST & SONS INC

PO BOX 293
GALVA, IL 61434

Talking Points

For the Agent

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

  • An osha violation that is followed by a premium increase may indicate a WC claim has occurred.
  • 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.
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 in-line with peers, in the 33rd percentile.
  • In the last year, premium Increased by 0%. While peers Increased an average of 5%.
Average

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 Higher than 64% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 5%. While peers Increased an average of 7%.
Needs Attention

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.

  • 13% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 1st percentile at 0.9% of the market.
Needs Attention

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.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2022

1.968
2021

1.875
2020

-
2020
12-11-2019

-
2019

-
2018

-
2017
08-01-2016

-
2017
08-01-2017

-
2016

-
2015

-
2014

-
2013

-
2012

-

Contacts

Qxgxbt Y Evourb
President
(351) 252-5066
mkaovueiq@hcxme.vyp

Buzrsv Snlkna
President
(244) 564-6596
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(368) 334-1187
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Industry Classification


OSHA