THE FAUCET SHOPPE INC

3812 N ELSTON AVE
CHICAGO, IL 60618

Talking Points

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 52nd percentile.
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 Very Good, in the 12th percentile compared to peers.
Average

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.

  • 10% of peers have changed carriers since last year. Those who did, saw a 2.7% decrease in premium vs those who stayed with their current provider had a 3.3% increase.
  • Current Carrier's market share is in the 99th percentile at 33.3% of the market.
Good

Business Stats

Policy History

Term Carrier Premium LCM
2023

1.240
2022

1.138
2021

1.110
2020

-
2020
09-25-2019

-
2019

-
2018

-
2017

-
2016

-
2015

-
2014

-

Contacts

69
(241) 246-4224
aoen@cnrdgpivjagmbje.xxd

6d
(169) 659-8948
f60a

Industry Classification