Strata Skin Sciences, Inc.

5800 Windward Parkway
Alpharetta, GA 30005


Commercial Insurance Overview

Strata Skin Sciences, Inc. is based in Fulton county in Georgia. They operate in the Construction industry, specifically in Surgical and Medical Instruments, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

It looks like they just changed commercial insurance carriers. We see commercial coverage for them in 12 states including Arizona, Florida, Georgia, Illinois, Maryland, Missouri, North Carolina, New Hampshire, Ohio, Pennsylvania, Tennessee, Texas.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.929. A 1.929 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by 12% which is a significant shift. It is worth investigating why.

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.

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Strata Skin Sciences, Inc.. This can give you an idea of what carriers might best fit your business.

$3.85$0.75
Erie Ins Grp
$1.50
$1.04$2.30
Berkshire Hathaway Grp
$2.20
$1.20$2.08
Hartford Fire & Cas Grp
$1.91
$0.83$3.56
Travelers Grp
$1.32
$0.85$3.85
Amtrust Ngh Grp
$1.85
$1.00$2.30
State Farm Grp
$2.09
$1.14$2.10
Selective Ins Grp
$3.03
$1.10$3.43
Markel Corp Grp
$2.06
$1.40$2.39
Proassurance Corp Grp
$1.65
$1.00$1.73
Liberty Mut Grp
$1.56
$0.75$3.20

Market Comparison for Strata Skin Sciences, 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 57th percentile.
Average

Experience Mod Rating

Mod is an indication of how risky a company is to insure. It is based on a company's claim history.

  • Experience Mod is very good. It is in the 17th percentile compared to peers.
  • There was a recent mod increase.
Needs Attention

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 in-line with peers, in the 51st percentile.
  • In the last year, LCM Increased by 12%. While peers Increased an average of 11%.
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.

  • 18% of peers have changed carriers since last year.
  • Of those who changed carriers, 5.8% increased their LCM vs those who stayed with their current provider who saw a 11.9% increase.
  • Current Carrier's market share is in the 50th percentile at 4.8% of the market.
Needs Attention

Business Owners

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