Nutec Inc.

11830 Mount Holly Hntrsvlle Rd
Huntersville, NC 28078


Commercial Insurance Overview

Nutec Inc. is based in Mecklenburg county in North Carolina. They operate in the Manufacturing industry, specifically in Industrial Furnaces and Ovens, which is a low risk industry. The business is in a Professional Employer Organization (PEO), which offers coverage to a pool of businesses to manage risk. These are often offered by HR companies. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

The business is in a PEO, often offered by HR and Payroll companies. They have been with the same worker's comp carrier for the last 3 years. We see commercial coverage for them in 8 states including Arizona, North Carolina, Nevada, Ohio, Texas, Virginia, Pennsylvania, Illinois.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.585. A 1.585 LCM overall is a bit high, but check the market comparison below for more details.

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Nutec 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 Nutec Inc.

For the Agent

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

  • A break in policy terms may indicate inconsistent work load which can result in substandard employment.
  • 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

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 76% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 0%. 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.

  • 11% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 25th percentile at 22.2% of the market.
Needs Attention

Business Owners

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SIC Code
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LCM
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Multi State
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Carriers & Underwriters

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  • Competitive Account Won/Loss
  • Competitive Class distribution
  • Appetite Analysis
  • Market Share Analysis

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