Insurance Xdate > Reports > MO > Hy-c Co Inc


Commercial Insurance Overview

Hy-c Co Inc is based in Saint Louis county in Missouri. They operate in the Manufacturing industry, specifically in Hardware Nec, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

They have been with the same worker's comp carrier for the last 2 years. We see commercial coverage for them in 2 states including Missouri, 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 1.978. A 1.978 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by 33% which is a significant shift. It is worth investigating why.

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Hy-c Co 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 Hy-c Co 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.
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 82% of peers.
  • Shopping around for a carrier that would provide a more competitive tier would make sense.
  • In the last year, LCM Increased by 33%. While peers Increased an average of 0%.
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.

  • 9% of peers have changed carriers since last year.
  • Of those who changed carriers, 23.5% decreased their LCM vs those who stayed with their current provider who saw a 3% increase, a difference of roughly 8x.
  • Current Carrier's market share is in the 75th percentile at 18.2% of the market.
Needs Attention

Business Owners

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Current Carrier
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SIC Code
NAICS Code
LCM
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Multi State
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Employees
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Website
Benefits
DOT
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Carriers & Underwriters

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  • Competitive Class distribution
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  • Market Share Analysis