Insurance Xdate > Reports > NJ > Brave Industrial Painting Llc


Commercial Insurance Overview

Brave Industrial Painting Llc is based in Monmouth county in New Jersey. They operate in the Retail industry, specifically in Paint Glass and Wallpaper Stores, which is a low risk industry. The business is in the Assigned Risk pool, which means they are (or were) a high risk business. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

Having been with the same worker's comp carrier for 9 years, it may be wise to shop around. We have coverage data for them in a single state.

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) went down by -90% which is great. It might make sense to shop around for new coverage. Carriers love lower risk.

We know the Standard Premium for this company. You can see how it compares to similar businesses in the Market Comparison. The premium paid has decreased by -67%, does this mean payroll is decreasing or are they managing their risk better?

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Brave Industrial Painting Llc. 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 Brave Industrial Painting Llc

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 Higher than 100% of peers.
  • In the last year, premium Decreased by 67%. While peers Increased an average of 2%.
Needs Attention

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 0th percentile compared to peers.
  • Mod decreased by more than 75% of peers.
Good

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.

  • 14% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 95th percentile at 19.7% of the market.
Good

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 Owners

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Agents

Our market intelligence, prospecting database, and software can streamline your new business process. This listings contains:

Policy Renewal Date
Current Agent
Current Carrier
Class Code
SIC Code
Premium
Ex MOD
Multi State
Assigned Risk
Carrier Tenure
Revenue
Employees
Contact Phone
Website
OSHA
DOT
Loss Cost
Coverage History

Carriers & Underwriters

Our data provides an unparalleled view into the commercial insurance market across the US. Examples include:

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