CRAFT LLC

22 MARTIN ST
RENO, NV 89509

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 68th percentile.
  • In the last year, premium Decreased by 30%. While peers Increased an average of 1%.
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 26th percentile compared to 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.

  • 6% of peers have changed carriers since last year. Those who did, saw a 1% decrease in premium vs those who stayed with their current provider had a 0.9% increase.
  • Current Carrier's market share is in the 75th percentile at 8% of the market.
Good

Business Stats

Policy History

Term Carrier Premium LCM
2022

1.200
2022
12-02-2021

1.200
2021

1.200
2020

1.068
2019

1.068
2018

1.068
2017

1.000
2017
12-09-2016

1.110
2016

2.149
2016

1.110
2015

1.110
2014

1.110
2014
12-03-2013

1.110
2013
03-21-2012
AR
1.096
2013
12-09-2013
AR
1.096
2012
12-09-2012
AR
1.096

Contacts

Hvsrir Gvvqhk
Principal
(793) 738-0223
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Industry Classification