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

• Premium decrease and carrier tier change may indicate competitive situation and incumbent prevailed.

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 50th percentile.
• In the last year, premium Decreased by 2%. While peers Increased an average of 5%.

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 7th percentile compared to peers.
• In the last year, LCM Increased by 55%. While peers Increased an average of 1%.

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.

• 19% of peers have changed carriers since last year. Those who did, saw a 35.4% decrease in premium vs those who stayed with their current provider had a 1.9% increase, roughly 18x those who stayed with their current provider.
• Of those who changed carriers, 0.6% increased their LCM vs those who stayed with their current provider who saw a 1.1% increase.
• Current Carrier's market share is in the 50th percentile at 3.2% of the market.

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.