Rio Energy International Inc is based in Harris county in Texas. They operate in the Transportation/Utilities industry, specifically in Liquefied Petroleum Gas Dealers, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.
It looks like they just changed commercial insurance carriers. We see commercial coverage for them in 3 states including Florida, Georgia, 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 2.309. A 2.309 LCM overall is a bit high, but check the market comparison below for more details. Their LCM has decreased -27% which is a good sign. They either shifted to a better carrier tier, or were placed with a better carrier.
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 -43%, does this mean payroll is decreasing or are they managing their risk better?
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Rio Energy International Inc. This can give you an idea of what carriers might best fit your business.
Enter the State, Mod, and Payroll for each employee class to get premium estimates from the top carriers writing that class of business
Carriers are sorted by number of accounts in that class of business.
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.
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.
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.
Our market intelligence, prospecting database, and software can streamline your new business process. This listings contains: Policy Renewal DateCurrent CarrierClass CodeSIC CodeNAICS CodePremiumLCMMultiple LocationsMulti StateCarrier TenureRevenueEmployeesContact EmailContact PhoneLinkedinWebsiteBenefitsLoss CostFEINCoverage History
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We will utilize our unique insights into the business insurance market to find up to three appropriate carriers and agents, and will put them in contact with you to provide a quote.
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