HANCOCK DBA GOURMET GARDENS KARA

300 E TENA ST
JACKSONVILLE, TX 75766

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 Higher than 87% of peers.
  • In the last year, premium Increased by 17%. While peers Increased an average of 2%.
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 88% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 4%. While peers Increased an average of 1%.
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.

  • 11% of peers have changed carriers since last year. Those who did, saw a 8.6% decrease in premium vs those who stayed with their current provider had a 2.9% increase, roughly 3x those who stayed with their current provider.
  • Current Carrier's market share is in the 99th percentile at 43% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2023

2.289
2023

1.021
2023

2.030
2023

2.355
2022

2.203
2022

0.870
2022

1.976
2022

2.355
2021

2.203
2021

1.976
2021

2.355
2021

0.870
2020

2.203
2019

2.203
2018

2.203
2017
01-26-2017

2.184

Contacts

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Domain Registrant
(702) 918-8523
dmw@xgbm.ngj

Industry Classification