Insurance Xdate > Reports > OK > Chemical Products Industries Inc
Commercial Insurance Overview
Chemical Products Industries Inc is based in Oklahoma county in Oklahoma. They operate in the Manufacturing industry, specifically in Polishes and Sanitation Goods, which is a low risk industry. 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 8 years, it may be wise to shop around. We see commercial coverage for them in 2 states including Oklahoma, 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 1.470. A 1.470 LCM overall is a bit high, but check the market comparison below for more details.
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 increased by 15%. Relevant questions to ask are has payroll increased or have claims increased?
Premium Comparison
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Chemical Products Industries Inc. This can give you an idea of what carriers might best fit your business.
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$3.85$0.75
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| $1.50 32117 Businesses 2242 | ||
| $2.20 25207 Businesses 6534 | ||
| $1.91 87% 22158 Businesses 2305 | ||
| $1.32 14924 Businesses 1409 | ||
| $1.85 13877 Businesses 1630 | ||
| $2.09 5438 Businesses 624 | ||
| $3.03 5406 Businesses 336 | ||
| $2.06 2% 5380 Businesses 375 | ||
| $1.65 5258 Businesses 382 | ||
| $1.56 25% 4667 Businesses 343 |
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Calculate Premium EstimatesEnter 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. |
Market Comparison for Chemical Products Industries Inc
For the Agent
These are points that might help guide an agent as they look to approach a prospect.
- A break in policy terms may indicate inconsistent work load which can result in substandard employment.
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 31st percentile.
- In the last year, premium Increased by 15%. While peers Increased an average of 1%.
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 29th percentile compared to peers.
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.
- 10% of peers have changed carriers since last year. Those who did, saw a 29.5% decrease in premium vs those who stayed with their current provider had a 4.3% increase, roughly 7x those who stayed with their current provider.
- Current Carrier's market share is in the 95th percentile at 52.4% of the market.
Business Owners
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- Try our 100% free premium estimate tool to compare coverage options.
- Get a Quote from a real agent, guided by our market insights.
Agents
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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