Insurance Xdate > Reports > TX > Keystone Carpets Inc
Commercial Insurance Overview
Keystone Carpets Inc is based in Harris county in Texas. They operate in the Retail industry, specifically in Floor Covering Stores, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.
They have been with the same worker's comp carrier for the last 2 years. We have coverage data for them in a single state.
The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.103. An LCM of 1.103 is pretty good. More details on how it compares can be seen below.
We know the Standard Premium for this company. You can see how it compares to similar businesses in the Market Comparison.
Premium Comparison
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Keystone Carpets Inc. This can give you an idea of what carriers might best fit your business.
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$1.76$0.32
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|---|---|---|
| $0.53 24% 2277 Businesses 595 | ||
| $0.66 1847 Businesses 413 | ||
| $0.42 1052 Businesses 271 | ||
| $0.56 15% 718 Businesses 386 | ||
| $0.51 484 Businesses 119 | ||
| $0.44 468 Businesses 136 | ||
| $0.78 422 Businesses 127 | ||
| $0.69 416 Businesses 136 | ||
| $0.78 406 Businesses 103 | ||
| $0.47 366 Businesses |
Market Comparison for Keystone Carpets 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 40th percentile.
- In the last year, premium Decreased by 2%. While peers Increased an average of 3%.
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 11th 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.
- 9% of peers have changed carriers since last year.
- Current Carrier's market share is in the 95th percentile at 14.6% of the market.
Business Owners
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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