VENEY'S HEATING & AIR CONDITIONING INC

PO BOX 1686
KILMARNOCK, VA 22482

Talking Points

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 75% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
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.

  • 10% of peers have changed carriers since last year.
  • Of those who changed carriers, 1% decreased their LCM vs those who stayed with their current provider who saw a 8.7% increase.
  • Current Carrier's market share is in the 95th percentile at 67.6% of the market.
Good

OSHA

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.
Needs Attention

Business Stats

Policy History

Term Carrier LCM
2023

1.300
2022

1.210
2021

1.100
2020

1.250
2019

1.250
2018

1.250
2017

-
2016

-
2015

-

Contacts

Wjwkan Ogkzx
President
(828) 521-7434
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Industry Classification


OSHA