Simmons Equipment Company Inc

PO Box 719
Pounding Mill, VA 24637

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 89% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 31%. 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.

  • 18% of peers have changed carriers since last year.
  • Of those who changed carriers, 29.3% decreased their LCM vs those who stayed with their current provider who saw a 5% increase, a difference of roughly 6x.
  • Current Carrier's market share is in the 99th percentile at 25.6% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier LCM
2022

2.311
(Current: 2.160)
2022

1.572
2022

1.932
2021

2.600
2021

1.474
2020

2.390
2020

1.730
2019

1.470
2019

1.660
2018

1.470
2018

-
2017

1.470
2017

-
2016

1.470
2016

-
2015

-
2015

1.470
2015

-

Contacts

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President
(995) 534-2986
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Industry Classification

Motor Carrier