ANDREWS FURNITURE SERVICES LLC
1132 CUPP RD
MC GREGOR, TX 76657
Talking Points
For the Agent
These are points that might help guide an agent as they look to approach a prospect.
- Increasing LCM and decreasing market share may indicate carrier is tightening underwriting guidelines and/or has written higher risk accounts that they are less willing to fight for.
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.
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 isHigherthan 58% of peers.
- Shopping around for a carrier that would provide a more competative tier would make sense.
- LCMIncreasedby more than 75% of 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 49.3% decrease in premium vs those who stayed with their current provider had a 9.2% increase, roughly 5x those who stayed with their current provider.
- Of those who changed carriers, 18.2% decreased their LCM vs those who stayed with their current provider who saw a 1.8% increase, a difference of roughly 10x.
- Current Carrier's market share is in the 1st percentile at 1.9% of the market.
Business Stats
Policy History
Term | Carrier | Premium | LCM | |
---|---|---|---|---|
2022 |
1.735 | |||
2021 |
1.580 | |||
2020 |
1.580 | |||
2019 |
1.500 | |||
2018 |
1.580 |
Contacts
Industry Classification
Furniture Upholstering
Reupholstery and Furniture Repair
家具和木制品剥离,再加工或再保险pairing--Shop Only
98307
Painting--Ship Hulls
99803
Underpinning Buildings or Structures
99826
Upholstering
99827
室内装璜,商店只有