GLOBAL EROSION INC
11840 COUNTY ROAD 2149
KEMP, TX 75143
Talking Points
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 61st percentile.
- In the last year, premiumIncreasedby more than 75% of peers.
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 isVery Good, in the 7th 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.
- 8% of peers have changed carriers since last year. Those who did, saw a 22.5% decrease in premium vs those who stayed with their current provider had a 2.4% increase, roughly 9x those who stayed with their current provider.
- Current Carrier's market share is in the 75th percentile at 0.9% of the market.
Business Stats
Policy History
Term | Carrier | Premium | LCM | |
---|---|---|---|---|
2023 |
1.614 | |||
2022 |
1.614 | |||
2021 |
1.614 | |||
2021 |
1.932 | |||
2020 |
1.570 | |||
2020 |
1.500 | |||
2020 |
1.932 | |||
2019 |
1.550 | |||
2019 |
1.153 | |||
2018 |
1.503 | |||
2017 |
1.488 | |||
2016 |
1.488 | |||
2015 |
- |
Contacts
Industry Classification
Playground Equipment Installation
Commercial and Institutional Building Construction
Special Trade Contractors, Nec
Cleaning--Outside Surfaces of Buildings & Other Exterior Surfaces
94276
Fence Erection Contractors
94404
Fireproofing--Structures
95487
Greenhouse Erection
95625
Handyperson
95630
Hazardous Material Contractors