Risk Profile
Each brand has a unique risk profile. Risk profiles are numbers that represent the nature of the work that is being done. Insurance companies rate the quote based on this code.
| TODAY'S TOP NAICS CATEGORIES | TOTAL INDUSTRY CODES TODAY: 385 |
|---|---|
| NAICS CODE | POSTED TODAY 01/24/2024 |
| 541511 - Custom Computer Programming Services | $ 24,289,649 |
| 541330 - Engineering Services | $ 23,213,493 |
| 336111 - Automobile Manufacturing | $ 20,217,962 |
This is repository of NAICS Codes are used on a per state basis. These unique “codes” are used to define the risk to a carrier to provide accurate information about your day-to-day business.
Practical Application
Classifying a business should be done by a broker to ensure that your business is classified correctly. The RMS™ stores that classification and applies it to all franchisees. This prevents the chance for error and eliminates the pressure on the franchisee to classify themselves. The screen below illustrates a typical scenario:
