Risk Profile

What this is and what it means

Written By Jonathan Frazier (Super Administrator)

Updated at July 27th, 2024

Table of Contents

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: