HIGH COUNTRY BANK

PO BOX 309
SALIDA, CO 81201

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 Higher than 97% of peers.
  • In the last year, premium Increased by 7%. While peers Increased an average of 6%.
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.

  • 5% of peers have changed carriers since last year. Those who did, saw a 20.6% decrease in premium vs those who stayed with their current provider had a 7.3% increase, roughly 3x those who stayed with their current provider.
  • Current Carrier's market share is in the 95th percentile at 22.8% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium
2022

2021

2020

2020

2019

2018

2017

2016

2015

2014

2013

2012
08-16-2012

Contacts

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(549) 562-7909
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Benefits Admin
(185) 177-6442
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Benefits Admin
(414) 979-8252
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President
(328) 016-3976
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Benefits Admin
(043) 152-2780
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VP Operations
(582) 721-1881
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Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 5,167,589 $ 4,980,363 $ 4,524,397 $ 9,959,729 $ 5,297,509 $ 351,091 $ 852,169 $ 8,045,141 $ 2,638,918 $ 4,589,333 $ 744,639 $ 9,006,649
Liabilities: $ 0 $ 0 $ 9 $ 7 $ 9 $ 9 $ 7
EE Contrib: $ 309,898 $ 55,447 $ 424,047 $ 893,452 $ 42,322 $ 798,710 $ 27,039 $ 93,056 $ 315,472 $ 124,989 $ 53,239 $ 298
Emp Contrib: $ 0 $ 6 $ 8,915 $ 3 $ 36,176
Income/Loss: $ 650,287 $ 960,057 $ 394,820 $ 14,690 $ 19,989 $ 333,109 $ 217,914 $ 436,787 $ 414,817 $ 639,898 $ 731,975($ 40,058)
Total Income: $ 960,185 $ 994,597 $ 373,703 $ 963,649 $ 807,970 $ 253,643 $ 306,331 $ 199,537 $ 359,001 $ 750,407 $ 251,760 $ 50,570
Paid Benefits: $ 291,789 $ 801,197 $ 17,182 $ 632,697 $ 19,760 $ 333,913 $ 54,247 $ 5 $ 9,147 $ 472,959 $ 63,092 $ 22,080
Expenses: $ 13,424 $ 98,189 $ 992 $ 709 $ 3,057 $ 98,940 $ 23,653 $ 721 $ 946 $ 430 $ 33
  Commission: $ 0 $ 1 $ 596 $ 9 $ 94 $ 9 $ 3 $ 4,217 $ 1,709 $ 4,217
Net Income: $ 654,972 $ 513,564 $ 189,479 $ 131,707 $ 935,658 $ 438,568 $ 640,671 $ 881,315 $ 262,033 $ 92,633 $ 123,990($ 53,093)
Net Assets: $ 5,822,561 $ 9,545,319 $ 3,371,234 $ 1,800,482 $ 3,714,771 $ 5,458,513 $ 7,438,429 $ 2,669,563 $ 344,455 $ 4,248,551 $ 8,712,767 $ 4,758,251

Participants

202120202019201820172016201520142013201220112010
Total Participants:940311427400276873588420
Active Part.:870247332246561426926752
Retired Part.:8 d1c537782c20c6c1cb3538
Deceased Part.:57f696dfa161761c1756aa

Insurance

No Insurance Coverage

Providers

No Providers

Features

    2E - Profit-sharing

    2F - ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.

    2G - Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.

    2J - Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.

    2K - Stock bonusCode section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.

    2T - Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.

    3D - Pre-approved pension plan - A master, prototype, or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.