SOLUTION SYSTEMS INC

3201 TOLLVIEW DR
ROLLING MEADOWS, IL 60008

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 79% of peers.
  • In the last year, premium Decreased by 30%. While peers Increased an average of 2%.
Needs Attention

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 is Higher than 74% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 11%. 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.

  • 12% of peers have changed carriers since last year.
  • Of those who changed carriers, 9.7% decreased their LCM vs those who stayed with their current provider who saw a 8% increase.
  • Current Carrier's market share is in the 99th percentile at 26.9% of the market.
Good

Business Stats

County
FEIN
Bureau ID
Renewal Mod
PEO
Employees
Sales
OSHA Violations
OSHA Penalty Amount
Drivers
Power Units
Auto Carrier

Policy History

Term Carrier Premium LCM
2023

2.310
(Current: 2.583)
2023
09-21-2023
-
2022

2.079
2022

-
2021

2.320
2020

-
2019

-
2018

-
2017

-
2016

-
2015

-
2014

-

Contacts

Unwqh Ivopm
President
(079) 552-9081
fkdnos@njvundh.zfy
Rpm Jbbyhvg
President
(038) 064-5120
enotmsez@qzmzkby.mll
Tvzai Xdttxaf
Owner & Photographer
(098) 573-7901
rcync@xecgbrx.xzr
ATEEB HQXJRT
Benefits Admin
(295) 057-2394
29a1
WRQIM JDJQHO
Controller
5e2
flkao@kzhttko.sga
Btjgeb Fjiit
(861) 484-1310
1acf

Industry Classification

Industry
Class
 Office Machine Installation, Inspection, Adjustment, or Repair.
Loss Cost
NAICS
 Computer and Office Machine Repair and Maintenance
SIC
 Computers, Peripherals, and Software
Related GL Codes* 91555
Computer Service or Repair
11160
Computer Stores
92451
Electrical Apparatus--Installation, Servicing or Repair
97223
Machinery or Equipment--Installation, Servicing or Repair
98111
Office Machines or Appliances--Installation, Inspection, Adjustment or Repair
98405
Piano Tuning
Related Class Codes*
Related SIC Codes*

Retirement Benefits

Financials

2022202120202019201820172016201520142013201220112010
BOY Assets: $ 10,131,790 $ 3,556,818 $ 4,979,070 $ 7,313,592 $ 5,800,396 $ 9,460,216 $ 3,324,785 $ 1,494,153 $ 124,867 $ 9,903,494 $ 2,864,709 $ 3,726,872 $ 437,353
Liabilities: $ 0 $ 54 $ 3 $ 36 $ 2 $ 46 $ 20 $ 365 $ 25
EE Contrib: $ 197,233 $ 595,222 $ 162,865 $ 587,465 $ 300,499 $ 564,183 $ 522,937 $ 462,366 $ 434,074 $ 974,764 $ 166,071 $ 380,436 $ 37,657
Emp Contrib: $ 107,083 $ 16,131 $ 458,910 $ 78,290 $ 92,263 $ 33,006 $ 84,651 $ 80,665 $ 58,166 $ 294 $ 57,560 $ 37,002 $ 36,571
Income/Loss:($ 1,721,484) $ 4,604,175 $ 852,899 $ 5,256,685($ 100,549) $ 6,051,055 $ 453,061($ 39,510) $ 880,458 $ 722,058 $ 756,029($ 3,466) $ 123,468
Total Income:($ 1,417,168) $ 5,541,771 $ 6,307,478 $ 1,472,085($ 179,950) $ 3,161,888 $ 147,797 $ 434,275 $ 885,446 $ 791,267 $ 644,608 $ 907,404 $ 361,365
Paid Benefits: $ 3,344,889 $ 37,222 $ 296,690 $ 1,703 $ 72,043 $ 839,157 $ 613,586 $ 86,916 $ 78,154 $ 459,344 $ 302 $ 7,648
Expenses: $ 0 $ 4 $ 4 $ 618 $ 1
  Commission: $ 40,147 $ 99,123 $ 61,652 $ 324 $ 778 $ 7,567 $ 379 $ 688 $ 7,447 $ 1,395 $ 7,684 $ 9,594 $ 4,375
Net Income:($ 4,802,204) $ 8,875,755 $ 6,681,590 $ 2,224,933($ 692,202) $ 1,329,761 $ 527,773 $ 644,334 $ 983,195 $ 411,865 $ 109,417 $ 146,534 $ 610,047
Net Assets: $ 5,329,586 $ 12,796,786 $ 2,662,609 $ 3,875,498 $ 4,926,719 $ 2,867,586 $ 4,022,724 $ 3,186,679 $ 7,599,858 $ 5,162,159 $ 8,840,549 $ 8,180,755 $ 6,148,322

Participants

2022202120202019201820172016201520142013201220112010
Total Participants:35672843533386895362451284
Active Part.:24166445547695077890122728
Retired Part.:f1faf400a e91 5fc 1ffaf9
Deceased Part.:1334939201433

Insurance

No Insurance Coverage

Providers

No Providers

Features

    2A - Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).

    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.

Start Winning


Get the best Commercial Insurance and Benefits Data available


Try It Free!

Free Insurance Tools

Class Code Lookup

NAICS Lookup

SIC Code Lookup

GL Code Lookup

Carrier Lookup

Agent Resources
Loss Costs & Loss Cost Multipliers
What is a Loss Cost? What is a Loss Cost Multiplier? As a Commercial Insurance Producer, why is this information important to me? Grab that ‘world’s best insurance agent’ mug, fill it up with some cheap office coffee and lets get cracking.
READ MORE
New Features & Updates
2021 – Q3 Updates – OSHA & Carrier Report, AgencyDash
The OSHA Report got a face lift to make it WAY easier to read. Carrier Report is revamped and optimized for each state’s data availability...
READ MORE
On Boarding
Reports
The reports section has seen several iterations and will likely see more in the future. Each report has a purpose...
READ MORE
Case Studies & Usage Examples
Tools of the (remote) Trade
Thanks to current technology (last 15 years), practically all operations conducted in a typical insurance office can be done remotely, and for a very reasonable price point...
READ MORE