INNO CONCEPTS INC

750 BROOKFIELD PKWY
ROSWELL, GA 30075

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 66th percentile.
  • In the last year, premium Increased by 8%. While peers Increased an average of 0%.
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 57% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 17%. While peers Increased an average of 4%.
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.

  • 11% of peers have changed carriers since last year. Those who did, saw a 6.7% decrease in premium vs those who stayed with their current provider had a 1.3% increase, roughly 5x those who stayed with their current provider.
  • Of those who changed carriers, 6.3% decreased their LCM vs those who stayed with their current provider who saw a 4.8% increase.
  • Current Carrier's market share is in the 99th percentile at 17.6% of the market.
Needs Attention

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
2024

1.903
2023

1.631
2022

1.450
2021

1.316
2020

1.183
2020

1.183
2019

1.183
2018

1.942
2017

1.942
2016

-
2015
03-22-2015
-
2014

-
2014
03-22-2013
-

Contacts

Rdnls Ihat
Co-Founder And Chief Operating Officer
(950) 394-2534
ljkgb@rtiavgstvtdi.uje
Oiryu Qcgo
President
(157) 863-1330
diav@zutlmanznznc.vvf
Laur Keogxxyragkyjui
Founder
4a
rjpf@owvhucejlisi.yxh
O DQGTONRLNHRYJXS
Benefits Admin
(766) 775-3812
c5f2f

Industry Classification

Industry
Class
 Store--Wholesale--NOC
Loss Cost
NAICS
 Other Major Household Appliance Manufacturing
SIC
 Household Appliances, Nec
Related GL Codes* 10040
Appliance Distributors--Household Type
51224
Appliances and Accessories Mfg.--Household--Not Gas
10111
Barber or Beauty Shop Supplies Distributors
10140
Beverage Distributors--Alcoholic Other Than Beer
10141
Beverage Distributors--Nonalcoholic and Beer
10309
Camera and Photographic Equipment Stores
Related Class Codes*
Related SIC Codes*

Retirement Benefits

Financials

2022202120202019201820172016201520142013
BOY Assets: $ 785,119 $ 459,338 $ 385,262 $ 47,347 $ 435,461 $ 207,096 $ 953,589 $ 25,828 $ 47,781 $ 4
Liabilities: $ 0 $ 579 $ 7 $ 5 $ 9 $ 5 $ 2
EE Contrib: $ 66,634 $ 2,921 $ 66,371 $ 38,529 $ 93,226 $ 12,556 $ 26,981 $ 90,032 $ 13,684 $ 40,043
Emp Contrib: $ 12,662 $ 88,964 $ 63,171 $ 75,197 $ 47,843 $ 24,731 $ 65,710 $ 1,997 $ 3,741 $ 4
Income/Loss:($ 122,367) $ 35,466 $ 67,118 $ 61,908($ 28,097) $ 5,713 $ 82,484($ 5,698) $ 3,815 $ 6,197
Total Income:($ 43,071) $ 815,925 $ 224,381 $ 18,548 $ 54,062 $ 890,177 $ 59,388 $ 79,044 $ 15,595 $ 62,128
Paid Benefits: $ 0 $ 85,319 $ 2,040 $ 8,549 $ 1 $ 64 $ 9
Expenses: $ 0 $ 1 $ 9 $ 0 $ 279 $ 78
  Commission: $ 2,705 $ 6,922 $ 4,298 $ 9,447 $ 1,688 $ 1,087 $ 666 $ 83 $ 275 $ 51
Net Income:($ 45,776) $ 954,580 $ 213,345 $ 675,854 $ 64,230 $ 87,342 $ 46,884 $ 17,338 $ 23,937 $ 30,069
Net Assets: $ 739,343 $ 851,487 $ 338,174 $ 203,836 $ 855,423 $ 313,099 $ 356,518 $ 18,804 $ 14,580 $ 16,890

Participants

2022202120202019201820172016201520142013
Total Participants:1109468892677436
Active Part.:84662169064d
Retired Part.:6c983 893db8a8398acbe
Deceased Part.:8f1c11f915555788698

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.

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