02YS CORP

PO BOX 2096
CARROLLTON, GA 30112

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 Very Good, in the 3rd percentile compared to peers.
  • In the last year, premium Increased by 7%. While peers Increased an average of 0%.
Average

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 Very Good, in the 4th percentile compared to peers.
Good

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.

  • 13% of peers have changed carriers since last year. Those who did, saw a 61% decrease in premium vs those who stayed with their current provider had a 5.1% increase, roughly 12x those who stayed with their current provider.
  • Current Carrier's market share is in the 75th percentile at 13.3% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2023
01-08-2023
AR
0.975
2023
01-08-2023
AR
0.860
2022
01-08-2022
AR
0.975
2022
01-08-2022
AR
1.027
2021
01-08-2021
AR
1.070
2021
01-08-2021
AR
1.027
2020
AR
1.360
2020
AR
1.027

Contacts

XRX AQFN
Benefits Admin
(184) 666-4215
028fe

Industry Classification

Retirement Benefits

Financials

202120202019
BOY Assets: $ 78,884 $ 65,094
Liabilities: $ 0 $ 77 $ 75
EE Contrib: $ 120,767 $ 13,347 $ 30,319
Emp Contrib: $ 20,182 $ 82,966 $ 90,831
Income/Loss: $ 19,429 $ 2,512 $ 89
Total Income: $ 160,378 $ 11,451 $ 14,154
Paid Benefits: $ 5,000
Expenses: $ 0 $ 48
  Commission: $ 55 $ 24 $ 4
Net Income: $ 155,323 $ 25,043 $ 81,986
Net Assets: $ 234,207 $ 80,710 $ 19,672

Participants

202120202019
Total Participants:117964
Active Part.:117258
Retired Part.:1a7
Deceased Part.:8e

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.

    2S - Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.

    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.

Health Benefits

Financials

20222021
BOY Assets: $ 1,643 $ 8
Liabilities: $ 6,153 $ 868
EE Contrib: $ 0 $ 999
Emp Contrib: $ 120,283 $ 34,399
Income/Loss: $ 551 $ 732
Total Income: $ 120,834 $ 78,616
Paid Benefits: $ 113,149 $ 18,728
Expenses: $ 0 $ 61
  Commission: $ 6,156 $ 7,796
Net Income: $ 1,529 $ 559
Net Assets: $ 1,902 $ 298

Participants

20222021
Total Participants:56
Active Part.:51
Retired Part.:ba
Deceased Part.:af

Insurance

No Insurance Coverage

Providers

No Providers

Features

    4A - Health (other than vision or dental).