MICHALS IMPORTS LTD

275 PARKWAY DR, STE 212
LINCOLNSHIRE, IL 60069

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 62nd percentile.
  • In the last year, premium Decreased by 3%. While peers Increased an average of 3%.
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 11th percentile compared to peers.
  • In the last year, LCM Increased by 16%. While peers Increased an average of 5%.
Average

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.

  • 8% of peers have changed carriers since last year. Those who did, saw a 12.8% decrease in premium vs those who stayed with their current provider had a 4.2% increase, roughly 3x those who stayed with their current provider.
  • Of those who changed carriers, 1% decreased their LCM vs those who stayed with their current provider who saw a 5.2% increase.
  • Current Carrier's market share is in the 99th percentile at 52.2% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2023

1.240
2022

1.072
2022

1.138
2021

1.070
2021

1.110
2021
10-29-2020

1.910
2020

-
2019

-
2018

-
2017

-
2016

-
2015

-
2014

-

Contacts

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Benefits Admin
(455) 701-7859
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Benefits Admin
(568) 495-5674
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Benefits Admin
(869) 485-3569
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Benefits Admin
(678) 839-0530
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Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013
BOY Assets: $ 1,017,671 $ 4,424,900 $ 575,179 $ 701,007 $ 481,639 $ 795,362 $ 435,201 $ 63,457 $ 6
Liabilities: $ 0 $ 8 $ 6 $ 65 $ 296
EE Contrib: $ 6,529 $ 9,680 $ 33,408 $ 18,554 $ 2,935 $ 57,640 $ 96,105 $ 42,644 $ 628,845
Emp Contrib: $ 14,852 $ 86,812 $ 86,246 $ 73,394 $ 74,289 $ 24,244 $ 37,236 $ 90,334 $ 68,824
Income/Loss: $ 26,001($ 153,995) $ 494,228($ 70,733) $ 79,243 $ 5,771($ 6,378) $ 70,524 $ 4,858
Total Income: $ 47,382($ 286,544) $ 481,950 $ 548,260 $ 38,891 $ 442,593 $ 225,037 $ 306,436 $ 620,621
Paid Benefits: $ 46,834 $ 8,616 $ 84,488 $ 31,320 $ 8 $ 6,656 $ 5,214 $ 2 $ 8
Expenses: $ 0 $ 17 $ 2 $ 4 $ 3 $ 8 $ 6 $ 8
  Commission: $ 280 $ 8,547 $ 4,410 $ 762 $ 112 $ 6 $ 57 $ 8
Net Income: $ 268($ 212,330) $ 205,254 $ 62,573 $ 327,589 $ 829,562 $ 714,752 $ 760,522 $ 211,942
Net Assets: $ 1,017,939 $ 9,120,462 $ 1,504,854 $ 163,732 $ 720,141 $ 475,434 $ 332,953 $ 228,350 $ 444,334

Participants

202120202019201820172016201520142013
Total Participants:135401127821643
Active Part.:422370891dd4
Retired Part.:20cba59e2c9345
Deceased Part.:7f333ce54a5a0659

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.