BESTWEB CORP

41 STATE ST
ALBANY, NY 12207

Talking Points

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 62% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • LCM Increased by more than 75% of peers.
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, 3.4% decreased their LCM vs those who stayed with their current provider who saw a 0.2% increase, a difference of roughly 18x.
  • Current Carrier's market share is in the 95th percentile at 13.5% of the market.
Needs Attention

OSHA

Most employers with 10 or more employees are required to maintain injury and illness records, known as the 300 log. In the event of an inspection, this information will likely be requested. Even without injury or claim, the proper documentation should be readily available on a location by location basis. These logs are critical but simple to maintain.

  • Businesses with serious and/or repeat violations should be provided with risk management practices to eliminate unnecessary risk and minimize what must exist in current processes.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2023

1.460
2023

1.780
2022

-
2022

-
2022

-
2022

1.544
2022

1.407
2022

1.420
2022

1.274
2022

1.627
2022

1.458
2022

1.660
2022
11-16-2021

1.390
2022
11-16-2021

1.539
2022
08-12-2022

1.497
2021

1.088
2021

-
2021

-
2021

1.407
2021

1.420
2021

1.207
2021

1.458
2021

1.544
2021
11-19-2020

1.540
2020

1.161
2020

-
2020

1.420
2020

1.207
2020
09-04-2019

2.188
2020
11-01-2019

-
2020
02-19-2020

1.540
2019

2.013
2019

-
2019

1.032
2018

1.830
2018

1.841
2018

-
2017

1.591
2017

1.601
2017

-
2016

1.591
2016

-
2016

1.032
2016

1.374
2015

-
2015

-
2015

1.374

Contacts

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Benefits Admin
(733) 709-1529
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Benefits Admin
(245) 261-2011
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Benefits Admin
(254) 305-7811
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(613) 083-4347
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Benefits Admin
(630) 705-9109
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(815) 893-5017
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Benefits Admin
(703) 140-5976
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Benefits Admin
(802) 544-7807
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Domain Registrant
(622) 882-4815
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Benefits Admin
(351) 684-1297
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Benefits Admin
(233) 751-0393
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Benefits Admin
(931) 657-5184
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Benefits Admin
(736) 344-0310
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Benefits Admin
(257) 682-5352
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Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 14,444,237 $ 89,859,160 $ 26,954,176 $ 65,517,375 $ 4,364,575 $ 5,762,254 $ 7,098,997 $ 8,614,387 $ 3,658,742 $ 6,577,236 $ 8,632,866 $ 1,911,124
Liabilities: $ 0 $ 2 $ 20 $ 2 $ 63 $ 6 $ 1 $ 6 $ 65
EE Contrib: $ 562,870 $ 920,314 $ 994,223 $ 454,084 $ 826,757 $ 925,783 $ 491,176 $ 743,425 $ 228,099 $ 540,511 $ 706,637 $ 810,314
Emp Contrib: $ 205,907 $ 377,551 $ 663,129 $ 301,615 $ 70,169 $ 304,999 $ 497,519 $ 773,347 $ 196,262 $ 16,306 $ 744,920 $ 409,891
Income/Loss: $ 1,894,441 $ 2,783,411 $ 3,928,285($ 788,865) $ 4,791,321 $ 501,622 $ 66,995 $ 516,455 $ 2,730,249 $ 753,250($ 14,300) $ 456,334
Total Income: $ 2,663,218 $ 4,700,045 $ 2,700,103 $ 53,941 $ 5,260,147 $ 5,588,390 $ 859,730 $ 292,083 $ 2,966,152 $ 750,304 $ 52,598 $ 338,681
Paid Benefits: $ 855,206 $ 335,890 $ 827,970 $ 787,809 $ 35,693 $ 962,996 $ 888,709 $ 217,031 $ 417,241 $ 59,021 $ 55,587 $ 38,174
Expenses: $ 540 $ 352 $ 645 $ 16 $ 5 $ 8 $ 0 $ 1 $ 3
  Commission: $ 0 $ 314 $ 8 $ 367 $ 9 $ 6 $ 6 $ 42 $ 7
Net Income: $ 1,807,472 $ 7,931,089 $ 4,400,735($ 106,819) $ 8,208,341 $ 985,582 $ 330,307 $ 240,115 $ 2,710,599 $ 241,717 $ 662,361 $ 437,809
Net Assets: $ 16,251,709 $ 19,711,372 $ 15,127,670 $ 40,035,357 $ 52,206,532 $ 4,160,649 $ 2,438,906 $ 4,008,004 $ 1,775,512 $ 2,874,407 $ 9,476,828 $ 3,579,764

Participants

202120202019201820172016201520142013201220112010
Total Participants:815205190796320609555223
Active Part.:616352457330240052466493
Retired Part.:2fc9d932 3b96e e6f787b
Deceased Part.:e7bccd8078fce7b66d01b6d

Insurance

No Insurance Coverage

Providers

No Providers

Features

    2E - Profit-sharing

    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.

Health Benefits

Financials

20212020201920182016
BOY Assets: $ 0 $ 73 $ 1
Liabilities: $ 0 $ 8 $ 566 $ 66 $ 3
EE Contrib: $ 0 $ 27 $ 32 $ 2 $ 6
Emp Contrib: $ 0 $ 0 $ 40 $ 14
Income/Loss: $ 0 $ 0 $ 1 $ 9
Total Income: $ 0 $ 8 $ 801 $ 87
Paid Benefits: $ 0 $ 3 $ 6 $ 4
Expenses: $ 0 $ 66 $ 1
  Commission: $ 0 $ 5 $ 5
Net Income: $ 0 $ 32 $ 5 $ 97 $ 1
Net Assets: $ 0 $ 6 $ 89

Participants

20212020201920182016
Total Participants:598279727618699
Active Part.:598021239214362
Retired Part.:d3ef7146
Deceased Part.:11105e

Insurance

BOLSDM ORRE QZV JCTPKKKELU SPYHFNBQN XILKQPA
Renewal:09-30-2021
Covered:598
  1. Life Insurance
  2. Temp. Disability Insurance
  3. Long Term Disab. Ins
  4. ACCIDENTAL DEATH AND DISMEMBERMENT

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 352,248
Commission7.62% $ 26,847
Fees1.73% $ 6,102
Brokers

Providers

No Providers

Features

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

    4B - Life insurance.

    4D - Dental.

    4E - Vision.

    4F - Temporary disability (accident and sickness).

    4H - Long-term disability.

    4L - Death benefits (include travel accident but not life insurance).


OSHA

Motor Carrier