SALAZAR INSURANCE GROUP LLC

611 E LOOP 499
HARLINGEN, TX 78550

Talking Points

For the Agent

These are points that might help guide an agent as they look to approach a prospect.

  • A break in policy terms may indicate inconsistent work load which can result in substandard employment.
Needs Attention

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 96% of peers.
  • In the last year, premium Decreased by 13%. While peers Increased an average of 4%.
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 56% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
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.

  • 9% of peers have changed carriers since last year. Those who did, saw a 15.1% decrease in premium vs those who stayed with their current provider had a 3.6% decrease, roughly 4x those who stayed with their current provider.
  • Current Carrier's market share is in the 95th percentile at 9.8% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2022

1.693
2021

1.693

Contacts

XRSOZ KRGDRNLWNW
Benefits Admin
(760) 542-4633
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(753) 322-3685
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Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013
BOY Assets: $ 796,421 $ 672,554 $ 651,312 $ 963,037 $ 86,696 $ 78,967 $ 88,006 $ 56,534 $ 20
Liabilities: $ 0 $ 91 $ 6,000 $ 6 $ 0 $ 9
EE Contrib: $ 88,233 $ 96,707 $ 16,657 $ 531,465 $ 99,605 $ 13,014 $ 35,427 $ 69,137 $ 7,125
Emp Contrib: $ 33,694 $ 38,651 $ 36,786 $ 86,025 $ 68,526 $ 50,124 $ 50,531 $ 55,968 $ 95,172
Income/Loss: $ 96,664 $ 55,987 $ 530,237($ 57,794) $ 4,337 $ 15,807($ 9,002) $ 7,217 $ 4,396
Total Income: $ 218,591 $ 956,740 $ 871,305 $ 339,529 $ 623,805 $ 18,026 $ 27,459 $ 1,411 $ 8,359
Paid Benefits: $ 20,425 $ 14,823 $ 4 $ 5,118 $ 858 $ 4 $ 750 $ 4
Expenses: $ 0 $ 9 $ 4 $ 1 $ 207 $ 74
  Commission: $ 10,475 $ 8,135 $ 606 $ 6,642 $ 970 $ 600 $ 399 $ 287 $ 3
Net Income: $ 187,691 $ 943,156 $ 360,415 $ 13,830 $ 424,101 $ 65,168 $ 68,974 $ 11,905 $ 65,953
Net Assets: $ 984,112 $ 195,989 $ 614,431 $ 483,756 $ 309,445 $ 857,364 $ 386,669 $ 75,246 $ 21,518

Participants

202120202019201820172016201520142013
Total Participants:14853329423630337
Active Part.:1071924924903629a
Retired Part.:4c40fc77f7f562656
Deceased Part.:eb2e2bc18bbbe63636

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.

    3H - Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).