Instech Laboratories Inc

450 Gravers Rd
Plymouth Meeting, PA 19462

Talking Points

Experience Mod Rating

Mod is an indication of how risky a company is to insure. It is based on a company's claim history.

  • Experience Mod is in-line with peers, in the 56th percentile.
  • There was a recent mod increase.
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 in-line with peers, in the 40th percentile.
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.

  • 6% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 99th percentile at 22.9% of the market.
Good

Business Stats

Policy History

Term Carrier Premium LCM
2022

2.007
2022

-
2022

1.762
2021

1.945
2021

-
2021

1.630
2020

1.945
2020

-
2020

1.630
2019

1.945
2019

-
2019

1.630
2018

-
2018

1.630
2018

1.945
2017

1.630
2017

1.945
2016

1.630
2016

1.945
2015

1.630
2014

-
2013

-
2012

-
2011

-
2010

-
2009

-

Contacts

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President
(855) 640-4279
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Benefits Admin
(020) 323-8594
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Benefits Admin
(846) 530-1927
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President
(149) 393-3884
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Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 2,918,381 $ 6,003,944 $ 4,153,871 $ 6,246,330 $ 6,268,906 $ 5,800,106 $ 8,945,121 $ 5,868,764 $ 7,323,322 $ 805,279 $ 5,720,331 $ 8,117,501
Liabilities: $ 0 $ 0 $ 79 $ 91 $ 9
EE Contrib: $ 202,739 $ 5,717 $ 619,649 $ 99,845 $ 69,960 $ 31,518 $ 95,647 $ 7,583 $ 21,939 $ 82,456 $ 25,439 $ 97,020
Emp Contrib: $ 72,401 $ 82,614 $ 31,025 $ 37,768 $ 93,744 $ 14,540 $ 25,210 $ 10,616 $ 86,426 $ 10,886 $ 1,009 $ 88,503
Income/Loss: $ 431,373 $ 358,565 $ 285,492($ 661,901) $ 924,604 $ 314,927($ 3,049) $ 471,677 $ 673,947 $ 400,757($ 98,197) $ 139,973
Total Income: $ 706,513 $ 830,052 $ 358,532($ 25,537) $ 715,346 $ 513,424 $ 62,258 $ 18,798 $ 635,438 $ 68,661 $ 53,014 $ 2,298
Paid Benefits: $ 5,106 $ 517,651 $ 663,742 $ 51,436 $ 48 $ 79 $ 186,571 $ 71,492($ 507) $ 356,969 $ 7,829
Expenses: $ 0 $ 6 $ 0 $ 1 $ 0 $ 0 $ 1 $ 2
  Commission: $ 3,641 $ 5,946 $ 558 $ 53 $ 357 $ 70 $ 941 $ 972 $ 946 $ 432 $ 9,369 $ 115
Net Income: $ 697,766 $ 391,395 $ 878,989($ 8,405) $ 338,159 $ 238,514 $ 309,767 $ 52,702 $ 688,638 $ 974,251($ 716,990) $ 176,885
Net Assets: $ 3,616,147 $ 587,967 $ 7,169,190 $ 5,116,582 $ 8,478,838 $ 7,671,283 $ 1,541,808 $ 1,718,308 $ 8,711,373 $ 4,076,299 $ 255,544 $ 8,312,653

Participants

202120202019201820172016201520142013201220112010
Total Participants:415775793748011587488032
Active Part.:365234935182944065606281
Retired Part.:060a70b07e5655521ec edc
Deceased Part.:d6257d e7456d7f736

Insurance

No Insurance Coverage

Providers

No Providers

Features

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

    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.