SEABOARD CONTROLS LLC

PO BOX 1869
CROSBY, TX 77532

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 Higher than 75% of peers.
  • In the last year, premium Decreased by 12%. 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 61% 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.

  • 8% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 99th percentile at 38% of the market.
Good

Business Stats

Policy History

Term Carrier Premium LCM
2023

1.693
2022

1.693
2021

1.693
2020

1.693
2019

1.693
2018

-
2017

-
2016

-
2015

-

Contacts

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President & Ceo
(121) 949-7729
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Benefits Admin
(034) 874-7600
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Owner
(474) 056-1214
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Chief Executive Officer
(396) 084-7262
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Industry Classification

Retirement Benefits

Financials

2022202120202019201820172016201520142013
BOY Assets: $ 1,486,292 $ 8,497,150 $ 329,228 $ 62,750 $ 760,067 $ 933,098 $ 539,944 $ 192,482 $ 438,758 $ 6
Liabilities: $ 0 $ 7 $ 659 $ 8 $ 4 $ 8 $ 7 $ 90
EE Contrib: $ 86,279 $ 92,487 $ 40,588 $ 57,578 $ 35,581 $ 45,484 $ 39,791 $ 63,414 $ 73,319 $ 266,418
Emp Contrib: $ 45,470 $ 12,207 $ 78,959 $ 44,537 $ 85,437 $ 28,191 $ 69,883 $ 97,888 $ 66,487 $ 3,109
Income/Loss:($ 297,531) $ 205,062 $ 654,288 $ 503,798($ 51,430) $ 36,988 $ 39,339($ 1,632) $ 56,920 $ 29,807
Total Income:($ 165,782) $ 635,206 $ 287,847 $ 90,940 $ 36,566 $ 690,046 $ 34,510 $ 19,898 $ 725,483 $ 346,602
Paid Benefits: $ 9,397 $ 97,814 $ 5,097 $ 58,440 $ 8,173 $ 3,424 $ 7,466 $ 16,147 $ 16
Expenses: $ 0 $ 5 $ 3 $ 7,758 $ 7,133 $ 8
  Commission: $ 10,124 $ 92,671 $ 1,379 $ 5,487 $ 1,097 $ 6,009 $ 71 $ 589 $ 861
Net Income:($ 185,303) $ 255,536 $ 533,246 $ 958,558 $ 51,135 $ 241,102 $ 9,983 $ 96,379 $ 880,774 $ 911,700
Net Assets: $ 1,300,989 $ 7,262,045 $ 9,895,885 $ 686,209 $ 275,891 $ 566,940 $ 387,515 $ 813,698 $ 624,126 $ 487,527

Participants

2022202120202019201820172016201520142013
Total Participants:27624985257222774634
Active Part.:193221203253728899ab
Retired Part.:3a013185e001584a1e4
Deceased Part.:6e9ee07e08ee8e080e8

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

    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.

    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.