METAL BOUTIQUE LLC

2404 IRVING BLVD
DALLAS, TX 75207

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 Very Good, in the 18th percentile compared to peers.
  • In the last year, premium Decreased by 22%. While peers Increased an average of 4%.
Good

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 76% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 9%. While peers Increased an average of 0%.
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.

  • 6% of peers have changed carriers since last year. Those who did, saw a 37.6% decrease in premium vs those who stayed with their current provider had a 2.7% decrease, roughly 14x those who stayed with their current provider.
  • Of those who changed carriers, 17.6% decreased their LCM vs those who stayed with their current provider who saw a 1.4% increase, a difference of roughly 12x.
  • Current Carrier's market share is in the 1st percentile at 0.5% of the market.
Needs Attention

Similar Businesses

Business Stats

Policy History

Term Carrier Premium LCM
2023

1.760
2022

1.612
2022

1.630
2021

1.612
2020

1.612

Contacts

AXVMCV MEJPF
Benefits Admin
(336) 774-2968
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(895) 190-8755
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Industry Classification

Retirement Benefits

Financials

20212020
BOY Assets: $ 2,622 $ 3
Liabilities: $ 0 $ 2
EE Contrib: $ 3,121 $ 7,137
Emp Contrib: $ 0 $ 51
Income/Loss: $ 621 $ 714
Total Income: $ 3,742 $ 6,995
Paid Benefits: $ 796 $ 100
Expenses: $ 0 $ 3
  Commission: $ 53 $ 93
Net Income: $ 2,893 $ 3,698
Net Assets: $ 5,515 $ 4,824

Participants

20212020
Total Participants:39
Active Part.:31
Retired Part.:6e
Deceased Part.:6fc

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.

    2S - Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.

    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.