GRANITE DIVISION

3536 US HIGHWAY 271
TYLER, TX 75708

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.
  • An osha violation that is followed by a premium increase may indicate a WC claim has occurred.
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 in-line with peers, in the 53rd percentile.
  • In the last year, premium Increased by 1%. While peers Increased an average of 0%.
Average

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 Very Good, in the 5th percentile compared to peers.
  • In the last year, LCM Decreased by 13%. While peers Increased an average of 0%.
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.

  • 11% of peers have changed carriers since last year. Those who did, saw a 27.3% decrease in premium vs those who stayed with their current provider had a 3.4% increase, roughly 8x those who stayed with their current provider.
  • Current Carrier's market share is in the 99th percentile at 62.1% 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
2022

1.300
2021

1.500

Contacts

ZADKL HVLLRC
Benefits Admin
(829) 906-8608
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Industry Classification

Retirement Benefits

Financials

20212020201920182017201620152014
BOY Assets: $ 415,562 $ 645,398 $ 644,141 $ 483,377 $ 57,949 $ 51,122 $ 0 $ 2
Liabilities: $ 0 $ 9 $ 6 $ 44 $ 4 $ 3
EE Contrib: $ 56,399 $ 8,200 $ 5,453 $ 25,488 $ 82,151 $ 6,233 $ 42,163
Emp Contrib: $ 30,131 $ 40 $ 52,544 $ 10,113 $ 73,733 $ 91,291 $ 66,527 $ 249
Income/Loss: $ 69,631 $ 1,589 $ 79,258($ 46,964) $ 9,301($ 3,716)
Total Income: $ 156,161 $ 719,540 $ 300,020 $ 54,556 $ 67,437 $ 93,661 $ 94,354
Paid Benefits: $ 15,652 $ 73,520 $ 58,988 $ 62,529 $ 758
Expenses: $ 5,084 $ 5,217 $ 17 $ 4 $ 74 $ 111 $ 3
  Commission: $ 0 $ 7 $ 5 $ 349 $ 9 $ 90 $ 693
Net Income: $ 135,425 $ 18,707 $ 45,988 $ 70,025 $ 95,621 $ 64,852 $ 4,803 $ 9
Net Assets: $ 550,987 $ 624,858 $ 727,867 $ 601,962 $ 439,684 $ 81,709 $ 24,509

Participants

20212020201920182017201620152014
Total Participants:5903996114612775
Active Part.:5715441331010048
Retired Part.:177473777 d1c773d
Deceased Part.:b6076ed6ab6d7

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

    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)).


OSHA