FLOOR KING INC

PO BOX 203908
AUSTIN, TX 78720

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 97% of peers.
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 57% 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.

  • 12% of peers have changed carriers since last year. Those who did, saw a 11.9% decrease in premium vs those who stayed with their current provider had a 0.1% increase, roughly 133x those who stayed with their current provider.
  • Current Carrier's market share is in the 99th percentile at 19.1% of the market.
Needs Attention

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

Dyihhgj Vwaa
Interior Designer at Floor King
(669) 798-8192
cgwcdzi.s@wdjsj.goa

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Benefits Admin
(627) 470-0753
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Benefits Admin
(372) 810-7394
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Vhvy Repw, Fdfvh Giixrttws Marel
Chief Executive Officer
(245) 242-4919
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Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 5,574,937 $ 3,392,169 $ 2,487,338 $ 814,995 $ 672,483 $ 9,393,445 $ 2,111,111 $ 2,557,934 $ 7,423,210 $ 790,998 $ 2,055,208 $ 5,382,356
Liabilities: $ 0 $ 5 $ 1 $ 7 $ 77 $ 2 $ 0
EE Contrib: $ 345,625 $ 675,136 $ 708,340 $ 243,939 $ 351,732 $ 207,663 $ 787,960 $ 41,909 $ 238,628 $ 717,040 $ 155,410 $ 483,207
Emp Contrib: $ 48,669 $ 34,082 $ 79,296 $ 70,484 $ 34,088 $ 16,284 $ 896 $ 38,182 $ 63,577 $ 54,371 $ 1,803 $ 5,183
Income/Loss: $ 969,764 $ 754,042 $ 7,672,533($ 620,936) $ 456,171 $ 602,308($ 20,616) $ 291,680 $ 22,949 $ 222,789($ 38,026) $ 90,483
Total Income: $ 1,364,058 $ 7,846,541 $ 3,994,339 $ 82,279 $ 5,371,463 $ 804,306 $ 637,474 $ 952,082 $ 898,744 $ 506,704 $ 321,140 $ 125,876
Paid Benefits: $ 1,032,668 $ 813,852 $ 5,143 $ 98,745 $ 249,606 $ 95,127 $ 488,377 $ 230,745 $ 30,577 $ 80,604 $ 47,077 $ 161,893
Expenses: $ 0 $ 1 $ 15 $ 61 $ 8 $ 6 $ 1 $ 6
  Commission: $ 4,851 $ 5,928 $ 8,351 $ 1,969 $ 9,519 $ 9,120 $ 1,563 $ 5,495 $ 9,179 $ 9,822 $ 2,907 $ 5,653
Net Income: $ 326,539($ 910,147) $ 9,504,670($ 3,212) $ 988,842 $ 196,586 $ 474,717 $ 576,313 $ 863,392 $ 413,865 $ 721,011 $ 950,742
Net Assets: $ 5,901,476 $ 7,623,364 $ 1,500,005 $ 5,764,894 $ 2,308,764 $ 6,847,962 $ 6,349,201 $ 9,367,426 $ 9,143,323 $ 6,175,310 $ 9,222,178 $ 352,697

Participants

202120202019201820172016201520142013201220112010
Total Participants:1284776659851056791629238
Active Part.:1010927432402617781808350
Retired Part.:6a269759232fc073faaa
Deceased Part.:16d1cbfefbdd 3d63122

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.