Innovative Risk Concepts Inc

Description

Asking the right questions is always the best place to start for any business exploring options. In this section we have chosen many of the most frequently asked questions by prospective members however, should you still have questions be sure to contact our office, we'll be happy to help! Q: How do safety groups work? A: Workers' compensation insurance safety groups are essentially pools of safety conscientious employers who band together for the purposes of obtaining more favorable premiums. It is important to note that this is not self-insurance and therefore earned premiums are guaranteed with no possibility of further assessment. Nearly 100 safety groups are underwritten by NYSIF, one of New York State's largest workers' compensation insurance carriers. These groups are an alternative, as written to NYS WC Law, offering the opportunity for NYS employers to enjoy lower premiums through their own in house safety and utilization of a seasoned Group Manager providing specialized risk management services. Once a group is established, premium collected from members of a group is "pooled" for each group year and after paying losses, expenses and the development of a contingent balance for future loss development, any remaining funds may be declared back to members as a dividend. This is referred to as the annual "accounting process" as conducted by the carrier and the Group Manager. The Group Manager is also charged with the responsibility of promoting job safety, assisting members with claims report processing, and the premium audit process. The Group manager is also the sole vehicle for group enrollment and service staffing. As you can see, the Group Manager is the driving force behind all aspects of the group; the overall management of the group, the day to day operations, and of course assisting individual members through the insurance carrier. This unique "hands on" role serves to ensure that the best interests of the members and the group as a whole remain foremost for the Group Manager. Further, it for this reason that the Group Manager may only be compensated by the group members and not the insurance carrier. There can be no conflict of interest with this arrangement! Since asking the right questions is the key to finding out if something is right for your business, we have selected some of the more common questions and even a few not so common in order to assist you in deciding if our Groups are right for you. Q: Can anyone enroll in your safety group programs? A: NO! While we love to hear from prospective members we can not enroll just any business into a Group. Each Group is focused on a particular nature of business or industry. Further, for the financial well being of the Group, we seek businesses with a favorable loss experience and a minimum premium level. We do however offer alternative programs to help those prospective members with poor loss experience by improving their situation so that they may in time become eligible for enrollment. Q: Do the losses of the other members affect my firm's individual experience rating (MOD)? A: No. Each member maintains their own loss experience rating.

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