| Workers' compensation programs differ depending on a variety of factors including management. Our programs, known as Safety Groups, are managed exclusively by us: Innovative Risk Concepts, Inc., and are underwritten by New York State Insurance Fund (NYSIF*).
A Safety Group is a loss sensitive insurance program that enables employers in the same industry to pool their insurance premiums in the group with the goal of reducing the cost of their workers' compensation insurance. It gives small and medium sized employers the opportunity to participate in a type of program that is usually reserved for much larger employers.
Safety Groups operate on the same principle as an insurance carrier. While it is possible that an individual group member may have a substantial loss in any given year, most of the members will not. The Group program spreads the risk from the individual policyholder over the entire Group. That often allows part of the premiums to be returned to the members in the form of dividends**. To control the cost of workers' compensation insurance, we strongly encourage members to make their workplace as safe as possible to prevent job related injuries and illnesses. This is the single most effective tool in the battle for cost control!
Our Safety Groups are fully insured by NYSIF. Safety Group members can never be assessed for additional premiums beyoned their earned premiums for a given policy period. That makes our Safety Group programs truly safe for the employer from both a financial and an insurance standpoint.
To illustrate the success of safety groups, NYSIF records indicate "that in the past 10 years NYSIF safety groups have returned almost $1 billion dollars in dividends to group members!"
In addition...
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Our members can count on a dedicated claims staff for assistance
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We do not require any association or society membership pre-requisites
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All our members have a common anniversary date for group accounting purposes
- Qualified members receive aggressive advanced premium discounts
- Qualified members can participate in monthly premium payment plans (great for cash flow)
- Members can print and email Certificates of Insurance through NYSIF's dedicated policyholder website
- An individual policyholder's loss experience rating is NOT affected by Group losses
- The affairs of the Group, including negotiating discounts, dividends**, and contingent balances are handled by our firm acting as the exclusive Group Manager
- The Group Manager works for the members NOT the insurance carrier
*NYSIF's Headquarters are located at 199 Church Street New York, NY 10007
**While dividends are not guaranteed and past performance is not a guarantee of future results, our premium savings record demonstrates our Groups' success.
With nearly 100 safety group programs underwritten by NYSIF these programs have been the choice for NYS employers for over 50 years. Considering the longevity and success of those groups its no wonder why employers seek out participation.
Click on a tab above or continue below for more information on our programs....
The NYS Building Service Contractors Trade Group
Representing maintenance and janitorial contractors throughout NYS
eligible classification code - 9030
The NYS Medical Arts Trade Group
Representing medical and dental outpatient practices throughout NYS
eligible classification code - 8832
The NYS Veterinarians Trade Group
Representing veterinarians and related practices throughout NYS
eligible classification code - 8831
In addition to the benefits of group participation outlined above, our firm also provides:
- Regular loss experience rating reviews
- Access to on-line Certificates of Insurance
- Claims reporting assistance
- OSHA Recordkeeping Services are available
- Loss reserve reviews, controling policyholder and group costs
- Audit analysis and resolution
- Underwriting assistance
- Loss prevention and loss control guidance
- Classification and rate management
- Much more
For additional information click on the Group of your choice above or click on the appropriate tool bar button at the top of this page. For additional information on NYSIF safety group programs you also wish to click on www.nysif.com and click on the section "About Workers' Compensation"
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