GCG Risk Management, Inc. represents insured employers in New York State. GCG also acts as a Third-Party Administrator for employers insured under a large deductible plan, or for self-insured employers. Under most of these arrangements, where GCG receives no commissions, GCG charges a fee, annually. Fees vary based on a variety of factors.
FLAT FEES
Accounts which select an individual insurance plan, are usually billed at a flat fee per annum, based on a proposed service contract. Generally, all services provided by GCG Risk Management under such a contract are included in this fee. Fees are usually billed monthly.
SAFETY GROUP FEES
Accounts which qualify for, and join, a State Insurance Fund Safety Group, are billed a fee as a percentage of their premium, which fee is adjusted, based on the annual payroll audit of premium. Generally, all services provided by GCG Risk Management to a member of a Safety Group are included in this fee. Fees are billed either monthly, quarterly, or annually, depending on the size of the account premium.
GCG Risk Management, Inc. accepts business referred by insurance agents and brokers. Consideration may be negotiated for such referrals.
SELF-INSURANCE SERVICE FEES
Self-insured accounts, for whom GCG Risk Management, Inc. acts as Third-Party Administrator are billed a flat annual fee not a “per case” fee nor a fee based on a percentage of premium or losses. The total cost associated with the administration of the client’s claims, as well as safety services required, is determined in advance, as part of a proposed service contract. Fees are generally billed monthly.
COMMISSIONS
GCG Risk Management, Inc. is a licensed insurance broker, and may place coverage with a stock or mutual insurer. In instances where a commission is earned, either a reduced fee, or no additional fee shall be charged for the services provided by GCG to its client.
HEALTH & SAFETY SERVICES/SPECIAL PROJECTS
GCG Risk Management, Inc. provides contract services to employers who may elect not to secure their insurance through GCG Risk Management, Inc. These services may include Health & Safety services, OSHA compliance services, Training services, Seminars, Premium recovery services, and other specialty services. GCG Risk Management bills its services at a daily rate, plus material and expenses. Services can also be negotiated on a project basis, or on an annual retainer basis.
