Loss control insurance plans correlate closely with the amount of money the policyholder pays.
Loss control insurance plans, generally offered by commercial carriers, may include dividend plans, retrospective rating plans, or large deductible plans. Policies may have a minimum and maximum premium, such that the insured effectively pays for its losses dollar-for-dollar. The individual losses of the insured determine the final premium. Maximum premiums in loss control insurance plans may be considerably greater than those in other plans, but potential savings are also greater.
All of these plans with loss control services are generally recommended for very large employers (e.g. premiums exceeding $500,000.). Some collateral may be required by the insurance carrier. GCG Risk Management, Inc. acts as the Third-Party Administrator, usually providing its services for a fixed annual fee, billed monthly. GCG Risk Management, Inc. is licensed by the New York State Insurance Department both as a broker and as a casualty adjuster.
GCG will provide a no obligation quote for these loss control services under “Request a Proposal”.
Loss Sensitive Insurance: Value-Added Services
Audit & Classification Review
- Experience Rating Review
- Payroll Audit & Code Classification
- Negotiate Reclassification of Payroll
- Claims Audit and Reserve Review
Workers’ Comp Law & Regulation
- Integration with FMLA/ADA Downloadable (PDF & doc)
- Cost Change Updates for Budgetary Planning
- “Reviewed Cost” Newsletter
Claims Services for Insurance Plans
- FROI – First Report of Injury
- Claims Processing
- Claims Monitoring
- Review Loss Reserves
- Interface with Carrier Claims Dept. & Rating Board
- Third Party Claims Administration