GNYADA Insurance Brokerage Brief - Summer 2017
I N S U R A N C E BROKERAGE
SUMMER 20 1 7
GNYADA’s Workers’ Comp Program
The right choice for your dealership GNYADA has partnered with “A” rated insurance carrier AmTrust to offer competitive rates based on individual dealerships’MOD, specific employee classifications, and more. A dividend is also available through this program. Dividend payouts for GNYADA members in the AmTrust Safety Group could be as high as 40%, provided a group loss ratio of 15% or less. Call the Brokerage today to get a quote on your Workers’ Comp coverage (718.746.8100), or visit GNYADA.com/dealers/ insurance/overview to learn more.
How Much Do Workplace Injuries Really Cost a Dealership? Risk management can prepare you for the indirect costs that result from an incident.
• Replacing any vehicle(s) that may have been damaged in the accident. If a customer’s vehicle was damaged, that may add to the cost of offering a loaner vehicle. • Management’s time and effort to handle the incident. Get Risk Management Help The GNYADA Insurance Brokerage strongly recommends dealerships partake in risk management programs. These programs help make employees aware of situations that can lead to accidents. Managers should also be meeting with employees on a regular basis to make sure proper safety precautions are being taken and to promote a safe workplace overall. The Brokerage works with Applied Risk, an independent risk management company which helps assure that all dealership employees do their part to promote jobsite safety. To learn more about risk management techniques and programs, call the GNYADA Insurance Brokerage at 718.746.8100.
When an employee gets injured on the job, the costs incurred by the business as a result are not entirely covered by workers’ compensation insurance. The true cost of a workers’ comp accident has two components: Direct costs are paid by the insurance company to whoever submits the bill. Expenditures can include lost wages, hospital stays, physician bills, rehab costs, prescriptions and other related expenses. Indirect costs are expenses that result from on- the-job accidents, but are not related to an injured employee’s medical coverage. These costs fall to the dealership to pay, and they can reach even higher than the dollar amount that workers’comp covers. Some examples of indirect workers’comp costs include: • Repairing property damage that occurred at the same time as the injury. (Wrecked dealership vehicles, damaged walls or floors, etc.) • Overtime paid to employees who pick up the work of the employee who is out on workers’ comp. • Losses caused by slowed productivity. 1 2
Harry P. Mirijanian, President of Applied Risk Control Corp., contributed to this article.
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