GNYADA Insurance Brokerage Brief

BROKERAGE I N S U R A N C E

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BRIEF

Introducing GYNADA’s Brokerage Brief! We’re excited to launch our first edition of the GNYADA Brokerage Brief . This publication is devoted to addressing members’ insurance needs and informing them how the GNYADA Insurance Brokerage’s products can help. We hope that you’ll find it a valuable resource!

Dealers Choose GNYADA for Quality Insurance Products at Great Rates

Poor Workers’ Comp MODs Can Trigger Dealer Audits

If your dealership has a workers’ compensation experience modification rating (MOD) of more than 1.20 (and an annual payroll higher than $800,000), you may be contacted by the NYS Compensation Insurance Rating Board (CIRB) regarding workplace safety concerns. That MOD number is well above the normal safe rating for dealerships; therefore, receiving such notice from the State requires dealers to take immediate action. Dealerships have 30 days to arrange a consultation and evaluation by a certified Safety and Loss Consultant; they must tell the Department of Labor the name, address and certification number

Whether you want to insure five employees or your entire dealership, we can provide specialized insurance products and services for you. Our team of experts will show you how to choose the right plan and carrier for your business needs.

of the hired Consultant, in writing, within 10 days of setting up the evaluation. The Consultant’s completed report must be delivered within 75 days of the dealers’ receipt of the notice. Dealers must then send copies of the evaluation to both their insurance carrier and the DOL. These evaluations entail: • Reviews of safety procedures for employees • Assessments of the employer’s compliance with ICR59 requirements • Any hazard surveys the dealership must have done A list of certified consultants can be found on the DOL website at: www.labor.ny.gov/WSLPIP.html or by calling GNYADA at 718.746.8100. The penalty for noncompliance is a 5% surcharge on your workers’compensation premium. The surcharge goes up an additional 5% for each year not in compliance. Every employer is legally obligated to maintain a safe working environment for their employees, to minimize the number and severity of injuries. Proactive safety measures also contribute to reducing MOD ratings, which in turn, lowers Workers’ Comp premiums.

PRODUCTS: • Health insurance • Workers’compensation

• Dental plans • Vision plans • Long- and short-term disability • Life insurance • Voluntary group plans (employee pays 100%) • “Cafeteria”plans (allowing employees to set aside pretax earnings) • Long-term care plans • Medigap • Senior services – Medicare • Flexible spending accounts

GNYADA offers a very competitive Workers’ Compensation Program for GNYADA member dealerships. To arrange a complimentary review of your existing program or to discuss your dealership’s MOD rating, please call 718.746.8100 .

Call us at 718-746-8100 for assistance.

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