Workers' Compensation

Hand-in-hand with our safety services is the GBC's highly successful Workers' Compensation Safety Group #550, underwritten by the New York State Insurance Fund. Today the program offers up to a 20% up-front discount for eligible Members. Now in our 13th year, the group's dividend history has been outstanding -- as high as 40% and NEVER below 20%. Our loss ratio in 2003 was a phenomenal 8%, and it was only 11% in 2004. 

In July 2005, the Superintendent of Insurance approved a 5.0% general rate increase in a compromise with the New York Rating Board. As a result, the workers’ compensation manual rates will change on October 1, 2005. These rates, which will be applied by the State Insurance Fund on your renewal declaration, for the period 12/1/2005-12/1/2006, are per $100 of payroll. Click here to see the new rate chart.

Nearly 40 GBC Member firms are enrolled in the program. Loss control is provided by GBC Safety & Construction Services, and the group is managed by Ross Gnesin and G.C.G. Risk Management, Inc. As the insurance market continues to tighten, the GBC Workers' Comp Safety Group #550 can be an attractive alternative to your current coverage. Call GBC and request a quote today! 

For more information, click here for a recent brochure, or visit G.C.G.'s website at www.gcgriskmanagement.com

G.C.G. has written an article on the 2007 workers' comp reforms and how they affect your business.  Read it here.

Questions?  Call G.C.G. at 212-431-3000 or the GBC.