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Insurance & Employee Benefits
Programs
Group Coverage, Inc. has been founded on the principles of teamwork. We associate ourselves with many of the leaders in the field of insurance; people who specialize in the areas of insurance and benefit planning they practice. This enables us to provide the professional with a vast array of low cost insurance options and a wide selection of coverage to fit the needs of the organization they represent.
Our Group benefits department encompasses health, dental, vision, pensions, and other company sponsored products. We work with the professional in assisting with the design and implementation of plans that fit the needs of the group. Our comprehensive company profile allows us to customize an employee benefit package that is both rewarding to the participants, yet cost effective for the employer.
We offer packages for groups down to one person. For larger companies we offer self funded, fully insured, or plans that combine the best of both. We can assist with the implementation and administration of complex Cafeteria Plans or Flexible Spending Accounts (FSA’s) to Health Savings Accounts (HSA’s) & Health Reimbursement Accounts (HRA’s) to simple Premium Only Plans (POP’s or Section 125’s).
Our friendly staff is there to address many of the questions and needs of the company or the organization represented by the professional. Some of the issues that our representatives are able to assist with include, but are not limited to:
- Enrollment and change requests , certificates of insurance
- Billing, reconciliations, claims processing & disputes,
- Application and renewal processing
- Addition and termination, amendments, and change requests
- COBRA and state continuation of coverage issues
- Implementation of funding accounts for high deductible plans
- Marketing for new and renewal business
Through our affiliates, we have access to many property & casualty markets, some which offer programs geared to specific businesses or industries. These programs often include enhanced coverages at discounted rates and may include protection for commercial auto, liability, umbrella, property, loss of business income, and workers’ compensation. We strive to providing the resources for the professional as well as the organization, and work at various levels of customer support and marketing assistance. Whether the need is for group benefits or personal auto insurance, our account managers are periodically trained to provide the latest tools and products in the industry.
According to many, Group Coverage, Inc. is one of the most progressive and innovative insurance agencies in New York. Our success can be attributed to the team of professionals we hand selected over the years. These men and women exemplify outstanding knowledge in their industry. They are dedicated in their work and adhere to a high degree of ethics.
Services for Independent Insurance Agents & Brokers and Other Financial Service Professionals
Since 1997, Group Coverage, Inc. has been working with other independent insurance agencies & brokerages servicing, marketing, or wholesaling many of the products and services available to the public on Long Island, in New York City and the greater metro area, New Jersey, Connecticut, and the many other states Group Coverage, Inc. is licensed. We have also built strong relations with other financial professionals, attorneys, payroll companies, and accountants, in various areas of cooperative marketing, consulting, business referrals, and other daily aspects of commercial & personal insurance, workers’ compensation, employee benefit planning, and pensions.
Many consider us a ‘Broker’s Broker.’ This simply means that as the need arises, our office would act as the insurance representative on behalf of the referring agent or broker. Depending on the request of the referring agency or brokerage, we would sell the account, place the line of business, process the applications, conduct any necessary enrollment meetings or site surveys, follow up on the submission, and even service the account. These services assume there is no involvement by the referring insurance agency or brokerage other than merely referring the account to our office. However, in the event that the agency or brokerage wanted to place a particular line of business through one or our many markets that we act as a insurance wholesaler or general agency, or be more involved with either the sale or servicing aspect of the account, we would typically process the insurance transaction without contact or minimal contact with the client of the agency or brokerage. Depending on our involvement and the involvement of the referring insurance agent or broker, a commission split is often negotiated beforehand. If we have no contact or minimal contact with the client of the referring insurance agent or broker, other than the placement of business, we often work on an override or expense allowance paid to us by the carrier. This is specifically addressed in the contract drawn between us and the referring agency or brokerage office.
It should be made clear that if we are not involved in the sale or the servicing of the account, we assume no responsibility or liability to the client of the insurance agency or brokerage, nor should we be held liable for any misrepresentations, claim denials, fraudulent acts, licensing issues, etc. (Please see the terms & conditions or the broker agreement long form for a more in depth explanation).
Disclosure of Compensation Arrangement
Group Coverage, Inc. secures and otherwise facilitates the purchase of insurance coverage for its policyholder clients from a variety of insurance carriers and group benefits providers (collectively "carriers") and sometimes engages the services of other entities in connection with the issuance of such coverage. In most instances, Group Coverage, Inc. is primarily compensated for the insurance brokerage services that it provides to its policyholder clients through commission payments that are based on the premium charged, and paid for, by the issuing carrier for each policy secured for Group Coverage, Inc.’s clients. The percentage of these commissions varies by insurance carrier and policy type. In addition, Group Coverage, Inc. has entered into contingent compensation arrangements with insurance carriers based on circumstances, including without limitation, the overall volume of premiums paid to or policies issued by or through a particular insurance carrier for Group Coverage, Inc.'s clients; the overall growth, persistency and/or retention of the premiums paid by Group Coverage, Inc.'s clients to or through a particular insurance carrier; and, in certain cases, the profitability of the total premium (i.e., claims history on the coverage) paid by Group Coverage, Inc.'s clients to or through a particular insurance carrier. Documentation currently in Group Coverage, Inc.'s possession evidencing Group Coverage, Inc.'s current compensation agreements with the aforementioned carriers is available for all policyholders' review at Group Coverage, Inc.'s corporate office; however, if those policyholders or their representatives have any additional questions or require any other information regarding any of the compensation received by Group Coverage, Inc. for any of its insurance brokerage services, please do not hesitate to contact:
Mr. William F. Schaake, CIC, CRM, President of Group Coverage, Inc. 55 West Ames Court, Plainview, New York 516-
We Work as a Team,
We are Proud of What We Do,
We Are…
Group Coverage, Inc.
Our mission is to provide affordable and low costing affordable insurance and employee benefit plans for individuals and organizations allowing them the financial liberty to choose among the various products we offer. We will seek the best value of coverage for our clients and for the professionals we work with. We will make every effort to gain the necessary experience and education and to offer the insight needed to help us deal with the ever changing insurance and employee benefits industry.
We plan to commit more resources to train our staff to help ensure they provide the top quality service our clients and affiliates expect and deserve. Our goal is to work with more diverse and progressive agencies and brokers to assist in the servicing and marketing of workers’ compensation, group health & dental plans, voluntary benefits, disability income, pensions, long term care, and life insurance for their clients. We will aim to provide greater access to various programs including commercial liability, property, auto, and truck insurance for the many types of businesses and organizations across Long Island, Westchester, the Greater New York Metropolitan and the Tri-
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