Corporate Liability Shield

Why a Corporate Liability Shield Is Not a Replacement for Liability Insurance

Corporate Liability Shield

Business owners who form a corporation or a limited liability company (LLC) may question the need for the business to carry insurance. A major benefit of these forms of business organization is that they shield the owners’ personal assets. Because of this, they may believe insurance is unnecessary.

A corporation is a legal entity separate from its owners. It acts as an artificial legal person. It can do the things that individuals may do, such as:

  • Enter into contracts

  • Incur debts

  • Earn income

  • Make investments

  • Sue others, and be the target of lawsuits.

It gives its owners a legal shield against many of its obligations. In other words, an individual owner of a corporation (called a “stockholder”) does not have to pay for the business’s debts out of his or her own funds.

An LLC also shields its owners (known as “members”). However, tax laws apply differently to LLCs than they do to corporations. If a corporation earns $10,000 in income, it must pay tax on that $10,000. If an LLC earns $10,000, the money is distributed to the members and they individually pay taxes on it.

Corporations and LLCs shield their owners and members from liability for the entity’s debts.

Suppose someone sues the business, claiming that its product injured them. A court orders the business to pay the injured individual $1,000,000. The business must pay that amount out of its assets. But, the individual owners or members do not have to cash in their bank accounts or homes to pay it. The most they stand to lose is the amounts of their investments in the business.

Legal shield only goes so far

The shield is not absolute. A court may hold individual stockholders and members liable in some situations. If they personally and directly injure someone, the shield does not protect them.

The court may also decide that the corporation is a sham entity. It could do this if the business has not conducted the normal activities of a corporation, such as:

  • Holding regular stockholder meetings.

  • Keeping business records separate from those of the owners.

  • Investing adequate capital in the business.

Regardless of the shield, the business should carry insurance. The shield cannot protect the time and effort that goes into building a business. An uninsured accident can wipe out all of the business’s assets. Without large additional investments, it might not survive. The stockholders’ investments in money, time and work will have been wasted.

Also, an individual acting on the business’s behalf may incur personal liability. For example, while driving on company business, a member may injure someone in a car accident. Business liability and auto insurance policies usually insure individual stockholders and members for acts they perform in their roles with the business. Without this coverage, the individual would have to hire their own lawyers and pay judgments out of pocket.

For these reasons, wise business owners buy insurance. They should insure the business’s buildings, property and liability risks. The personal liability shield is no substitute for insurance protection.

HR and workers comp

10 HR Mistakes that Can Cost Your Business Plenty

HR and workers comp

The most common lawsuits that businesses face are those filed by employees. Often it comes down to accusations of discrimination, wage and hour issues, or failure to accommodate a disability.

But what many managers fail to realize is that if they act early when receiving complaints and institute strict workplace guidelines that minimize the chance of making employees disgruntled, they can avoid costly lawsuits.

Often these suits stem from mistakes that company management can make that sink a company if it is sued. Employee Benefits News recently came out with this top 10 list of the main mistakes managers make:

  1. Ignoring complaints – The biggest mistake a manager can make is disregarding an employee’s complaint of being treated unfairly or if they are complaining about what they think are illegal actions. If someone complains about a perceived injustice, take it seriously and give it the attention it deserves.

  2. Mistakes in the interview process – Many companies are sued for rejecting candidates, particularly if they are more qualified than other applicants. If you are going to reject a candidate who is obviously qualified for the position, you should take great care to document why you decided to pass them over.
    Your interviews should focus on how well the person would fit and perform in the position. Never ask about age, race, marital status, children, day care plans, religion, health status or political affiliation.

  3. Poor documentation – If someone complains about discrimination, it’s of utmost importance that you document everything they say. You need to keep copious notes and write a report, and make sure that you can show that you investigate their complaints. Also, ensure that you don’t make any demeaning comments in e-mails or other communications with other managers when discussing these complaints.

  4. Ignorance of company policies, procedures – All of your supervisors and managers should know your organization’s policies and procedures. It’s an integral part of their job. If you have a supervisor on the stand and they profess ignorance of the company policies, it can hurt your case immensely.

  5. Jumping the gun on firing – If you are going to fire someone, you need to make sure that you have documentation to back up why you are doing so. Any appearance of discrimination or unfair treatment can come back and bite you if the case goes to court.
    Nobody should be fired on impulse. You should show that you tried to work with the employee and help them improve their performance or perceived deficiencies before letting them go.

  6. Not knowing the law – Juries will expect that a manager who is on the stand should know employment law as that knowledge could be critical when it comes to how employment matters are handled. You should hold refreshers on laws that affect human resources that also include updates on new regulations and laws that affect the workplace.

  7. Being mean and rude – The most stressed-out employees are those who are subjected to bosses who harangue, dispirit and demean them on a regular basis. Some managers and supervisors have a mean streak. Don’t let that kind of person become a liability for your organization.

  8. Not keeping the story straight – If you change your story as to why you made an adverse employment decision, it can cost you in court. This is why documentation is so important – and that you have sound reasons for making the decision. If you change your story, it will cost you in court.

  9. Handling accommodation demands – Under the Americans with Disabilities Act, employers must make accommodations for disabled employees. If someone claims they are disabled and asks for certain accommodations, you need to enter into a process with them to come up with ways to help them do their job.
    Don’t tell them what they need. Let them tell you, and see how you can work with them and come to a compromise if you think it is going to cost the company too much or if their request will disrupt the work of others.

  10. Dishonest reviews – If you have a manager who is regularly giving reviews that overstate the performance of employees, it can become a liability if you later have to make an adverse employment decision. If a manager later tries to cite “poor performance” for that person’s termination or demotion, those overly positive appraisals create a heap of credibility concerns. Stay honest and consistent.

Sub Contractor insurance coverage

Are you a contractor using subs?  Screening their insurance to make sure they have the right coverage and you’re protected? For any contractor using subs this article is a must read!

Sub Contractor insurance coverage

Are you a contractor using subs?  Screening their insurance to make sure they have the right coverage and you’re protected?  Does your General Liability Policy cover you in the event a sub causes bodily injury or property damage and has the wrong insurance?

Most subcontractors carry sub par liability insurance.  The reasons vary but the big one is “They Do Not Want To Pay for a Good Policy.”  That works well for the subcontractor until there’s a claim.  Then the headaches begin for YOU.

We screen a lot of subcontractors insurance.  Over 50% have horrible coverage.  Exclusions such as labor law, employee injury, contractual liability, height limitations, exterior work, restrictions as to work you can perform, subcontractor coverage requirements, the list goes on and on.

How many of you believe insurance companies are charitable and will bend over backwards to pay a claim?  Forget it!  They have so many exclusions in their policies they are designed not to pay claims.

There’s a “Black List” that names 15-20 insurance companies whose policies have all sorts of exclusions (contact us and we will email you one).  Many property owners, real estate managers and general contractors have this list.  When screening, if they see company listed, they tell sub their insurance is no good and they cannot work until they get better coverage.

For New York contractors, depending on what you do and what county(s) you work in, you may fit into a “Main Street” insurance company’s policy.  If so, you should have no policy issues conducting business with customers.  However, if you’re with a “Surplus and Excess Lines Carrier,” and most New York City borough contractors are, you may have coverage exclusions and restrictions which hinder you from doing business with customers.

It is very important, to avoid an uncovered claim, to screen your subcontractors insurance.  Equally important is to have a written hold harmless and insurance agreement in place (we have a sample agreement that is excellent.  Contact us and we will email you one) for each sub.  Based on our experience, at least 50% of contractors are not screening their subs insurance correctly.  They have no written agreements and their subs have inadequate insurance.   What they DO NOT understand is if there’s a claim, THEIR OWN insurance may decline coverage.

When your policy comes up for renewal and you’re seeking new quotes, if you do not have proper risk transfer mechanisms in place, and companies want proof that you do, most insurance companies will not quote your account.  That will leave you with a “Black Listed” carrier or pricing that is exorbitant.

In addition, your new policy may have a “Hammer Clause.”  What this means is if your subcontractor causes an accident, you get sued, you do not have proper documents in place, there will be NO coverage under YOUR policy.

What are the basic coverages you should be looking for when it comes to your subcontractors?  To start, they should have at least $1,000,000 liability limit, $2,000,000 general aggregate.  Depending upon type of work (i.e. wallpaper versus masonry), they should have at least a $1,000,000 Umbrella Liability Policy.  Their Business Auto and Worker’s Compensation coverages should be listed on certificate too.  You want to make sure they have “Contractual Liability” and that they DO NOT have “Employee Injury” or “Labor Law” exclusions. Regarding their general liability coverage, your company should be listed as an “Additional Insured,” waiver of subrogation and primary/non contributory coverages should be listed on certificate too.  These coverages are a starting point.

Lets take a break from discussing liability insurance.  We want to point out a VERY SERIOUS PROBLEM contractors working out of state may have.  Many have their workers compensation through state or assigned risk plans.  State plans provide workers compensation according to that state’s workers compensation benefit laws.  If an employees working out of state gets injured and files claim in that state, usually there’s no coverage.  Employees file claims out of state because of convenience or money.  For example, a N.Y. contractor takes a job in New Jersey.  Job will take 2 months.  Employee gets injured.  Lives in N.J. so he seeks benefits and medical care in N.J.  He hires an attorney to help him get whatever he’s entitled to.  Do you really want to be sued for $50,000, $100,000 or more and have your employee’s attorney contacting you for years?

How To Get Help

Most insurance agencies sell a policy then the only time you hear from them is when you need a certificate.  They’re not helping you screen subs.  They’re not helping you check sub policies.  Most  are clueless as to the restrictions and exclusions in your liability policies (General & Umbrella).  We see many agencies selling “Black Listed” policies.  They work until you try to do a job for a savvy customer who says we cannot accept your coverage or a claim occurs.

There is a way to get custom designed coverage at competitive pricing.  If you could market your account to up to 50 insurance companies, do you think one of them could offer you better coverage/pricing? 

At BGES Group, we have access to 50 insurance companies that insure contractors.  Every day our organization markets 5-10 contractors so we have a great pulse on the marketplace.  In addition, we offer a Worker’s Compensation program designed for contractors.  Pricing is great, coverage coverage enhancements included, can cover you in multiple states, no renewal deposit, payroll classified correctly, payroll caps applied correctly, you can obtain certified payroll reports, premium lowered when  business is slow, simplified audits.

If you want to have your insurance reviewed by one of New York’s leading construction insurance specialists, just pick up the phone and call 914-806-5853, ask for Gary Wallach.  His email address is bgesgroup@gmail.com

BGES Group Insurance

Are you unhappy with your Workers Compensation pricing, company, service? Want to work with specialists that know how to save you money, solve issues, offer first class boutique service without charging ridiculous policy or service fees? Read on –>

BGES Group Insurance

Issues We Can Help You With:

  1. Unhappy with your rates?  Looking for ways to lower them?

  2. Looking for long-term coverage stability?

  3. Constantly having audit issues or in the middle of an audit dispute?

  4. Annual audits a hassle?  Looking for a plan that does not audit annually?

  5. Payrolls being misclassified?

  6. Are you a contractor who has OCIP payroll?

  7. Are you a contractor who pays their workers more than $1,360 a week?

  8. Have 1099 employees?

  9. Are you a contractor and if so are you receiving “Construction Classification Premium Adjustment” credit?

  10. Do you have poor loss experience?

  11. Do you have a high experience modification factor?

  12. Being non-renewed?

  13. Now without coverage?

  14. Have employees working out of state?  If so, there’s a chance you DO NOT have to right coverage.  Are you a New York contractor and have employees working in New Jersey, Connecticut, Pennsylvania, Massachusetts?  There’s a high probability you DO NOT have the right protection.  One back injury and an employee attorney suing you can put you out of business.  DO NOT wait for a claim.  Contact us immediately and understand the issue.

  15. Being charged a $500 to $2,500 policy fee or up to a 10% service fee?

  16. Looking for a plan that charges less premium when business is slow and the right premium when busy?

  17. Looking for a plan that couples workers compensation with payroll service?

We can help you address the above issues.   Again we are specialists. 99.5% of brokers ARE NOT.  We know how to fix problems, save you money and handle the hassles that come with insuring your business.  Try us, you’ll really like us!

What Will Happen When You Call

  1. You will get us on the phone in seconds.

  2. Whatever your problem we will help you.

  3. You will speak to a knowledgeable specialist who is extremely nice, easy to talk to and will do everything possible to help you.

  4. We PROMISE our specialist will NOT hard sell or pressure you!  Our approach is consultative and you will feel very comfortable speaking with us.

  5. Please call 914-806-5853.  You will get Gary Wallach on the phone.  You can also email us at: bgesgroup@gmail.com.

Learn More About BGES Group By Watching Our Video

[embedyt] https://www.youtube.com/watch?v=eWFmjYirlkw[/embedyt]

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Funding for the Construction Industry, Worker’s Compensation, New York State Disability, Group Health, Life insurance and Personal lines.

BGES Group are Worker’s Compensation Specialists (NY, NJ, CT) helping contractors, limousine services, auto service, local truckers, manufacturers and staffing agencies (note we can help any business).  Workers Compensation issues we address:  1) Lowering rates – our specialty programs have been able to save businesses up to 40%; 2) Unhappy with your company’s service, are they difficult to work with?  3) Being non-renewed? 4) Audit disputes; 5) Lowering high experience modifications factors; 6) Misclassification of payrolls; 7) Lowering or eliminating renewal deposits; 8) Getting coverage when you’ve been without for months; 9) Covering multiple states under one policy; 10) Eliminating 10% service or policy fees; 11) Timely issuance of certificates; 12) Always being able to get someone on the phone or by email when you need to.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50 insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer mechanisms.  If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

New Jersey and Connecticut Contractors:  We have a fiercely competitively priced (savings up to 50%)  General Liability, Umbrella Liability, Business Auto, Workers Compensation program.  Want to lower these costs?  Get a quote today!

To Speak With Us Call 914-806-5853, click here to email or click here to visit our website .

http://www.bgesgroup.com or http://www.workerscomp.store

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY  10538

e-mail: bgesgroup@gmail.com

(C) – Copyright – BGES Group

BGES Group Insurance

N.Y.S. Disability – Most Employer Plans Pay 50% of Average Weekly Wage Up To $170 a Week. Our Plan Can Pay Up To $850 a Week! Read On–>

BGES Group Insurance

Do you really want to tell your your employee who gets sick and will be out for weeks/months they will only receive $170 a week from the company disability carrier?  You no longer have to!

About N.Y.S. Disability

New York is one of a handful of states that require employers to provide disability benefits coverage to employees for an off-the-job injury or illness.

Disability benefits are temporary cash benefits paid to an eligible wage earner, when he/she is disabled by an off the job injury or illness (i.e. pregnancy, cancer or an accident that causes person to be out of work for weeks). The Disability Benefits Law provides weekly cash benefits to replace, in part, wages lost due to injuries or illnesses that do not arise out of or in the course of employment. Disability benefits are also paid to an unemployed worker to replace unemployment insurance benefits lost because of illness or injury.

Cash benefits are 50 percent of a claimant’s average weekly wage, but under MOST employer plans, no more than $170 a week.

Benefits are paid for a maximum of 26 weeks of disability during 52 consecutive weeks. There is a 7-day waiting period for which no benefits are paid. Benefit rights begin on the eighth consecutive day of disability.

Questions:

  1. Can your employees live on just $170 a week?

  2. Would you morally feel obligated to supplement their payment?

  3. How long would you continue their payment?

  4. How much would you supplement their payment?

  5. How about if one of your employees is a relative?  What will you do about their pay?

Why place yourself and employees in this predicament?   Our company can offer weekly payments up to $850.

Example of Weekly Benefit Limits Offered:

50% To $170

50% To $195

50% To $200

50% To $225

50% To $255

50% To $340

50% To $425

50% To $510

50% To $680

50% To $850

Do you really want to have to tell one of your employees just diagnosed with cancer that while out of work they will only get paid $170 a week up to 26 weeks?  How about a female worker going out on maternity leave? For a nominal cost (compared to what you pay for some other insurance policies) you can protect everyone up to $850 a week!

To obtain better protection, within just a few minutes, hassle free, contact Gary Wallach at 914-806-5853 or click here to email us.

BGES Group’s office is a full service agency offering property, liability, umbrella liability, auto, bid & performance bonds, inland marine, workers’ compensation, N.Y.S. Disability and group health insurance coverages.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;   9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 40 insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages to.

New Jersey and Connecticut Contractors:  We have an extremely competitively priced General /Excess Liability program.  You want to lower these costs, get a quote today!  Call Gary Wallach at 914-806-5853 or click here.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

http://www.bgesgroup.com or http://www.workerscomp.store

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY  10538

e-mail: bgesgroup@gmail.com

BGES Insurance Fraud

What Every Business Should Know About Workers’ Comp Fraud

BGES Insurance Fraud

If employees are hurt on the job, workers’ compensation coverage will protect them. This coverage pays for lost wages, medical bills and any other related expenses workers incur while recovering. Since the number of scams with this type of insurance are very small, it is safe to assume that the majority of employees are honest about getting hurt. Another incentive for this is the requirement that a doctor must provide an assessment. If an employee were not really hurt, a doctor may be able to identify a false claim. However, some scam artists slip through the cracks, and the damage they cause is substantial enough that it costs billions of dollars every year. In addition to this, some employers skip paying premiums. Both offenses are considered workers’ comp fraud.

Although the scam rate is lower for workers’ comp than it is in other areas of insurance, the perpetrators are causing premiums to increase for everyone. This is costly for honest workers and businesses alike. When dishonest employees make bogus claims about injuries, their motives vary. One of the most common motives is free money. In most cases, the workers claiming to be injured have other jobs or secret businesses they use for additional income. Another motive is free vacation time. Many workers want to collect money and have time off to enjoy traveling, hobbies or other activities.

How Bogus Claims Work

There are several different ways workers can make claims and get away with their lies. The following paragraphs outline some of the most popular methods they use.

Exaggerated Injuries

If a worker is using this method, he or she will have a very minor injury. It may be a slight pain in the back, wrist or any other location. However, he or she will embellish the injury’s severity enough to take time off of work. After taking time off, the worker will usually claim that it is taking a long time to recover in order to collect more money.

Off-Site Injuries

People who get hurt while they are off the job may wait until they return to work to file a claim. They may fake an incident that would result in the same injury they sustained while away from work.

Fake Injuries

In some cases, workers may fabricate the details of a nonexistent injury. Some of the most popular scams involve soft-tissue damage. Back and neck problems are common claims. Since some of these are hard to disprove, employers may have to pick up the tab for a such a worker’s dishonesty.

While these are the most common methods used, some workers may use an old injury or malingering to gain money. With old injuries, workers pretend the damage is new in order to get out of work or to get paid for treating injuries they may not be able to afford to treat otherwise. Malingering is abusing the system by staying home longer than necessary.

Stolen Premiums

In some cases, workers’ comp fraud is committed by business owners who reduce the premiums they owe. Such premium scams may be hard to detect. If businesses use this method, they often hide their swindles behind covers, tax records, dummy companies or fake accounting records. Although the number of bogus claims made each year exceeds the number of premium scams, the scams have a much larger financial impact. One scam alone can cost hundreds of thousands of dollars. If a scam lasts for several years, the total may reach into the millions.

Whether businesses are avoiding paying premiums, lying about the number of workers on the payroll or lying about workplace safety, workers comp fraud is a serious offense. Lying claimants and crooked doctors also face serious consequences if they are caught. Employers can fight back by being insured properly, making the workplace safer and making the environment at work a happy place for employees. To learn more about this type of fraud and how to prevent it, discuss concerns with Gary Wallach 914-806-5853.

Worker's Compensation Policy

Contractor Have any of the Following Issues with Your Liability and Workers Compensation Policies?

Worker's Compensation Policy

Unhappy with your coverage or rates?  Better Pricing – We have access to all THE BEST companies.  We have purchasing leverage (we do in excess of $140 million in construction business.)  Construction insurance is our #1 expertise.  You can only better your situation.

Please note for Worker’s Compensation we have a program that offers GREAT rates and PROVIDES THE RIGHT PROTECTION while operating out of state.  Most New York contractors are insured with a company that when they operate out of state, if an accident occurs and claim is filed out of state, they WILL NOT be covered.  Can you afford to pay $50,000, $100,000+ and deal with your employees attorney for years?  Get a quote from us today!  Call 914-806-5853.

General Liability:                                                                                                             

  1. Is your policy preventing you from getting work?

  2. Does your policy have the following exclusions

    1. Contractual Liability

    2. Labor Law

    3. Employee Injury

    4. Height Limitation

    5. Type of work you are allowed to do

    6. No coverage for subcontractors unless they carry $2 million or more in liability insurance; carry contractual, primary/non contributory; additional insured; workers comp; list goes on

    7. Residential type work i.e Working in condominiums; conversions, etc. Other exclusions

  3. Do you have anyone screening your subcontractor insurance policies to make sure they’re carrying proper insurance and NOT voiding coverage under your policy?

  4. Is your policy based on gross sales which you feel is not fair because a big part of sales are materials?

  5. Aware of the exclusions under your Commercial Umbrella Liability Policy?  What coverage is afforded subcontractors?  Is there a height limitation?  Type of work limitations?   Residential exclusions?  Commercial work exclusions?  Exterior work exclusions (if you do interior work but use subs that do exterior, do you have coverage?)

  6. Because of the coverage limitations, exclusions, audits, rating structures, it is important that you work with a Construction insurance expert.  Most agents are generalists, NOT experts.  Do you feel that way about your broker and agency?

Workers Compensation:  

  1. Unhappy with your pricing?

  2. Is your company auditors difficult to deal with?  Are you being charged the proper rates or is your company throwing all payrolls into the highest rated class codes?  Is your company adjusting your current year policy payrolls to reflect uninsured subcontractors picked up on last audit?  Is your company creating fictitious payrolls because your sales are too high?

  3. Are you N.Y. contractor operating in N.J. or C.T. for weeks at a time?  If so, there’s a 50% – 75% chance you DO NOT have the right coverage.  Can you afford paying an uncovered back injury claim for $100,000?

  4. Getting hit with large amounts due at audit time?

  5. When a claim is questionable (person comes to work and within days gets injured) does your company investigate or just set up a large reserve?  Note this affects your Experience Modification Factor and pricing.

  6. When you have a problem can you get someone on the phone? When you have an audit problem do they help you?  Does your agency charge you up to a 10% service or policy fee?   Do you work with an agent that fights for you and deals with all the hassles insurance causes you?

Here’s What We Can Offer You:  

  1. The ability to get your account marketed to THE BEST construction insurance programs for New York contractors (we also cover New Jersey and Connecticut.)

  2. Unlike other agencies that sell policies with Labor Law, employee injury, no contractual liability, they do not even know or understand the exclusions in the policies they are selling, we do not offer such policies.  We offer quality coverage at best pricing.

  3. You will be able to get all coverages including property, inland marine, general liability, umbrella liability, business auto, workers compensation, N.Y.S. disability, bid & performance bonds, subcontractor screening, personal insurance and group health insurance through one agency.

  4. We have a team set up to do your certificates.  Certificate issuance turnaround is FAST.

  5. Better Pricing – We have access to all the right companies.  We have purchasing   leverage (we do in excess of $140 million in construction business.)  Construction insurance is our #1 expertise.  You can only better your situation.

  6. Personalized service – You will have the names, phone numbers and email addresses of our team assigned to service your account.  You will also be able to contact your broker within seconds day or evening, Monday thru Sunday.

About BGES:

[embedyt] https://www.youtube.com/watch?v=eWFmjYirlkw[/embedyt]

BGES Group’s office is a full service agency offering funding, property, liability, umbrella liability, auto, bid & performance bonds, inland marine, worker’s compensation, New York State Disability and health insurance coverages too.

BGES Group are worker’s compensation specialists (NY, NJ, CT) insuring contractors, limousine services, auto services, local truckers, manufacturers and staffing agencies (Note: we can insure any business).  Workers Compensation issues we address:  1) Lowering rates – our specialty programs have been able to save businesses up to 40%; 2) Being non renewed?  3) Audit disputes; 4) Lowering high experience modifications factors; 5) Misclassification of payrolls; 6) Lowering or eliminating renewal deposits; 7) Getting coverage when you’ve been without for a few months; 8) Covering multiple states under one policy; 9) Eliminating 10% service or policy fees; 10) Timely issuance of certificates; 11) Always being able to get someone on the phone or by email when you need to.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50 insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages to.

ALERT NEW JERSEY  & CONNECTICUT CONTRACTORS:  We have an extremely competitively priced General /Excess Liability program.  You want to lower these costs, get a quote today!  Call Gary Wallach at 914-806-5853 or click here.

To Speak With Us Call 914-806-5853, click here to email or click here to visit our website .

http://www.bgesgroup.com or http://www.workerscomp.store

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY  10538

e-mail: bgesgroup@gmail.com

(C) – Copyright – BGES Group

BGES Group Insurance

As Cyber Attacks Rise, Is Your Business Protected?

BGES Group Insurance

Cyber attacks on companies’ information systems and data have reached unprecedented proportions, and are growing with each passing year.

The biggest threat to an organization is if there’s been a breach of personally identifiable data or credit card information that it stores. That results in a number of costs, including notification costs, providing those whose data was compromised with credit monitoring, potential fines, legal costs if sued – and even reputational costs. If data is stolen, there are also restoration costs.

The threat is largest for smaller organizations. Because larger companies can afford to hire teams of technicians to thwart attacks, cyber criminals are increasingly targeting small and mid-sized organizations as they may not have the same resources to defend their data. The “2019 Internet Security Threat Report” by Symantec found that:

  • 48% of cyber attacks target small business.

  • Just 14% of small businesses rate their ability to mitigate cyber risks, vulnerabilities and attacks as highly effective.

  • 60% of small companies go out of business within six months of a cyber attack.

Ransomware

According to the Symantec report, in 2018, enterprises accounted for 81% of all ransomware infections. While overall ransomware infections were down, enterprise infections were up by 12% from the 2017 level.

With ransomware, hackers gain access to your IT system, lock it down and demand a ransom to release it. The ransom usually has to be paid in bitcoin or other cryptocurrency so that the criminals can avoid detection.

Phishing and malware

One of the most common ways for criminals to compromise an organization’s data is through phishing, a process through which employees are sent e-mails with links, which if they are clicked, gives the hackers entry into the company’s computer systems. Malware is usually the code that is inserted into the computer system to either slow systems down or to access the information.

What you can do

  • Install anti-malware software – This can weed out the latest malware before it does damage.

  • Keep your software up to date – Using up-to-date versions of operating systems, applications, firmware and browser plug-ins helps protect against the latest threats by patching security vulnerabilities.

  • Use strong passwords – Use a password manager tool to generate unique passwords and securely store your log-ins.

  • Lock down your devices – If your staff uses company-owned devices, or you allow them to use their own, require that the devices are locked with a password, fingerprint or other method.

  • Think twice before downloading – Remind staff to be cautious about downloading new software or browser plug-ins.

  • Click carefully – Teach your staff to look for telltale signs of phishing e-mails that prompt them to click on malicious links.

The ultimate protection

Cyber-liability insurance covers losses that result from data breaches and other cyber events.

While cyber-liability policies vary among insurers, there are some common threads:

Loss or damage to data – Many policies cover the costs to restore or recover lost, stolen or corrupted data, and may also cover the cost of outside experts or consultants you hire to preserve or reconstruct your data.

Loss of income or extra expenses – Many policies cover income you lose and extra expenses you incur to avoid or minimize a shutdown of your business after your computer system fails due a covered peril. The perils covered may be the same as those covered under damage to electronic data.

Cyber-extortion losses – Cyber-extortion coverage applies when a hacker or a cyber thief breaks into your computer system and demands a ransom to unlock it, or to not damage the data. Extortion coverage typically applies to expenses you incur (with the insurer’s consent) to respond to an extortion demand, as well as the money you pay the extortionist.

Notification costs – Policies may cover the cost of notifying parties affected by the data breach by government statutes or regulations. They may also include the cost of hiring an attorney to assess your firm’s obligations under applicable laws and regulations.

Network security liability – This covers lawsuits that individuals or companies file against your organization alleging negligence on your part for failing to adequately protect data belonging to customers, clients, employees or other parties.

BGES Group Insurance

Worker’s Compensation – If You are a New York Contractor Who Works In New Jersey or Connecticut and Has Coverage Thru State Plan Make Sure To Read This Article.

BGES Group Insurance

Employers must buy insurance to cover workers’ compensation claims. This type of insurance provides funding for injured employees, and employers also receive protection from lawsuits stemming from a worker’s injuries. State laws govern workers’ compensation, and every state has a slightly different set of rules and payment rates. To learn about a specific state’s workers’ compensation laws, it is best to contact an agent for more details. The United States Department of Labor also provides information on its official site.

What Is Covered Under Workers’ Compensation

Only work-related illnesses and injuries are covered by workers’ compensation. However, this does not mean the injury has to happen in the workplace. If an employee is injured while out driving a company car off the premises of the workplace, the injuries will be covered. Both sudden and gradual injuries are covered if they are work related. An example of a sudden injury is an employee falling off of a ladder, and a gradual injury might be a foot condition that develops from walking or standing on a concrete floor every day for several years.

What Workers’ Compensation Does Not Cover

Some problems that happen in the workplace are not covered. Some of the following situations are examples:

– Self-inflicted injuries
– Injuries from drug or alcohol use
– Injuries resulting from horseplay
– Injuries following termination or a layoff
– Injuries sustained from fighting
– Felony-related injuries
– Independent contractor injuries
– Injuries sustained while off duty but on workplace premises

If You’re a New York, New Jersey or Connecticut Contractor Watch for These Five (5) Problems

1. Do you have employees working out of state weeks at a time?  Are you insured through a state plan?  If so, there’s a good chance you WILL NOT have coverage for a claim that occurs out of state that is filed in that state.

Example: You are a New York contractor who takes a job in New Jersey.  Job will last 5 weeks.  You have coverage through state plan.  Employee sustains a back injury.  He hires an attorney and files claim under New Jersey workers compensation laws.  Most likely, your plan will decline claim.  Can you afford paying $50,000, $100,000 out of pocket?  Do you want to deal with his attorney for years and the financial drain it will cause?

Note: Many New York contractors who work out of state have this problem but do not realize it.  Some do, take out a N.J. workers comp policy, but audits become a problem.  There is a MUCH better way–>

Solution: We have a Worker’s Compensation program that will cover you while working in New York, New Jersey, Connecticut and most other states.  It provides “THE RIGHT” protection.

2. You are a general contractor that does carpentry (19%), masonry (25%), painting (13%), drywall (11%) and tiling (8%).  You do not keep detailed records as to work employees perform daily.  When your workers comp insurance company does their audit they take all payrolls and assign to highest rated class code, masonry (25%).  You end up paying thousands more than you have to.

Solution: We have a Worker’s Compensation program that will allow you to separate payrolls by class codes so you do not overpay.

3. At audit is your company charging you for vendors claiming they are uninsured subs?  Are you also being charged for uninsured subs that have coverage?  Are charges being made for audited policy period and renewal policy term making it impossible to pay?

Solution: We have a Worker’s Compensation program whose auditors are flexible, agreeable, accommodating.  We also will help you collect certificates of insurance from subs so at audit time you do not have these problems.

4. Do you receive audit bills for tens of thousands of dollars?  When business is slow are you still paying the same monthly premium payment?  Do you have to come up with a 10% – 25% renewal deposit every year?

Solution: We have a Worker’s Compensation program that eliminates all of the above issues.

5. At audit time if your receipts are high compared to your payroll does your insurance company create fictitious payroll?   Do you end up getting audit bills that are impossible to pay so policy cancels for non pay?

Solution: We have a Worker’s Compensation program whose auditors are reasonable, flexible, you can talk to, who you can reach by phone and email.  You will always be able to reach someone and get help.

To Speak With Us Call 914-806-5853, click here to email or click here to visit our website .

About BGES:

[embedyt] https://www.youtube.com/watch?v=eWFmjYirlkw[/embedyt]

BGES Group’s office is a full service agency offering funding, property, liability, umbrella liability, auto, bid & performance bonds, inland marine, worker’s compensation, New York State Disability and health insurance coverages too.

BGES Group are worker’s compensation specialists (NY, NJ, CT) insuring contractors, limousine services, auto services, local truckers, manufacturers and staffing agencies (Note: we can insure any business).  Workers Compensation issues we address:  1) Lowering rates – our specialty programs have been able to save businesses up to 40%; 2) Being non renewed?  3) Audit disputes; 4) Lowering high experience modifications factors; 5) Misclassification of payrolls; 6) Lowering or eliminating renewal deposits; 7) Getting coverage when you’ve been without for a few months; 8) Covering multiple states under one policy; 9) Eliminating 10% service or policy fees; 10) Timely issuance of certificates; 11) Always being able to get someone on the phone or by email when you need to.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50 insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages to.

ALERT NEW JERSEY  & CONNECTICUT CONTRACTORS:  We have an extremely competitively priced General /Excess Liability program.  You want to lower these costs, get a quote today!  Call Gary Wallach at 914-806-5853 or click here.

To Speak With Us Call 914-806-5853, click here to email or click here to visit our website .

http://www.bgesgroup.com or http://www.workerscomp.store

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY  10538

e-mail: bgesgroup@gmail.com

(C) – Copyright – BGES Group

Contractor Insurance

Worker’s Compensation – If You are a New York, New Jersey or Connecticut Contractor You’ll Want To Read This!

Contractor Insurance

Employers must buy insurance to cover workers’ compensation claims. This type of insurance provides funding for injured employees, and employers also receive protection from lawsuits stemming from a worker’s injuries. State laws govern workers’ compensation, and every state has a slightly different set of rules and payment rates. To learn about a specific state’s workers’ compensation laws, it is best to contact an agent for more details. The United States Department of Labor also provides information on its official site.

What Is Covered Under Workers’ Compensation

Only work-related illnesses and injuries are covered by workers’ compensation. However, this does not mean the injury has to happen in the workplace. If an employee is injured while out driving a company car off the premises of the workplace, the injuries will be covered. Both sudden and gradual injuries are covered if they are work related. An example of a sudden injury is an employee falling off of a ladder, and a gradual injury might be a foot condition that develops from walking or standing on a concrete floor every day for several years.

What Workers’ Compensation Does Not Cover

Some problems that happen in the workplace are not covered. Some of the following situations are examples:

– Self-inflicted injuries
– Injuries from drug or alcohol use
– Injuries resulting from horseplay
– Injuries following termination or a layoff
– Injuries sustained from fighting
– Felony-related injuries
– Independent contractor injuries
– Injuries sustained while off duty but on workplace premises

If You’re a New York, New Jersey or Connecticut Contractor Watch for These Five (5) Problems

1. Do you have employees working out of state weeks at a time?  Are you insured through a state plan?  If so, there’s a good chance you WILL NOT have coverage for a claim that occurs out of state that is filed in that state.

Example: You are a New York contractor who takes a job in New Jersey.  Job will last 5 weeks.  You have coverage through state plan.  Employee sustains a back injury.  He hires an attorney and files claim under New Jersey workers compensation laws.  Most likely, your plan will decline claim.  Can you afford paying $50,000, $100,000 out of pocket?  Do you want to deal with his attorney for years and the financial drain it will cause?

Note: Many New York contractors who work out of state are faced with this problem and do not even realize it.

Solution: We have a Worker’s Compensation program that will cover you while working in New York, New Jersey, Connecticut and most other states.  It provides “THE RIGHT” protection.

2. You are a general contractor that does carpentry (19%), masonry (25%), painting (13%), drywall (11%) and tiling (8%).  You do not keep detailed records as to work employees perform daily.  When your workers comp insurance company does their audit they take all payrolls and assign to highest rated class code, masonry (25%).  You end up paying thousands more than you have to.

Solution: We have a Worker’s Compensation program that will allow you to separate payrolls by class codes so you do not overpay.

3. At audit is your company charging you for vendors claiming they are uninsured subs?  Are you also being charged for uninsured subs that have coverage?  Are charges being made for audited policy period and renewal policy term making it impossible to pay?

Solution: We have a Worker’s Compensation program whose auditors are flexible, agreeable, accommodating.  We also will help you collect certificates of insurance from subs so at audit time you do not have these problems.

4. Do you receive audit bills for tens of thousands of dollars?  When business is slow are you still paying the same monthly premium payment?  Do you have to come up with a 10% – 25% renewal deposit every year?

Solution: We have a Worker’s Compensation program that eliminates all of the above issues.

5. At audit time if your receipts are high compared to your payroll does your insurance company create fictitious payroll?   Do you end up getting audit bills that are impossible to pay so policy cancels for non pay?

Solution: We have a Worker’s Compensation program whose auditors are reasonable, flexible, you can talk to, who you can reach by phone and email.  You will always be able to reach someone and get help.

To Speak With Us Call 914-806-5853, click here to email or click here to visit our website .

[embedyt] https://www.youtube.com/watch?v=eWFmjYirlkw[/embedyt]

About BGES:

[embedyt] https://www.youtube.com/watch?v=eWFmjYirlkw[/embedyt]

BGES Group’s office is a full service agency offering funding, property, liability, umbrella liability, auto, bid & performance bonds, inland marine, worker’s compensation, New York State Disability and health insurance coverages too.

BGES Group are worker’s compensation specialists (NY, NJ, CT) insuring contractors, limousine services, auto services, local truckers, manufacturers and staffing agencies (Note: we can insure any business).  Workers Compensation issues we address:  1) Lowering rates – our specialty programs have been able to save businesses up to 40%; 2) Being non renewed?  3) Audit disputes; 4) Lowering high experience modifications factors; 5) Misclassification of payrolls; 6) Lowering or eliminating renewal deposits; 7) Getting coverage when you’ve been without for a few months; 8) Covering multiple states under one policy; 9) Eliminating 10% service or policy fees; 10) Timely issuance of certificates; 11) Always being able to get someone on the phone or by email when you need to.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50 insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages to.

ALERT NEW JERSEY  & CONNECTICUT CONTRACTORS:  We have an extremely competitively priced General /Excess Liability program.  You want to lower these costs, get a quote today!  Call Gary Wallach at 914-806-5853 or click here.

To Speak With Us Call 914-806-5853, click here to email or click here to visit our website .

http://www.bgesgroup.com or http://www.workerscomp.store

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY  10538

e-mail: bgesgroup@gmail.com

(C) – Copyright – BGES Group