Understanding the Purpose of Certificates Of Insurance

When stores lease real estate spaces or construction firms win jobs, the party on the other end usually has a very specific set of requirements.  

One of the main requirements is that the tenant, contractor or borrower show proof that he or she has adequate insurance.  

Copies of insurance documents may be sufficient. But, not all companies want copies of documents sitting around.  

A very helpful substitute for document copies is a certificate of insurance.  How it works 

A certificate of insurance is a standardized document that will show:The typesof coverage the policyholder has purchasedThe effective and expiration dates of the policy, and The limits of liability coverage.  In short, it provides evidence that a company is insured. This item is simple to create and store. Unfortunately, not all firms and insurance buyers fully understand them.ACORD constructed the forms that are most commonly used. According to their instructions these certificates are intended for informational purposes.  

When some businesses receive these certificates, they think the items are contracts. But, the certificate is simply a snapshot of insurance provisions. It indicates that a policy exists, but it is not the document that actually provides coverage. The only document that actually provides coverage is the policy itself. When you need one 

Companies and individuals that hire contractors want to be certain that they will not be held liable for injuries, damages or substandard work. For this reason, they will frequently request to see a certificate of insurance. 

If your company has been contracted to do work and is asked for proof of insurance, we can provide you with a certificate of insurance if you have purchased coverage through us.  

Many businesses want these certificates to have specific terms, phrases or words. But agents have legal boundaries for such requests. The only way agents can add wording to a certificate is if the listed policies contain that wording. Changes are not always allowed.Many states prohibit agents from handing out certificates implying provisions that are not included in the policies.  

For example, a certificate holder may want the item to state that coverage is primary and noncontributory. However, policies that do not reflect such information cannot have certificates that indicate otherwise.  

Before you sign papers for leases or construction jobs, you should verify coverage requirements with us. 

Don’t be alarmed or taken off guard if a client requests the addition of their name or business as a certificate holder on your certificate.  

Oftentimes, this is easily accommodated, but you must submit a request to your insurance agent so that they can review and issue your certificate accordingly. Act now 

Don’t wait until a client asks you to provide evidence of business insurance coverage. You can be proactive and have your document ready.  

When working with a new client, the last thing you want is to hurt your company’s reputation and lose clients because you have not requested your insurance certificate in advance.  

 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, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.                                                                                     

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) – 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 competitively priced (savings up to 50%)  General Liability, Umbrella Liability, Business Auto, Workers Compensation program.  Want to lower these costs?  Get a quote today!   

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft.  This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of.  Under our program you can protect yourself, spouse and children.  Anyone you know can purchase this protection though our plan!  Click here to learn more or sign up.                                                                                                   
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. 

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

e-mail: bgesgroup@gmail.com
website: http://www.bgesgroup.com
© – Copyright – 2019 – BGES Group

Get the Injured Worker Back on the Job the Right Way

Workers’ compensation premiums represent a major personnel expense for most organizations. Injuries that cause employees to miss work are especially costly, in terms of both lost wage compensation and lost productivity. Also, the longer a worker is disabled and unable to work, the more his future earning power decreases and the more likely it becomes that he will hire an attorney. For these reasons, it is advantageous to both employer and employee to get the injured worker back on the job as soon as possible. As a result, many employers have implemented return to work programs.

Under a return to work program, the injured employee performs a different job while receiving his prior level of pay. The new job should be matched to his current physical capability, reflecting his state of recovery from the injury. To succeed, this requires a good working relationship between the employer and treating physician. The employer needs accurate information as to the tasks the worker can safely perform; otherwise, the result may be a second, more severe injury. If the worker’s physician will not cooperate or provide a realistic estimate, the employer or insurance company may have to require a physical examination by an independent physician.

A return to work program should be one piece of a comprehensive and coordinated loss management program. The elements of the program should include:

* Immediate reporting and investigation of accidents

* Arrangement of primary medical care

* Return to work program

* Regular communications with the injured worker

To assist in the arrangement of primary care, the employer should provide the treating physician with job descriptions that explain each job’s physical tasks in detail. Meetings with the physician to explain the nature of the employer’s operation will help match a job to the worker’s capabilities. Communications between the physician and the employer are vitally important. The employer may want to arrange for direct reports from the physician or regular reports delivered by the employee. The ideal situation is one where the employee can assume light duties without missing any time. Barring that, limiting lost time to a week or two will still keep the claim’s cost down, resulting in premium savings for the employer. The experience modification formula, which adjusts the premium based on loss history, gives the most weight to losses of $5,000 or less. Getting the injured worker back on the job quickly will help keep the loss well under that limit. Since losses remain in the calculation for three years, the effect of holding down claim costs is long lasting.

Of course, return to work programs have pros and cons. The pros include:

* Limiting or eliminating lost work time

* Keeping the worker involved in the work environment

* Eliminating the need to locate, hire and train a replacement

* Increasing the chances of success should the worker refuse the new duties and sue for lost wage benefits, since the employer can show that it made a reasonable job offer

Among the cons are:

* The employer will pay the employee’s full wage for reduced productivity

* An employee with a bad attitude about his alternative duties could lower morale among the other employees

* If the alternative arrangement does not work out, returning the employee to lost wage benefits will wipe out any cost savings

While individual cases might not produce the desired results, employers should realize long-term savings by implementing return to work programs. Beyond the verifiable dollar savings, return to work programs can give the employer a more stable, happier workforce and a good reputation with potential employees.

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, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.         

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) – 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 competitively priced (savings up to 50%)  General Liability, Umbrella Liability, Business Auto, Workers Compensation program.  Want to lower these costs?  Get a quote today!     

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft.  This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of.  Under our program you can protect yourself, spouse and children.  Anyone you know can purchase this protection though our plan!  Click here to learn more or sign up.       

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.

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2019 – BGES Group

Is Your Workers Compensation Plan a Pork Barrel for Would-be Scammers

BGES Insurance Fraud

Scamming “the man” can be a favorite pastime among some employees, and one of the best places to run a con is through your workers’ compensation plan.� If you aren’t vigilant, a good scam artist can perpetuate the fraud for a very long time.

The most common garden-variety type of workers’ comp fraud is the phony workplace injury that’s discovered later, when the employee is accidentally caught doing heavy lifting or seen working for another employer while collecting benefits.� Fraudulent claims can also occur when an employee complains of unseen ailments or extends the length of a legitimate claim because he doesn’t want to go back to work.

No matter what form it takes, everyone in the company feels the effects of workers’ comp fraud.� Other employees may have to put in more hours to compensate for the lost productivity, or an employer may have to decrease the percentage of annual raises because of higher workers’ comp premiums.

How can you evaluate the potential for workers’ comp fraud at your company? These are some signals that will alert you to a possible scam in the making:

�         If an employee has an accident shortly after arriving on Monday morning, this can be a sign of a scheme because the injury may have resulted from weekend activities.

�         If an injured worker refuses treatment from a doctor or physical therapist, it could be cause for concern.� Their reluctance to receive treatment could be an attempt to keep a phony injury from being discovered.

�         If a disgruntled employee or one who knows they are about to be laid off files a workers’ comp claim, it may be a ruse to get even with the employer.

Of course, while it is important to be alert to possible fraudulent claims, it is far more important to prevent them from happening in the first place.� According to theCoalition Against Insurance Fraud, there are several things you can do to combat workers’ comp fraud in your company:

�         Verify references and background information carefully.

�         Publicize your workers’ comp policy to all new and current employees, and provide them with updates at least once each year.

�         Spread the word that money paid for fraudulent claims comes out of the employer’s pocket, and can directly impact salary increases for employees.

�         Educate supervisors on workers’ comp issues, including how injuries decrease productivity and how costs affect the bottom line.

�         Display fraud awareness posters and the National Insurance Crime Bureau’s fraud hotline number.

�         Work with your insurer to implement a safety-management program that can eliminate possible safety problems.

�         Be aware of workers’ comp fraud indicators when a claim is made.

�         If you suspect a fraudulent claim and have evidence or witnesses to back up your suspicion, contact your insurer’s special investigations unit immediately.

�         Pay attention to employee complaints and concerns about their working conditions.� The strongest predictor of fraud is a chronically disgruntled work force.

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, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.         

Special Contractor Insurance Programs (NY) – 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 competitively priced (savings up to 50%)  General Liability, Umbrella Liability, Business Auto, Workers Compensation program.  Want to lower these costs?  Get a quote today!         

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.                               

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft.  This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of.  Under our program you can protect yourself, spouse and children.  Anyone you know can purchase this protection though our plan!  Click here to learn more or sign up.       

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.

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2019 – BGES Group