Construction Workers

Unhappy with Your General Liability Rates? Umbrella Liability Pricing?

We Have 50 Companies To Shop Your Insurance To.  We are One of Tri-States Leading Construction Specialists and Know What To Do To Get Our Client’s Better Rates and Coverage!
Contractors – Is Your Liability Insurance with a Surplus Lines Company?  Want To Get Back Into a “Main Street” Company With Lower Rates, Less Exclusions, Less Restrictions, Better Coverage?

Unhappy with your general liability rates?  Umbrella liability pricing?  Are your liability policies riddled with restrictions and exclusions? Are these restrictions and exclusions preventing you from getting work? 

Well there may be help on its way!  Our agency specializes at construction insurance and has 50+ companies to market your account to.  A few of our companies, which are “Main Street Type Companies”, because of the volume and relationships we have, are quoting FOR US contractors they would not have considered these past few years.  For example we just reduced a Queen’s contractor’s liability premium from $370,000 to $177,000.  That’s a $193,000 savings!  Got rid of a lot of exclusions and restrictions too!  Ask yourself–> 

Questions

Is your liability insurance with a “Surplus & Excess Lines” insurance company?  Higher risk contractors end up insured through these type carriers.  Rates are higher, coverage is more restrictive.  We may now have a better solution for you.                                                                                                                                                         
Do you have a “Composite Rate” which uses “Sales” to determine premium?  Or is your policy pricing based on payroll and sub contracted costs?  Many prefer payroll and subcontracted costs.  If you are one of them we may be able to help you.                                                                                                                                       
Do you have a “Labor Law” exclusion on your policy?   Would you like this coverage if affordable?                                                                                                                                                         
 Does your liability policies have a “Hammer Clause” that mandates your subs carry certain limits and coverage and have a written executed insurance and hold harmless agreement in place for each sub?   Would you like to eliminate “Hammer Clause” from your policy?                                                                                                                                                                     Does your liability policy have a “Contractors Limitation” endorsement?  This endorsement restricts the type of work covered by your policy.  Would you like to avoid form being in your policy?                                                                                                                                                                               Does your liability policy have “Contractual Liability?”  Do you sign customer contracts?  This is very important to know.                                                                                                                               
Are your policies preventing you from getting work?  How would you like policies that almost no one has a problem with?                                                                                
Are your subs carrying the right insurance?  How are you checking to make sure?  Would you like your insurance agency to help screen subs insurance?  We have a solution.                                                                                                                                                                                                                    Construction contracts you sign, who checks them to make sure you’re in compliance with their insurance requirements?  Is your insurance agency helping you?   We have a solution.                                                                                                                                                                                               Are you unhappy with your Workers’ Compensation pricing, company, service?  In the middle of an audit dispute and being told pay or be cancelled?  In a state or assigned risk plan BUT work out of state weeks at a time (if so you may not have coverage for an out of state claim.  You need to understand this before you have a claim.  Call and we will explain)?  We have great solutions.  We have a plan where you may not be audited annually too.  It’s easy to get a quote. 

There’s push for business!  We are available to speak Monday thru Sunday anytime.  Let us try to get you out of your present coverage situation and hopefully better your plan!   If we can save a Queen’s contractor $193,000 we may be able to do something incredible for YOU!  

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.                                                                                

NJ & CT 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

Protect Your Officers with Drive Other Car Coverage

Linda is a junior partner in a law firm and drives a car that the firm owns and insures. The firm’s auto insurance covers her as a partner and she doesn’t own another car, so she sees no need to have her own policy.  

Most of the time, this is not a problem. However, spring break comes and she takes her kids to DisneyWorld. She rents a car at the Orlando airport and never gives a thought to whether her firm’s insurance will cover her if she has an accident with the rental. In this case, a phone conversation with the firm’s insurance agent would have been a great idea.

While driving to her hotel one night, Linda rear-ends a new Lexus. The damage to the other car is extensive; Linda looks to her firm’s auto liability coverage for the cost of repairing it. 

The ISO Business Auto Policy covers the person or organization shown in the policy declarations (the information page at the beginning.) In this case, the name shown in the policy Declarations is the name of Linda’s firm. 

The policy goes on to say that, for liability insurance, the firm is an insured and so is anyone else using, with the firm’s permission, a covered auto the firm owns, hires or borrows, with some exceptions. 

Unfortunately for Linda, the firm didn’t rent the car; she did … in her own name. Consequently, the firm’s insurance will not cover her liability for this accident. She will be forced to pay for it out of her own funds.

However, there are a couple of policy endorsements that her firm could have purchased that would have solved Linda’s problem. 

Drive Other Car Coverage – Broadened Coverage for Named Individuals

The insurance company will require the insured to list the names of one or more individuals on the endorsement. 

The change extends several of the policy’s coverages so that they apply to the listed individuals and their resident spouses. This endorsement comes with some significant limitations:

  • It extends to the listed individuals coverages that the policy already provides; it does not add coverages not provided. If the firm’s policy does not provide collision coverage on its vehicles, Linda would not have collision coverage on a car she rents.
  • It covers the named individual’s spouse if they live together. If Linda is married to Jim, Jim automatically has coverage for a car he rents in his name. 
  • The only family member it automatically covers is the resident spouse. It will not cover any other family members in the household unless the endorsement specifically lists their names.

Individual Named Insured

An alternative to this endorsement is to list individuals’ names in the policy declarations along with the firm’s name and attach an endorsement called Individual Named Insured. 

The endorsement covers the individual listed in the declarations and automatically covers the person’s resident spouse and family members. It also covers these individuals should they injure another of the firm’s employees.

These policy changes affect several coverages, including liability, uninsured motorist, medical payments, and physical damage. 

If you are considering doing this, you should consult with us to discuss the endorsements’ details and identify the one that will best insure the concerned individuals. With the right coverage in place, Linda can enjoy her vacation without having to worry about who will pay for the fender-bender.

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.

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

Study Finds Physical Medicine Reduces Opioid Use Among Injured Workers

Physical medicine treatments like physical therapy, acupuncture and chiropractic care correspond with reduced opioid prescription use among injured workers, a new study has found.

Workers who were treated using physical medicine while also being prescribed an opioid all received lower doses of prescribed opioids compared with workers with similar injuries who did not receive physical treatment, according to the study by the Workers’ Compensation Insurance Rating Bureau of California.

The study shows great promise for reducing opioid use among injured workers, who are all susceptible to the possibility of addiction if prescribed these high-powered painkillers for extended periods of time.

An enormous threat

Opioid overdoses have become one of the biggest public health threats in the United States over the past decade and the costs to the workers’ comp system have been tremendous. That’s because when an injured worker who has been prescribed opioids becomes addicted to them, the insurer will also have to pay for addiction treatment, which in turn increases the cost of the claim and has a negative impact on the employer’s workers’ comp rates. 

The use of physical medicine has increased in California since 2014, when the state workers’ compensation fee schedule increased reimbursements for these treatments. The study found that since then, physical medicine has accounted for a larger proportion of total medical costs per claim.

But the increased expenditures may be worth it if opioids are also prescribed to injured workers. The Rating Bureau found that:

  • For claims involving physical medicine, there was a continuous and sharp decline (86%) in the utilization of both opioids and other pain medications.
  • Meanwhile, there was a rapid increase (70%) in the concurrent use of physical medicine treatments and medical treatments other than pain medications.
  • Among soft-tissue injury claims that had at least one opioid prescription within one year of the injury, those with early physical therapy had, on average, significantly lower doses (23%) of opioids prescribed than similar claims without early physical treatment.
  • Soft-tissue injury claims involving physical therapy during the first 30 days of the initial medical visit were less likely to initiate opioid use within one year of the injury, compared to similar claims without early treatment.
  • While chiropractic care was less frequently used on soft-tissue injury claims, its early use was found to be associated with a significantly lower probability of opioid use.

Increased contact beneficial

Some experts also say that increased contact with an injured worker can reduce the chances of them abusing these high-powered painkillers. 

Physicians who treat injured workers tend to spend significantly less time with them compared to doctors treating group health plan patients, according to a report in the trade publication <i>Carrier Management</i>.

Having more one-on-one time with their treating physician, group health patients are often better educated about the types of treatment available to them, including opioid alternatives. As a result, these individuals are less likely to get a prescription that may not be the best treatment option for them.

Opioids can delay an injured worker’s return to work. Sadly though, workers who take opioids for more than three months usually don’t return to work at all, due to dependence or other side effects, according to a study by the American Psychiatric Association Foundation.

Not only that, but a person using opioids can pose a danger to themselves and others while on the job. And workers with a pain-medication use disorder miss an average of 29 days a year of work, according to the Centers for Disease Control.

The takeaway

If you have an injured worker, you can talk to your workers’ comp carrier’s claims adjuster about possible physical medicine approaches:

  • If there are opioids prescribed, talk to the insurer about how you can play a supporting role in trying to prevent the worker from spiraling into addiction.
  • To best reduce the chances of opioid abuse, there should be collaboration between the claims adjuster, nurse case manager, treating physician and the employee.
  • The treating physician should continuously monitor the injured worker throughout the life of the claim, and the doctor should be in regular communication with the claims adjuster.
  • There are many alternatives to opioid treatment, including acupuncture, cognitive behavioral therapy, physical therapy, chiropractic treatment and yoga.

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

Protecting Your Firm as an Additional Insured

IN THE course of doing business, you may sometimes find yourself entering into contracts requiring that your firm be named as an additional insured on another party’s insurance policies. 

This is often done to make sure that your own insurance is not depleted by defense and indemnification costs for losses for which you may be legally liable as a result of the business relationship you have with the other party, but that are not due to your own firm’s direct negligence.  

Definition:  An individual or entity that is not automatically included as an insured under the policy of another, but for whom the named insured’s policy provides a certain degree of protection.

When to Be an Additional Insured

There are many times when you may want your firm included as an additional insured on another’s policy. Here are just a few examples:

  • If you are a building owner, you want to be an additional insured on the property and general liability insurance of your tenants in case one of them damages your building or in case a visitor to the property is injured.
  • If you are the owner or a contractor on a construction project, you want to be an additional insured on the general liability insurance of your contractors and subcontractors in case there is an injury to one of their employees.
  • If you are a distributor or a retailer, you may want to be an additional insured on the insurance programs of the manufacturers of the products that you sell.
  • If a contractor comes onto your property to perform work of any type, including erecting displays or maintenance or structural work, you will want to be named as an additional insured on their policy in case the display falls on someone, or someone is injured due to the work they are performing. You don’t want to be held responsible for any dangers or injuries created by their work.

If you are to become an additional insured on another company’s policy, confirm that the other party has indeed named your company as such with their insurance company. 

You should ask for a copy of the policy that explicitly lists your company as an additional insured. You want to see a copy of the policy and the certificate of insurance, although the latter is not sufficient proof that your company has been added. 

Additional insured status is effectively conferred through an additional insured endorsement to the other party’s original insurance policy. 

An endorsement serves as an amendment to the terms of the policy that is incorporated into the relevant insurance policy. These amendments can take the form of an endorsement that specifically names a particular additional insured, or a general endorsement that identifies some class of parties as additional insureds. 

If there is a dispute about your company’s status as an additional insured, you will want to have in hand not only the other party’s certificate of insurance, but also a copy of the policy itself and the endorsement that makes your company an additional insured. 

There are a few best practices that you can implement to help make certain your firm’s status as an additional insured has been properly secured:

  • At a minimum, always insist on receiving a copy of the relevant additional insured endorsement, as this is the instrument that establishes additional insured status;
  • An additional insured endorsement does not, however, state an insurance policy’s terms and conditions. In order to avoid being surprised by unexpected policy terms (such as strict notice requirement or unfavorable notice of cancellation provisions), you should ask for and receive a copy of the entire insurance policy under which you are an additional insured, and be sure to read it;
  • Retain additional insured endorsements and the relevant insurance policies for as long as there is any potential that claims triggering those policies might be made.
  • 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. 

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

Employer Guide for Dealing with the Coronavirus

As the outbreak of the 2019 novel coronavirus gains momentum and potentially begins to spread in North America, employers will have to start considering what steps they can take to protect their workers while fulfilling their legal obligations.

Employers are in a difficult position because it is likely that the workplace would be a significant source of transmission among people. And if you have employees in occupations that may be of higher risk of contracting the virus, you could be required to take certain measures to comply with OSHA’s General Duty Clause.

On top of that, if you have workers who come down with the virus, you will need to consider how you’re going to deal with sick leave issues. Additionally, workers who are sick or have family member who have stricken, may ask to take time off under the Family Medical Leave Act.

Coronavirus explained

According to the Centers for Disease Control, the virus is transmitted between humans from coughing, sneezing and touching, and it enters through the eyes, nose and mouth.

Symptoms include a runny nose, a cough, a sore throat, and high temperature. After two to 14 days, patients will develop a dry cough and mild breathing difficulty. Victims also can experience body aching, gastrointestinal distress and diarrhea.

Severe symptoms include a temperature of at least 100.4ºF, pneumonia, and kidney failure.

Employer concerns

OSHA – OSHA’s General Duty Clause requires an employer to protect its employees against “recognized hazards” to safety or health which may cause serious injury or death.

According to an analysis by the law firm Seyfarth Shaw: If OSHA can establish that employees at a worksite are reasonably likely to be “exposed” to the virus  (likely workers such as health care providers, emergency responders, transportation workers), OSHA could require the employer to develop a plan with procedures to protects its employees.

Protected activity – If you have an employee who refuses to work if they believe they are at risk of contracting the coronavirus in the workplace due to the actual presence or probability that it is present there, what do you do? 

Under OSHA’s whistleblower statutes, the employee’s refusal to work could be construed as “protected activity,” which prohibits employers from taking adverse action against them for their refusal to work.

Family and Medical Leave Act – Under the FMLA, an employee working for an employer with 50 or more workers is eligible for up to 12 weeks of unpaid leave if they have a serious health condition. The same applies if an employee has a family member who has been stricken by coronavirus and they need to care for them.

The virus would likely qualify as a serious health condition under the FMLA, which would warrant unpaid leave.

What to do

Here’s what health and safety experts are recommending you do now:

  • Consider restricting foreign business trips to affected areas for your employees.
  • Perform medical inquiries to the extent legally permitted.
  • Impose potential quarantines for employees who have traveled to affected areas. Ask them to get a fitness-for-duty note from their doctor before returning to work.
  • Educate your staff about how to reduce the chances of them contracting the virus, as well as what to do if they suspect they have caught it.

If you have an employee you suspect has caught the virus, experts recommend that you:

  • Advise them to stay home until symptoms have run their course.
  • Advise them to seek out medical care.
  • Make sure they avoid contact with others.
  • Contact the CDC and local health department immediately.
  • Contact a hazmat company to clean and disinfect the workplace.
  • Grant leaves of absence and work from home options for anyone who has come down with the coronavirus.

If there is a massive outbreak in society, consider whether or not to continue operating. If you plan to continue, put a plan in place. You may want to:

  • Set a plan ahead of time for how to continue operations.
  • Assess your staffing needs in case of a pandemic.
  • Consider alternative work sites or allowing staff to work from home.
  • Stay in touch with vendors and suppliers to see how they are coping.
  • Consider seeking out alternative vendors should yours suddenly be unable to work.

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.

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! 

Smart Home Security Systems – Protect and manage what matters most.  You’re in control with simple, affordable security, and home automation.  Click here to learn more.

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

How Workers’ Comp Experience Rating can Save you Money

How does safety pay dividends to the business owner? Time and resources spent on developing a culture of safety repays the business in the long run. Safety cultures rely on reducing the number of workers compensation claims, in return, the odds of a disastrous claim are reduced.

Business owners with workers’ compensation experience modifications above 1.25 need to review their safety policies with professionals. It is possible one year or even one claim causes this situation; but it should not be ignored. Discover and repair the root cause.

A 1.01 to 1.25 modification indicates worse than average experience. State rates can be less than adequate for a short period of time. The actuarial or mathematical calculations just incorrectly reflect the average expected claims. Slightly elevated modifications may be caused by these issues; however, review your losses by department in these cases and see if a problem area exists.

For slightly elevated modifications, review the safety program and types of losses. Seek out a professional risk manager for help if needed. Look for patterns in the losses, and consider changes in safety equipment or procedures to reduce problem issues.

Proactively nurturing a safety culture will pay long-term dividends. Experience modifications will decrease with positive results. How?

Each state calculates workers’ compensation experience modifications independently. Many states do utilize the services of the National Council on Compensation Insurance (NCCI) to gather data and promulgate base rates and experience modifications; but each state regulates its own workers’ compensation system.

Workers’ compensation experience rating predicts future behavior by analyzing past performance. It is a consequence of loss control performance, neither a reward for no losses nor a punishment for too many claims.

The generic formula for experience modifications follows some rules:

Just as payrolls are the basis for the standard premium, they form the basis for expected claims. Payroll is multiplied by an average claim factor to produce total expected claims.A discount factor is then applied to predict the potential severity of the claims.The product of this equation is expected losses.Actual medical only (MO) claims combine and report as a number of claims/total amount. Some states designate the MO claims as primary (maximum average) and excess, and then apply a discount rate to one or both of these amounts.Most states set a limit on the value of any one claim, and then discount large claims on a sliding scale.This historical claim experience is divided by expected losses. That quotient is the experience modification.

The insurance industry spends millions of dollars to find ways to predict the future. Loss analysts discovered one important fact: the best predictor of future claims is the frequency with which companies suffer losses in the past.

Frequency reflects the number of claims per employee, usually expressed as claims per payroll unit ($100), claims per year, or claims per time unit. Frequency, however, more importantly, reflects the safety culture of the business.

If the frequency of claims is predictable, how about the severity of an individual loss? No, severity, the magnitude of the loss, is not predictable. With greater frequency, however, comes greater odds that a severe claim will occur.

Experience modifications indicate the status of the safety culture within a business. Good management listens to risk management and loss control experts who ultimately reduce workers’ compensation costs. 

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.

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! 

Smart Home Security Systems – Protect and mange what matters most.  You’re in control with simple, affordable security, and home automation.  Click here to learn more. 

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