Term vs. Permanent Life Insurance

Posted on May 17, 2021May 17, 2021 by BGESGroup

You hear a lot on TV and the radio debating the merits of term insurance versus the merits of permanent life insurance policies, including whole life and universal life insurance.

Anyone who advocates 100% for or against any kind of life insurance structure is missing the point: The best kind of insurance to own is the kind that is in place when the insured dies.

And here’s the corollary to that law: The best amount of life insurance to buy is the amount you can easily afford. There is definitely a place for term insurance, and definitely a place for permanent insurance. The most important principles to bear in mind are these: Purchase the policy that:

1.) You can afford,

2.) Best fits your need, and

3.) Is most likely to be in force when you pass.

Focus on these three things, and it’s tough to go wrong.

Term insurance

Term insurance is designed to be very affordable, with a large death benefit.

The trade-off is that term insurance, as the name implies, is temporary. It is valid for a set number of years — typically 10, 15, 20 or 30 — paying during the set time period as long as you’ve kept current on your premiums.

The younger you are when you purchase term insurance the better, because the rates are locked in. But the older you are when you first buy the policy, the more expensive the premiums will be. Your health condition will also be considered when they set premiums.

For younger families who need a large death benefit at an affordable cost to protect them against the potentially catastrophic loss of a breadwinner at the beginning of his or her career, for example, term insurance is just the ticket.

Permanent insurance

Permanent insurance is designed to pay a death benefit even if you live to a ripe old age, and it does not expire as long as you keep paying the premiums. There are two basic varieties: whole life and universal life.

Whole life policies feature a guaranteed death benefit for life, guaranteed-level premiums for life, and guaranteed growth in cash value. In other words, it has a death benefit and the savings component has a fixed interest rate that builds cash value over time.

Universal life policies feature a guaranteed death benefit, along with a cash-value component as well. They sometimes offer more flexibility than a whole life policy. For example, universal life policies allow you to increase or decrease your death benefit and the policy’s cash value can eventually grow and result in a zero-cost policy, in which all premiums are paid from the cash value you’ve amassed.

Also, the interest rate on the cash value component is not fixed. Instead, it has a guaranteed minimum interest rate, but the rate can change over time based on market conditions.

Considerations

Term life insurance is the most affordable protection for young people. But at the same time, term policies are actuarially designed to lapse. Only about 2% to 5% ever pay a claim.

So, while term provides the most protection for new policy purchasers per dollar of premium, if you secure it later in life, it can be very expensive.

With permanent policies, it’s quite the opposite: Whole life policies, in particular, require a pretty big commitment for the same amount of death benefit.

Very few young families can afford permanent insurance for the total amount of death benefit they need. Term works well here, on a limited budget — at least until the kids are grown, in most instances.

A universal life policy costs more out of pocket, but if the policy owner contributes enough premium into the policy, they can build cash value very quickly. But in the long run, if you live to your actuarial life expectancy, you will get far more out of a whole life policy than you ever put into it — either via cash value or via the death benefit.

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, 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. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

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) Replacing policies that are 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.
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

As Ransomware Attacks Mount, the Feds Offer Sound Advice

Posted on May 15, 2021May 15, 2021 by BGESGroup

With the recent news of Colonial Pipeline paying nearly $5 million to hackers after the criminals had made the largest fuel pipeline network in the nation inoperable, many businesses are concerned that their operations could be next.

While most firms aren’t operating sprawling fuel pipelines that millions of drivers rely on, ransomware criminals are happy to attack companies large and small, crippling their operations and demanding a ransom to unlock them. And as attacks mount, the U.S. government is taking notice. As a result, the National Institute of Standards and Technology (NIST), an agency within the U.S. Department of Commerce, has issued advice to the nation’s businesses to help them avoid falling victim to ransomware attacks.

In the past five years, the average ransom demand has shot up from $15,000 to $175,000 — an almost twelve-fold increase, according to the NetDiligence “2021 Ransomware Spotlight Report.”

If you have a database and have computers connected to the internet, you may want to heed the institute’s advice and beef up your defenses.

The ransomware threat

First, you should know that small and mid-sized firms — not larger businesses — are the main targets of ransomware criminals as they usually do not have the same safeguards in place to thwart them as larger operations with more resources. Experts have said that small and medium-sized organizations that fail to take adequate security measures are particular targets of ransomware criminals.

Hackers are becoming increasingly sophisticated in their ransomware attacks, sometimes quietly penetrating and assessing businesses’ computers, including backup plans, long before they even make their presence known.

Usually, ransomware is unleashed when an employee clicks on a link in a bogus e-mail that is aimed at tricking them into clicking. The e-mail may be disguised to look like it came from the company president, or an important client, but the method is always the same: getting someone to click on the link, which in turns unleashes code into the company’s computer systems.

After that, the criminals will freeze the company’s computers and/or any parts of their operations that rely on computers, grinding operations to a halt. That’s when they demand that a ransom be paid to “unlock” the system, usually payable in bitcoin. Once the victim pays, they will receive a code to unlock their systems again.

The advice

NIST recommends:

Using antivirus software at all times. Make sure it’s set up to automatically scan your e-mails and removable media (e.g., flash drives) for ransomware and other malware.
Keeping all computers fully patched with security updates.
Using security products or services that block access to known ransomware sites on the internet.
Configuring operating systems or using third party software to allow only authorized applications to run on computers, thus preventing ransomware from working.
Restricting or prohibiting use of personally owned devices on your organization’s networks and for telework or remote access unless you’re taking extra steps to assure security.

NIST also advises that employers require that their staff:

Use standard user accounts instead of accounts with administrative privileges whenever possible on their work computers.
Avoid using personal applications and websites, such as e-mail, chat and social media, on work computers.
Avoid opening files, clicking on links from unknown sources without first checking them for suspicious content. For example, they can run an antivirus scan on a file, and inspect links carefully.

Preparations

If your company suffers a ransomware attack, it’s good to be prepared. NIST recommends that organizations follow these steps to accelerate their recovery should they be hit:

Develop and implement an incident recovery plan with defined roles and strategies for decision-making.
Carefully plan, implement and test a data backup and restoration strategy. It’s important not only to have secure backups of all your important data, but also to make sure that backups are kept isolated so ransomware can’t readily spread to them.
Maintain an up-to-date list of internal and external contacts for ransomware attacks, including law enforcement.

A note about cyber insurance

One way to help you recover from a ransomware attack is to purchase cyber insurance in advance. Not all cyber insurance policies will cover ransoms paid to ransomware gangs, but some do. Here’s why cyber coverage is so valuable:

Your organization will be insured against catastrophic cyber risks that could severely impact your operations, such as ransomware attacks or data breaches. It will pay costs associated with restoring your systems, including paying a ransom.
In the event of a cyber attack, you will have access to experts and resources that may otherwise be difficult to find at the last minute. That’s because cyber insurance carriers are generally more experienced in cyber risks like ransomware and e-mail compromise scams. They will be able to work with you to get systems online and help you sort out notifications to customers and vendors, as well as paying fines levied by regulators.

If you are interested in this type of coverage, we can help you find a policy that best fits your needs.

BGES Group are Worker’s Compensatio n 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) Replacing policies that are 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.

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

Having Problems with Your Contractor’s Liability? We Can Solve Them With You!

Posted on May 13, 2021May 13, 2021 by BGESGroup

If you’re a contractor who is unhappy with their general & umbrella liability insurance rates or coverage we want you to know there is a way to get HELP!

Questions:

1. Is your liability insurance with a “Main Street” or “Surplus Lines” company? Preferably you want to be with a “Main Street” company but the majority of New York insurance brokers don’t represent all the right ones. We do!
2. If your liability insurance is with a “Surplus Lines” company, is YOUR insurance broker a “Construction Insurance Specialist” or “Generalist?” They can be the nicest people in the world, friendly, issue certificates timely but if they do not understand (95% DO NOT) policy contract wording they are hazardous to your financial well being!
3. It’s hard to comprehend, actually mind boggling but contractor liability rates are expected to increase 10%+ in 2021. Is your insurance broker shopping your insurance for this year’s renewals?
4. “Surplus Line” companies have more exclusions and restrictions than ever. Examples: “Labor Law” “Height” “Subcontractor Hammer Clause.” The list goes on. Most insurance brokers are “Order Takers.” They have no real understanding of policy contract wording. You can no longer risk being with a “Generalist Broker.” “Surplus Line” policies are tailored designed for “What You Tell Them You Do.” Take a job that goes outside your scope and you’re exposed to an “Uncovered Claim.”
5. When it comes to “Client Insurance Requirements” do you really understand what you are signing? When clients request coverage for 5, 10, 15 “Additional Insured’s”, think they’re ALL covered? Maybe, maybe not. That’s why it’s so important to work with a “Construction Insurance Specialist.”
6. Use subcontractors? Screen their insurance? Make them sign “Subcontractor Insurance Agreements?” Obtain “Certificates of Insurance with all the right coverages? Know which insurance companies are acceptable and which aren’t? Get copies of your subs policies? Does your broker review them with you? Due to cost, many subcontractors have lousy insurance. A claim caused by their negligence can trigger YOUR insurance company to deny coverage or make you liable for tens of thousands of dollars. BECAUSE WE ARE “CONSTRUCTION INSURANCE SPECIALISTS” WE HAVE A DEPARTMENT SET UP TO SCREEN CLIENT’S SUBCONTRACTOR INSURANCE.
7. Does your broker help with client contract reviews? Do they have a risk analysis department that can assist with contract wording? Proper “Risk Transfer strategies?” It’s much better to understand what you’re signing before you sign then learn the hard way after a claim. Do you really want to be faced with a multi million dollar lawsuit your insurance carrier denies coverage for? That’s why it’s so important to deal with a “Construction Insurance Expert!”
8. Let’s take a break from discussing liability insurance. Let’s talk about Workers’ Compensation. Have employees who work 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 proper coverage for a claim occurring out of state that is filed in that state.

Example: You are a contractor who takes a job in New Jersey. Job lasts 5 weeks. You have coverage through your state’s plan. Employee sustains a back injury. He hires an attorney and files claim under New Jersey workers compensation laws. Most likely your plan will deny claim or only pay according to your states benefit laws. Can you afford $50,000, $100,000, $250,000+ out of pocket? Do you want to deal with his attorney for years and the financial drain it will cause?
Note: many contractors who work out of state are faced with this problem and do not even realize it. We have a VERY GOOD solution.

9. Bonding – Is your insurance broker a “Bonding Expert?” Have their own “Bonding” Department? Do they represent the TOP bonding carriers? Do they have relationships with bonding carriers dating back 50+ years? If you need higher limits, better rates, less hassle, better service, it’s important you deal with OUR bonding department.
10. Unhappy with your Business Auto insurance rates? Looking for ways to lower them? We represent all the TOP carriers for construction auto insurance needs.

About Our Agency:
• We are construction insurance specialists.
• Been insuring contractors since 1981.
• Our group does $200+ million in business.
• One of our specialties is Worker’s Compensation. We can help you deal with some real thorny issues.
• We have “Main Street” GL programs for New York City contractors (we cover NY, NJ, CT) that just a handful of agencies have.
• We have purchasing leverage and can get you excellent rates.
• On any given day we have a great pulse on the market place. If there is a new program out there that you can benefit from we will find it.
• We have a program to screen all your subcontractor’s insurance policies so you don’t have to do it.
• We offer Property, General Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Workers’ Compensation, N.Y.S. Disability, and Personal Lines (Homeowners, Personal Auto, Personal Umbrella, Boat, Jewelry, Fine Arts) insurance policies.

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 – 2021 – BGES Group

Your Homeowner’s Policy May Not Cover Jewelry, Other Valuables

Posted on May 10, 2021May 10, 2021 by BGESGroup

Homeowner’s insurance policies include personal property at a fixed amount based on the replacement cost of your home. However, coverage amounts may be limited for certain types of personal property and if any of those items are stolen or damaged, your policy may not cover the loss fully.

Examples of items that have coverage limitations are:

Jewelry
Musical Instruments
Guns
Furs
Artwork
Cash and coins
Stamps
Sports cards
Other collectibles
Silver and gold
Business property

These coverage limitations help keep policy premiums affordable. Without these sub-limits, homeowners with less than the included values of the above items would end up paying for more coverage than is needed.

If you have more than a few of any of the above items, other collectibles or items that are of special value to you, discuss them with us. We can tell you how much coverage you have and exactly what is insured. Learning that a treasured possession is only partially covered, or not covered at all after a claim occurs, is most unpleasant.

The ‘floater’

The good news is, there are several options to cover your valuables, and some insurers may even allow you to increase your coverage without an appraisal. Most companies offer what is called a “floater” on an “all-risk” form, which will cover your personal items regardless of the cause of loss (with few exceptions).

Even if your main homeowner’s policy doesn’t cover things like earthquake and flood, scheduling valuables on this all-risk form may include losses caused by these types of incidents. While most companies will require an appraisal when a special schedule floater is added, properly documenting the item is a good practice that will help you out at claim time.

Losing valuables is an unpleasant experience and while insurance may not restore your unique, treasured collectibles, it can give you the comfort of being able to replace those items. If an item was damaged by a covered peril, your coverage will give you the funds to repair the damage.

Don’t make the mistake of assuming your valuables are covered. Discuss your needs with us to make sure your property is properly insured.

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

Marijuana and Personal Insurance Coverage

Posted on May 10, 2021May 10, 2021 by BGESGroup

As more states legalize marijuana for medical and recreational use, the associated risks of increased cannabis use may start affecting individual insurance coverage.

The effects span across a number of insurance lines, including homeowner’s, auto and life insurance. There are number of issues that may arise when cannabis enters the equation, such as growing plants on your property, driving under the influence and qualifying for life insurance.

Here’s a look at some scenarios that could affect your insurance coverage.

Homeowner’s insurance

Depending on the terms of the homeowner’s policy, loss of or damage to the substance itself inside the home may be covered. Some policies may not cover “contraband” or illegal property, and marijuana remains illegal under federal law.

Check the policy’s list of property not covered. Remember also that the insurance company will pay only the amount of the loss that exceeds your deductible.

Plants growing outdoors may also be covered. However, the insurance typically applies only to losses caused by select perils such as fire or lightning. It is common for policies to limit the amount of insurance that applies to any one plant.

Your coverage may be more limited if you are growing plants with the intention of selling the product.

Plants grown for business purposes are typically not covered. Policies often provide a reduced amount of insurance on property used primarily in a business, so heating lamps, climate control equipment and other types of property used in growing operations will have limited coverage.

Also, a structure separated from the house, such as a shed, greenhouse or detached garage, may be completely uninsured if a business is being conducted from it.

Homeowner’s insurance also covers legal damages if you are liable for someone else’s bodily injury or property damage. However, your policy may not cover injuries or damage resulting from the use of marijuana or from the conduct of a business.

Your insurance company may be particularly concerned if you are growing plants indoors. If the growing space does not have proper ventilation, there could be a build-up of moisture, leading to mold and mildew problems. Also, light sources that help the plants grow can present a fire hazard if not wired correctly.

Auto insurance

Auto insurance policies commonly provide liability coverage and coverage for damage to your vehicle even if the driver was intoxicated at the time of the accident. In states where so-called “no fault” insurance (coverage that applies to your own injuries suffered during an auto accident) is offered, it might not apply if you were operating the vehicle while under the influence.

However, even if the policy provides coverage, a conviction for driving while under the influence of a drug will send your premiums soaring and make it more difficult for you to purchase coverage.

In some states, drivers with records of these offenses are forced to buy high-priced coverage from “assigned risk” pools of poor drivers. Your rates may also be higher If you work for a cannabis company and make deliveries with your personal vehicle.

Life insurance

Life insurers charge tobacco smokers higher premiums; they may eventually hike rates for marijuana smokers as well. They might do the same for individual health insurance policies.

In addition, while medical marijuana use is now permitted in many states, most do not require insurers to cover its cost. Consequently, there is almost no coverage for these prescriptions.

The takeaway

As the laws evolve, so will insurance coverages. Some companies may decide to cater to personal marijuana growers by offering them special coverages for equipment, plants, and so forth.

In the meantime, your coverage depends very much on where you live and what your particular policy says.

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

Vehicle Crashes On and Off the Job Cost Employers Dearly

Posted on May 10, 2021May 10, 2021 by BGESGroup

The costs for businesses when their employees are involved in car accidents on and off the job are staggering, at $72.2 billion a year, according to a new study.

The “Cost of Vehicle Crashes to Employers ― 2019” study, released in March 2021 by the Network for Employers for Traffic Safety, looks at how much car crashes cost businesses in terms of workplace disruption and liability costs.

While the costs to companies when their workers are in on-the-job automobile accidents are easily measured, the costs to businesses when their employees miss work after accidents while off the job are almost as steep.

Employers end up paying in some way for injuries to their employees on and off the job, and to their dependents. As many as 1.9 million workdays are missed due to both on- and off-the-job accidents, resulting in lost productivity and training someone new to do the work.

For on-the-job accidents, there are also workers’ compensation implications for each time an employee is injured in an accident, which can drive up your rates. Also, your firm would likely also be held liable if one of your driving employees injured a third party and/or damaged their property.

Consider that:

A fleet of 1,000 vehicles averages costs of $1.1 million per year for property damage alone.
A single non-fatal injury crash has an average cost of $75,176.
A single fatal crash costs an average of $751,382.
A single crash that only causes property damage costs an average of $5,483.

The top four causes of the accidents are:

Speeding
Distracted driving
Driving under the influence of alcohol, and
Not wearing a seat belt.

What can you do?

With the above in mind, employers may want to consider holding meetings on safe driving for not only driver employees but all of them, since an off-the-job accident can result in injury or death to your worker or their loved ones.

The U.S. Centers for Disease Control has the following tips for employers:

If you have a fleet, implement a fleet driver safety program and maintain complete and accurate records of workers’ driving performance.
Check driving records of prospective employees and conduct periodic rechecks after hiring.
Ask your workers to periodically provide documentation of their insurance and to report any suspensions, revocations and convictions for vehicle-related offenses.
Establish schedules that allow drivers to obey speed limits and follow hours-of-service regulations where they apply.
Require newly hired workers to attend performance-based defensive driving courses, with mandatory refresher training at regular intervals.
Implement a driver safety program that emphasizes the link between driver safety at work and driver safety at home. Safe driving in the workplace benefits the worker’s family by reducing the risk of fatality or disabling injury. In addition, lessons learned on the job can increase workers’ awareness of the importance of safe driving outside of work hours.
In your training, emphasize the need for wearing a seat belt at all times.
Have a zero-tolerance policy for talking on the phone and texting while driving, both of which are already against the law in most states. Require that any employee who needs to make a call, pull over first when it’s safe to do so, regardless of whether they have a hands-free unit.
Studies have shown that even talking with a hands-free device can be enough of a distraction to cause an accident.

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

What Is Workers’ Compensation Insurance?

Posted on May 10, 2021May 10, 2021 by BGESGroup

Workers’ compensation insurance provides coverage for medical benefits and wage replacement when an employee is injured or killed on the job. When an injured employee accepts workers’ compensation payments, he or she legally gives up the right to sue the employer later for damages or negligence. This is commonly known as the compensation bargain, and it is meant to provide a compromise between the two sides. One of the problems solved by this bargain is employer insolvency. If employers did not have workers’ compensation insurance, they could lose their entire company to pay for damages awarded to an injured worker by the court. For this collective liability system to work, individual immunity is a necessity. It ensures the adequate compensation of injured parties.

Compensation plans may vary from one jurisdiction to another based on several factors. However, payments to injured claimants may be made on a weekly basis. In this instance, workers’ compensation is similar to disability insurance. It provides compensation to replace lost wages at the same rate or almost the same rate. Also, claimants receive compensation for their medical expenses. This insurance works similar to traditional health insurance when covering medical costs. If a worker is killed on the job due to unsafe conditions or negligence of the employer, the dependents of the deceased worker may collect benefits. When this happens, the insurance is structured similar to life insurance. It pays for funeral costs and other final expenses.

It is important to note that workers’ compensation insurance is not similar to a judgment from a lawsuit. If an injured worker or the survivor of an individual who was killed on the job filed a lawsuit, other damages may be awarded. For example, compensation may be made for pain, suffering and punitive damages. With workers’ compensation insurance, these extra damages are not recognized. The coverage only pays for expenses directly related to the incident. Today, injuries may be verified by more than one medical professional. This is because workers’ compensation fraud has been on the rise in recent years. Dishonest doctors and other professionals have worked with people to fake injuries and create false documentation. The cost of fraud is then distributed to everyone who pays for workers’ compensation insurance. An agent can help by giving tips to prevent workers’ compensation fraud and tips for identifying it. To learn more about Insurers Expected COVID-19 Workers' Comp Surge; It Never Came , discuss with an agent.

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

Be Extra Careful Driving in Work Zones

Posted on May 10, 2021May 10, 2021 by BGESGroup

Some of the riskiest locations for roadway collisions are work zones, as they often result in changes in traffic patterns and right of way, along with workers present and large commercial vehicles on the scene.

Work zones are designed to improve the safety of workers who are enhancing or repairing roads, freeways, bridges, sewage and other infrastructure by separating construction and maintenance activities from traffic. The crews do that by providing a safe route for motorists, pedestrians and bicyclists and a safe area for the workers on the scene.

That stew of activity and unpredictability sadly results in carnage. In 2019, 842 people died in work zones in the U.S., up from 757 in 2018.

The most common types of fatal accidents in work zones are:

Crashes involving a commercial vehicle: 33%
Crashes caused by speeding: 31%
Rear-end collisions: 24%

Safety tips for drivers

The Federal Highway Administration recommends the following when driving into or in road work zones:

Pay attention to work zone signs.
Watch for workers. In 2019, 135 workers were killed in highway work zones.
Slow down. Speeding can lead to crashes with other vehicles and with field workers. Make sure to obey posted work zone speed limits
Leave enough space between you and the motorist in front of you.
Be prepared to stop or slow unexpectedly. Work zone activity often leads to congestion, delays and traffic queues.
Expect to stop when you see a “Flagger Ahead” sign.
If stopped or slowed in a traffic queue, consider turning on your flashers to warn traffic coming up behind you if you are last in line.
Watch for traffic and workers going into or out of the work zone.
Use caution around large vehicles. Large vehicles have a slower reaction time, so refrain from making sudden lane changes in front of trucks or buses that are trying to slow down.
Get into the open lane as soon as possible at lane closures.
Keep everyone safe. Be respectful of workers, fellow drivers and all road users.
Use alternative routes to avoid work zones whenever feasible.
Make sure your Business Auto Policy limits of liability are adequate.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

Dog Bites and Your Homeowner’s Insurance

Posted on May 10, 2021May 10, 2021 by BGESGroup

There are some 63 million dogs in the U.S. and while they make for great companions and help keep our homes safe from intruders, they can also be a significant liability.

About 4.5 million people suffer dog bites every year, according to the Centers for Disease Control and Prevention. Of that number, about 885,000 need medical care.

The Insurance Information Institute estimates that one out of every three homeowner’s claims is for a dog bite. In 2020, nearly $854 million was paid out in home insurance liability claims that were related to dog bites, according to the institute.

In 2020, there were 16,991 dog bite claims, with the average claim costing $50,245. That’s compared with $44,760 in 2019 and $26,166 in 2010.

As you can see, owning a dog can cost you more than dog food and squeaky toys and, if you are not properly insured, you can end up paying out of pocket for any medical costs for a house guest that your pet attacked.

Liability laws vary from state to state, with 29 states having laws that hold dog owners liable for injuries their pets cause, with some exceptions such as if the animal was provoked.

There are an additional 17 states and the District of Columbia where liability is not automatically granted but attacks are classified as misdemeanors or, in extreme cases, as felonies, with fines. Four states have no laws covering dog bites.

What insurance covers

Most homeowner’s and renter’s insurance policies include dog bite liability coverage. The policy covers you for dog bites on your property as well as incidents that place away from your home. If you took your dog to the beach and he attacked a sunbather, your homeowner’s insurance policy would cover you.

Sometimes people sue and demand compensation for “pain and suffering.” The policy would cover legal costs, judgments or any settlements the lawyers hash out up to the policy limits.

Maximum coverage typically ranges from $100,000 to $300,000 in most homeowner’s policies. You can get additional coverage if you purchase an umbrella policy, which adds to your homeowner’s limits.

An insurance company usually won’t decline to write a policy for a homeowner with a dog, but if you file a claim, the insurer may choose to raise your rates or exclude the dog from the policy upon renewal.

Some insurers will exclude certain breeds from coverage altogether, such as rottweilers, German shepherds and pit bulls.

In case of attack

If your dog bites someone, first restrain the animal and see what damage has been done. Stay calm and be understanding with the victim, who may be traumatized.

If the victim is not seriously hurt, exchange contact and insurance information with them. You may offer to drive them to the emergency room or call 911 in more serious incidents.

When you return home, call your insurance company and report the claim.

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

DOL Nixes Trump-Era Rule on Independent Contractors

Posted on May 8, 2021May 8, 2021 by BGESGroup

President Biden’s Labor Department has rescinded a Trump-era rule that would have made it easier for businesses to classify workers as independent contractors instead of employees under the federal Fair Labor Standards Act.

In the last month of the Trump administration, the Labor Department finalized a regulation to clarify for employers which workers are employees and which are independent contractors.

Labor unions and worker representatives had complained loudly about the rule. They said that by making it easier to classify workers as independent contractors, it allowed employers to avoid providing a number of worker protections including the right to a minimum wage, workers’ compensation insurance, meal breaks, employee benefits and more.

While the focus has been on the rule’s effect on gig workers (like Uber and Doordash drivers), it also included other independent contractors that thousands of businesses employ.

The Trump-era rule was slated to take effect in March until the Biden administration put that on hold.

The rule would still have required existing standards (explained below) to be applied when determining whether a worker is an independent contractor or employee, but the following two current standards would have taken precedence:

The worker’s ability to earn a “profit or loss.” This factor weighs the extent the individual has an opportunity to earn profits or incur losses based on his or her own initiative, management of investment, or both. For example, if an individual can meaningfully increase their earnings by investing in their own equipment and delegating work to subcontractors, they likely qualify as an independent contractor.
In this case, if an individual is unable to affect their earnings or is only able to do so by working more hours, they are likely an employee.
The nature and degree of control over the work. This factor measures the extent the individual, or the employer, exercises substantial control over key aspects of the work. This includes setting one’s schedule, selecting projects and determining how to do the job.

Companies that use gig economy workers had cheered the Trump administration’s final rule.

The DOL said it had withdrawn the rule because it was inconsistent with the text and purpose of the FLSA and would have had “a confusing and disruptive effect on workers and businesses alike due to its departure from longstanding judicial precedent.”

A group of companies that counts Uber, Lyft and Postmates among its number have filed suit to block the new administration’s attempt to rescind the rule.

What now?

With the rule withdrawn, the “Economic Realities Test” is still the test for determining whether a worker is an employee or an independent contractor under the FLSA, and employers will need to continue following this test. Some states, like California and New York, have stricter tests for determining contractor status.

The test the DOL uses derives its position from judicial precedent. The U.S. Supreme Court has not established a single rule or test for determining whether an individual is an independent contractor or an employee, but the DOL stresses seven factors the Court has considered significant in past rulings. These are:

The extent to which the services rendered are an integral part of the principal’s business.
The permanency of the relationship.
The amount of the alleged contractor’s investment in facilities and equipment.
The nature and degree of control by the principal.
The alleged contractor’s opportunities for profit and loss.
The amount of initiative, judgment or foresight in open market competition with others required for the success of the claimed independent contractor.
The degree of independent business organization and operation.

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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