As Risks Rise Business Continuity Plans Are Vital

The last five years have seen the rise of new and unforeseen risks, like the COVID-19 pandemic, the rapid increase of natural catastrophes and supply chain upheavals of unprecedented proportions.

In today’s business climate, the key to success and survival will be your ability to navigate during times of uncertainty and new challenges that can threaten your operations and even the viability of your organization. Many don’t make it: 25% of small businesses that are hit by disaster never reopen.

The smart players will have business continuity plans in place to help navigate a crisis, be that on a micro scale such as a fire at your business, or a macro-scale incident like a natural disaster or global supply chain disruption (such as the recent microchip shortage that’s disrupted the operations of thousands of companies worldwide).

Developing a plan does not have to be a major undertaking. If you use the right resources and approach it in a methodical manner, you can identify what you need to do to be prepared.

Creating the plan

A plan typically includes five sections:

Plan governance — A business continuity plan is usually managed by a committee that will define senior management roles and responsibilities. The committee is responsible for the oversight, initiation, planning, approval, testing and audit of the plan. It also implements, monitors and updates the plan.

Business impact analysis — Conduct an analysis that:

  • Identifies your firm’s mandate and critical services or products.
  • Ranks the order of priority of services or products for continuous delivery or rapid recovery.
  • Identifies internal and external impacts of potential disruptions (like how long your company can function without a certain service or product and how long clients would accept its unavailability).
  • Identifies areas of potential revenue loss and insurance requirements.

Plans, measures and arrangements — The committee should develop response and recovery plans that ensure continued operations for your enterprise. These plans should detail how your firm would ensure that critical services and products are delivered at minimum service levels within tolerable downtimes.

Continuity plans should be made for each critical service or product. Your plan should include the following five elements for each of them:

  1. Mitigating threats and risks: Ways you can reduce the risks that you are currently able to identify.
  2. Analyzing current recovery capabilities: Look at what plans you currently have in place and match them up against your risks.
  3. Creating continuity plans: Put together plans for how you would respond in case of a disaster or other threat to your business’s operations.
  4. Response preparation: This looks at what you should have in place now so that if a threat arises, you can execute your continuity plans.
  5. Planning for alternate facilities: Your team should identify facilities at which you could ramp up operations if your current worksite is unusable.

Readiness procedures — Once you have a plan, brief all staff on it and inform them of their individual responsibilities should you be faced with an event.

You will also need to train employees with direct responsibilities for tasks they will be required to perform, and be aware of other teams’ functions.

Quality assurance techniques (exercises, maintenance and auditing) — The plan should be reviewed regularly and amended as necessary (such as the identification of new risks). The review should uncover which aspects of the plan need improvement. Review the plan regularly to keep it robust.

Combine planning with insurance

While a continuity plan is essential, it should be combined with insurance. Typical coverages include business interruption, extra expense and contingent business interruption coverage.

You can use the business impact analysis to help decide which insurance coverage you may need, and the corresponding level of coverage. Some aspects of your company may be overinsured, or underinsured. Call us. We can ensure that you aren’t overlooking a risk, as well as that you have coverage for most of the risks you identified.

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 60+ 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

© – Copyright – 2021 – BGES Group

The Option When No Licensed Insurers Will Cover Your Business

More businesses are finding fewer insurers willing to write their policies for certain types of coverage that are seeing rapidly escalating claims costs, particularly in some liability lines as well as property insurance in areas with exposure to natural catastrophes.

When no insurers that are licensed in your state are willing to write a policy, we as your agent have to go to another market made up of insurance companies that are not licensed or regulated by your state government. It’s called the surplus lines (or “non-admitted”) market, and it can be a valuable alternative for insurance buyers.

As insurers get more selective writing some risks, it’s important for you as an insurance buyer to understand this market.

It is legal in every state for an unlicensed (non-admitted) insurance company to sell coverage. We can access those insurance companies as well by working with specially licensed brokers who are regulated by the state.

Unlike standard insurance companies, non-admitted companies do not have to obtain approval from state regulators for the policy forms they use or the rates they charge.

Why use a non-admitted carrier?

Why would someone buy insurance from an unregulated company? Because it might be the only one offering coverage for your type of risk. Non-admitted companies insure businesses that standard insurers avoid, such as:

  • Business in sectors where the cost of claims is suddenly rising, resulting in fewer licensed insurers willing to write policies.
  • Businesses and industries with histories of frequent or large claims.
  • Businesses with the potential for very severe losses, such as amusement parks or manufacturers of power tools.
  • New companies.
  • Homes and commercial properties that are vulnerable to extreme events such as hurricanes and wildfires.
  • Properties that require very large amounts of insurance.

What non-admitted carriers can do

State regulators limit how much standard insurance companies can charge in premiums. They will not offer coverage if they believe they cannot charge enough to make a profit.

Meanwhile, non-admitted companies can charge what they need to, so they are willing to insure these accounts. They can also quickly and easily introduce new types of insurance that businesses need.

Some types of policies that are standard today, such as cyber insurance and employment practices liability insurance, got their start in the non-admitted market.

State laws typically permit a broker to obtain coverage from a non-admitted insurer only if at least a few standard insurance companies refuse to offer coverage. However, most also have a list of coverages that are not available in the standard market.

When someone needs one of these coverages, no rejections from licensed companies are required. An example might be liability insurance for contractors who demolish buildings.

Risks

There are risks to purchasing insurance in the non-admitted market. Policies may provide less coverage than do standard policies, or there may be restrictions on when coverage applies.

Policies should be reviewed carefully. Also, because the insurers can charge whatever they feel is appropriate, premiums can be higher than you may expect. The policies may also be exempt from state laws regarding notices of cancellation and non-renewal.

Also, in every state but one (New Jersey), non-admitted policies are not backed by a guaranty fund. Guaranty funds cover claims left unpaid when an insurance company becomes unable to pay for them. If a non-admitted company becomes insolvent, the policyholder has no recourse.

The takeaway

Despite the risks, the non-admitted market serves an important function, giving buyers a place to get needed coverage that would be otherwise unavailable.

Those who think they may need to tap this market should consult with us to find the right coverage at an acceptable price.

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 60+ 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

© – Copyright – 2021 – BGES Group

EEOC Issues New Guidance on Vaccinating Employees

As more Americans get inoculated with the COVID-19 vaccine, employers are wondering where they stand legally on requiring workers to get vaccinated, asking them whether they have been vaccinated and providing incentives for employees to get inoculated.

On May 28, the Equal Employment Opportunity Commission updated its COVID-19 vaccination guidance to help employers navigate this risk-fraught territory. The following are the highlights:

Employers may require vaccinations

The EEOC restated its earlier guidance that employers can require staff who enter their worksites to be vaccinated, as long as they can provide reasonable accommodations for workers with disabilities or who hold sincere religious beliefs that prohibit them from getting vaccines.

If one of your employees requests accommodation, you need to enter into the interactive process to come to a reasonable solution. Such accommodations could include:

  • Requiring unvaccinated workers to continue wearing facemasks in the workplace,
  • Letting them work modified shifts,
  • Allowing them to work from home, or
  • Requiring them to undergo regular testing for the coronavirus.

Despite this guidance, many employment law firms have recommended against mandating vaccinations unless it’s a business necessity. Even if you have legal grounds to back up your decision, you can still be sued and incur legal fees even if you eventually win.

Employers can ask staff if they are vaccinated

The EEOC’s guidance also states that employers can ask their workers if they are vaccinated, and that doing so would not run afoul of the Americans with Disabilities Act (ADA).

That said, the agency said employers should not ask employees who report not getting the vaccine why they didn’t do so as it could result in them revealing any underlying conditions, which in turn could increase the risk of being sued for disability discrimination if the worker experiences an adverse action by management in the future.

Also, there are state laws that employers would have to contend with in terms of employee data privacy.

For example, the California Consumer Privacy Act requires covered employers to provide written notice of the CCPA and the company’s CCPA-compliant privacy policy before collecting any personal data. Other states are considering similar legislation.

Additionally, there are data security laws. It’s important that employers that collect vaccine data comply with those laws’ storage securitization requirements and are aware of their notification responsibilities in states where vaccination status data is considered “personal information.”

Vaccination status is confidential

While the EEOC says employers are authorized to ask about vaccination status, the information they collect is confidential.

That means vaccination information needs to be stored separately from the worker’s personnel files and treated as confidential information under the ADA.

Vaccination incentives are okay

The guidance states that employers may offer incentives to employees who voluntarily get vaccinated. That could include gift cards, vouchers, cash and other methods.

The EEOC said incentives do not violate the ADA or the Genetic Information Nondiscrimination Act (GINA).

The takeaway

The EEOC’s guidance should be viewed in light of federal and state laws, as well as the potential for legal action by employees who may object to a mandatory vaccination policy. Even if you win the case or successfully have it thrown out of court, you’ll still incur legal fees in defending the case.

If you are considering mandatory inoculation, vaccination incentives and/or plan to ask staff if they have been vaccinated for COVID-19, you should read the EEOC’s guidance carefully. You will need to have safeguards in place that comply with the ADA, GINA and other federal and state laws.

If you plan to offer vaccines to employees, consider limiting pre-screening questions to the Centers for Disease Control’s Pre-vaccination Checklist.

Also make sure to keep confidential any COVID-19 vaccination and other medical information your employees provide you separately from employee records.

Finally, if you are planning incentives for getting vaccinated, make sure the policy reflects employee rights under federal and state laws.

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 60+ 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

© – Copyright – 2021 – BGES Group

Why Workers’ Comp Claims Spike in the Summer

Workplace injury rates rise during the summer months. When summer rolls around, companies in many sectors, including agriculture and construction, significantly increase production.

Increased road construction raises risks for workers and drivers. Many of the newly hired workers are young and inexperienced, creating a high potential for workplace injuries.

Toiling in the sun is also a leading cause of weather-related injuries, including heat stroke, heat cramps and heat exhaustion. Heat illnesses occur when the body overheats to the point it cannot cool off, even with profuse sweating.

Young workers

Too often, young workers enter the workforce with little or no on-the-job safety training, heightening safety risks.

Recently, the Washington State Department of Labor & Industries released a report showing that teens are twice as likely to be hurt on the job as adults.

In Washington state, a total of 547 youths aged 17 and under were injured in the workplace in 2014, up nearly 14.7% over the previous year. Of the total, 173 were in the food and hospitality industries. The next largest total, 80, was reported in both the retail trades and agriculture.

Falls to the floor increased 77%, to 55 cases, as the chief cause of injury.

Young workers, aged 14 to 24, have more accidents because they lack the knowledge, training and experience to prevent them. Some common issues employers encounter with young workers are:

  • They do not understand what can go wrong.
  • They do not always follow the rules.
  • They fail to use personal protective equipment (PPE), or use it incorrectly.
  • They horse around on equipment.
  • They do not ask questions.
  • They think they are infallible.

It’s also important for supervisors to recognize the physical, cognitive and emotional developmental differences between young and adult workers. It takes extra effort to train and supervise seasonal employees on working safely.

Here are some training suggestions:

  • Repeatedly demonstrate job procedures and safety precautions. Don’t overlook the basics, such as starting and stopping equipment.
  • The step-by-step instructions for any task must include the task’s hazards and how to avoid them. Take the time to clearly explain the risks of not following the proper steps. Use examples.
  • Explain when and how to use PPE, as well as where to get it, how to inspect it, and how to remove and store it properly.
  • Train one-to-one with young workers and observe them performing tasks.
  • Encourage them to report problems and to ask questions.
  • Assign specific clean-up tasks and emphasize the importance of a clean, clutter-free worksite.
  • Control the hours worked. Many popular summer jobs, such as construction workers, landscapers and jobs in hospitality and food industries, require long hours of work in the heat that can lead to fatigue, inattention and stress, increasing the likelihood of injury.
  • Provide a mentor.
  • Demonstrate that safety is a priority at your facility. Words aren’t enough. New workers also need to see actions that reinforce the message: clean worksite, properly labeled hazardous substances and readily accessible safety data sheets, workers wearing required PPE and who are concerned about workplace safety and show it, and so on.

Heat illness dangers

While there are many excellent resources on dealing with heat, it’s important for employers to recognize that there are individual differences among workers and those who are struggling may be hesitant to complain.

The American Society of Safety Engineers calls heat the “unseen danger” at construction sites because the symptoms of heat illness can be subtle and misinterpreted as mere annoyances rather than signs of a serious health issue.

Workers new to outdoor jobs are particularly vulnerable. Implementing an acclimatization program, providing adequate water and frequent breaks are all critical, but the best way for employers to prevent heat illnesses is to consistently interact with workers to gauge how they’re feeling and provide current information on weather conditions.

Also, using apps, such as OSHA’s Heat Safety Tool, is a good way for workers to monitor their risk levels.

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 60+ 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

© – Copyright – 2021 – BGES Group

Long-Term Care and Its Impact on Families

You probably haven’t thought about it much, but what would you do if you suddenly suffered from a serious health condition, such as a disability? Would a family member be able to take you in and care for you? What would the impact be on their immediate family in regards to finances and emotion?

What if a family member suddenly suffered from a serious health condition? Would you be able to afford taking them in and caring for them? Would you sacrifice money as well as time with your children in order to care for them? Or do you have the extra money to send them to an assisted living facility that can cost nearly $8,000 a month?

There’s a simple answer to these questions: long-term care insurance.

Why more people need long-term care

There’s a good chance you know of a friend or have a family member that has needed long-term care. With people living longer, it has become more of an issue. This is why it’s imperative you talk with loved ones to devise a plan that will protect them in the future.

It’s never too early to start discussing long-term care insurance options. The earlier you get started, the less you will pay over the life of the policy. Likewise, the longer you wait, the more the price will increase. By purchasing a policy now, you could prevent a significant nest egg erosion, which can destroy a family’s worth for generations.

If something unfortunate happened to your spouse, would you be able to afford the long-term medical and rehabilitation needs that can cost thousands of dollars a month?

This is why long-term care insurance is so important. It protects you from having to face such a serious dilemma.

What it covers

Each policy is different, so you’ll need to work closely with us to make sure you choose the coverage you require. But in general, long-term care insurance can help you pay for:

  • Adult day programs
  • Respite care
  • Assisted living
  • Nursing home or specialized dementia care
  • Hospice services.

For older adults who want to age in-place, long-term care coverage can make it possible. Most comprehensive long-term care policies pay for in-home care if you need help with activities of daily living like dressing, or household tasks like paying bills, cooking and light housekeeping.

Comprehensive policies typically also pay for in-home therapies and skilled nursing services you may need, which can mean the difference between living at home and moving to a nursing home.

Other things your long-term care policy may cover include training for a family member who will be your caregiver, and home modifications like wheelchair ramps. If you have questions, feel free to call us anytime.

Each policy has a daily benefit amount, and most set a limit on the number of years that you can claim benefits. There are lifetime-benefit policies, which cost more than term-limited coverage. Because senior-care costs are rising faster than the rate of inflation, you may want to buy a policy that offers inflation protection.

The takeaway

Long-term care insurance won’t only help with finances and emotional stress; it also helps improve the quality of life for the individual in need of care. This can be done by keeping the family member in their own home, a familiar environment where they can enjoy family activities and memorable moments.

When it comes to finances, long-term care coverage will help protect your children’s inheritance, as well as your retirement plans because you won’t have to drain them to pay the care costs.

Long-term care insurance isn’t a traditional investment like stocks or real estate. It’s an investment in your family’s future.

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 60+ 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

© – Copyright – 2021 – BGES Group

The Risks for Businesses As We Emerge from Pandemic

As the economy starts waking up from the ravages of the COVID-19 pandemic and more companies rehire workers or bring them back to the workplace, businesses will be faced with a number of risks that they may not have had to contend with in the past.

That’s the conclusion of a new report, “New Emerging Risk Insights,” by the Swiss Re Institute. The report notes that the biggest risks for businesses will come from restarting suspended operations or ramping up from lower production levels, which lead to more serious workplace accidents.

There are other potential risks facing companies, including the toll of suddenly starting up equipment and machinery that sat idle as well as new maintenance issues from facilities that may have been operating at limited capacity.

Risk of restarting operations

For many companies with equipment, machinery and vehicle fleets, maintenance schedules often have not been kept up during the pandemic. And facilities that are not well-maintained can also pose their own risks, all of which can end up having significant costs in terms of resulting in large and costly accidents.

“There is heightened accident risk in rushed start-up actions as businesses seek to return to normal. In turn, this could lead to large losses in property and casualty insurance,” Swiss Re wrote.

There are a number of reasons maintenance and inspections may not have been kept up:

  • The facility has been idle.
  • The facility is operating at reduced capacity and there is not enough staff to conduct maintenance and inspections.
  • A lack of qualified contractors that can perform maintenance and repairs, as well as a shortage of equipment and material.
  • Qualified and experienced staff have either been laid off and/or, due to restrictions on mobility in lockdown, not able to travel to sites of work.

For perspective, in the oilfield services sector alone, there was a $20-billion reduction in maintenance budgets in 2020.

The danger in all of this, Swiss Re notes, is that the start-up phase of mothballed facilities and equipment can be a time fraught with “acute risk.” For example, studies have found that 40-50% of process safety incidents and major losses occur during start-ups after a period of being shut down or other issues that interrupted operations for a period of time.

And many businesses under financial pressure and starting up at a time when funds may be scarce can result in a company not planning or devoting the resources required for an orderly start-up. In other words, the start-up could be rushed amid the company’s eagerness to get things moving again.

Additionally, bringing back employees who have not worked much over the past year may result in a spate of workplace injuries. Staff who resume work after a long period of not being around workplace machinery and equipment may be out of practice and rusty, which can result in costly and dangerous mistakes that end in them, their co-workers or third parties being hurt.

Zombie companies

All those government financial relief programs enacted in 2020 and this year have helped many companies stay afloat. These subsidies have helped both viable and non-viable firms continue operations.

The danger concerns the latter companies, firms that are unable to cover debt-servicing costs from their current profits and revenues for an extended period of time. These types of businesses are often referred to as “zombie companies,” since they are not able to sustain their operations without outside financial assistance.

According to Swiss Re, these cash injections can mask an enterprise’s risk of defaulting, which means they could face uncertain insurance policy renewals.

Swiss Re said that these issues make it difficult for insurers to gauge which firms are insurable, since it is not easy to identify those that are being kept afloat by stimulus funds or low-interest loans.

“This distorts markets and, crucially for the insurance industry, makes it harder to distinguish between those at risk of defaulting and those not,” Swiss Re wrote in the report.

It also puts businesses in a bind, particularly if they have unknowingly contracted with zombie companies as vendors or suppliers. If one of those companies suddenly fails, it could leave the hiring company in a serious bind, particularly if that zombie firm was providing essential services or products.

The takeaway

If your firm has been idle or hasn’t been working at full capacity since the pandemic started, it would be wise to resume full operations in a methodical and well-planned manner.

That’s especially important if workers are returning to the job after a long hiatus. They may be rusty and not as attuned to workplace dangers as they were when they were working five days a week.

You may also want to ensure that your suppliers and vendors have seen no ill effects from the pandemic. But just in case, it would be wise to seek out alternative vendors and have a backup supplier should one of your main suppliers suddenly go belly-up.

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 60+ 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

© – Copyright – 2021 – BGES Group

Contractors – Having the Following Issues with Your Payroll Processing &/or Worker’s Compensation Companies?

Contractors – Having the Following Issues with Your Payroll Processing &/or Worker’s Compensation Companies?   If So We Have Great Fixes!

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11 Issues Contractors Have with Their Payroll Processing

  1. High rates and hidden fees
  2. Too Many Deadlines to Keep Track Of                                                                        
  3. Employee Misclassification Problems                                                                      
  4. Generating W-2s with Errors                                                                                
  5. Calculating Unemployment Taxes 
  6. Garnishments and Levies
  7. Compliance Issues
  8. Incompatible software
  9. Tracking employee absence
  10. Organizational issues
  11. Administrative overwhelm

10 Issues Contractors Have with Their Worker’s Compensation Insurance

  1. High rates              
  2. Poor loss experience causing you to be cancelled or skyrocketing your rates
  3. High Experience Modification Factor              
  4. Non-renewed    
  5. No prior coverage causing problems getting coverage              
  6. Misclassification of payrolls    
  7. Employee performing several trades however insurance company charging you highest rate              
  8. Annual audits a hassle              
  9. Have your Worker’s Compensation in a state or assigned risk plan but need coverage while employees work out of state                  
  10. Having trouble getting Worker’s Compensation because you sub out a high percentage of your work or 1099 workers
(We Offer Worker’s Compensation Insurance in States of New York, New Jersey and Connecticut.)
ALL STATES – Fixing contractor payroll processing and Worker’s Compensation issues is what our company has been doing since 2001.
Call 914-806-5853 and tell us what issues you’re having.  We will help solve them and if it’s not possible with your companies then we have 20 other companies to go to and get you services.
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, Payroll Processing and Identity Theft. 

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ 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

© – Copyright – 2021 – BGES Group

 

Many Small Firms Can’t Identify Workers’ Comp Claims Fraud

Fraud adds to workers’ compensation costs for all businesses, but it hits small businesses the hardest as they may not have the resources to identify bogus claims.

According to a new study by workers’ comp insurer Employers Holdings Inc., about 20% of small business owners are not sufficiently prepared to identify workers’ comp fraud.

It’s estimated that at least 10% of workers’ compensation claims are fraudulent, and identifying those illicit claims would keep your workers’ comp claims in check and reduce your premiums.

Claims fraud happens when an employee tries to gain workers’ comp benefits by falsely stating that an injury or illness occurred at work, or by exaggerating an existing injury or illness.

Workers’ compensation fraud” .can strain business operations, lead to higher insurance costs for businesses, and even undermine honest workers who are legitimately injured on the job,” said Ranney Pageler, VP of fraud investigations at Employers.

The disconnect

The study found that:

  • 13% of small business owners are concerned that one of their employees would commit workers’ comp fraud by faking an injury or illness to collect benefits.
  • 21% said they are unsure of their ability to identify fraud.
  • 24% of small business owners have installed surveillance cameras to monitor employees on the job.

The strongest indicators of potential claims fraud noted by survey respondents include:

  • The employee has a history of claims (58%).
  • There were no witnesses to the incident (52%).
  • The employee did not report the injury or illness in a timely manner (52%).
  • The reported incident coincides with a change in employment status (51%).

Nipping fraud in the bud

Investigator Pageler recommends that small business owners look for the following warning signs:

  • Monday morning (or start of shift) injury reports. The alleged injury occurs first thing on Monday morning, or the injury occurs late on Friday afternoon but is not reported until Monday.
  • Employment changes. The reported accident occurs immediately before or after a strike, job termination, layoff, end of a big project or the conclusion of seasonal work.
  • Suspicious providers. An employee’s medical providers or legal consultants have a history of handling suspicious claims, or the same doctors and lawyers are used by groups of claimants.
  • No witnesses. There are no witnesses to the accident and the employee’s own description does not logically support the cause of the injury.
  • Conflicting descriptions. The employee’s description of the accident conflicts with the medical history or injury report.
  • History of claims. The claimant has a history of suspicious or litigated claims.
  • Refusal of treatment. The claimant refuses a diagnostic procedure to confirm the nature or extent of an injury.
  • Late reporting. The employee delays reporting the claim without a reasonable explanation.
  • Claimant is hard to reach. The allegedly disabled claimant is hard to reach at home and does not respond promptly to messages.
  • Frequent changes. The claimant has a history of frequently changing physicians, addresses or jobs.

It should be noted that one of these indicators on its own may not be indicative of fraud, so don’t jump to conclusions.


What to do if you suspect fraud

Employers who suspect a worker may be committing claims fraud should first alert the special investigations unit or fraud unit within their insurance company’s claims department.

If your complaint is found to have merit and they believe the claim may be fraudulent, the insurer may report it to the appropriate law enforcement authorities. But that will only happen after the insurance company has conducted its own investigation.

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 60+ 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

© – Copyright – 2021 – BGES Group

Reviews

Contractors – How To Make Sure You’re Getting The Best Liability Rates and Coverage Available?

Good day!  My name is Gary Wallach and my firm is one of tri-state’s leading “Construction Insurance Specialists” who represent 60+ construction insurance companies and have arrangements with a few carriers/programs which can give YOU that extra competitive edge!

We have special programs for contractor general liability, umbrella liability, business auto, workers compensation and bid & performance bonds.  99.9% of agents don’t have the breadth of companies we do.  And we also have marketing muscle which helps our client’s get excellent rates and coverage!

If you are a “General Contractor” or “Special Trades” we offer in our opinion “THE BEST PROGRAM” around!  Rates are unbeatable and so is coverage!  Question is saving $25,000, $50,000, $100,000+ worth giving us a shot getting you into our program?

98% of our accounts are contractors and if you go to our website you can see that all praise and give us a “5 Star Rating.”

One of the great things working with us is when you call, text or email you get us immediately. No phone tag.  You can get us Monday thru Sunday you just call 914-806-5853 and we are there to ALWAYS lend a helping hand!

Let us take your account and market it to our carrier network.  We will make it as painless as possible.  We can only “BETTER YOUR SITUATION!”

One contractor we worked on was paying $393,000.  We reduced his pricing to $197,000 and got him much better coverage.

Another was paying $146,000.  We reduced his pricing to $78,000 and got rid of height restrictions, subcontractor coverage warranties and type of work restrictions.

Whatever problem you have we can help fix it.

We can help with screening subcontractors insurance.  We have a program in place to help clients.

We can help review contracts to make sure your insurance is in compliance.

We can help you set up a “Written Safety Manual.”

We can help you with getting bonds.

We can help you with getting Group Health Insurance.

Take a minute to watch our videos.  After give us a call.  Again we can only better your situation and when you’re spending tens, hundreds of thousands of dollars, well at least we think reaching out to us in the end can only save you lots of money!

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.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your contractor 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

© – Copyright – 2021 – BGES Group

Renter’s Insurance, for Affordable Peace of Mind

More than two-thirds of renters are uninsured for fire, natural disaster and burglary.

Why do so many people take this unnecessary risk? Some may think that their landlord’s insurance will cover any claims, or that only houses are broken into – and not apartments.

But the fact is that more apartments are broken into than houses, and apartments also burn. Worse yet, if a fire starts in one unit it will often affect nearby flats, as well. A careless neighbor could be the cause of your next burnt hallway.

But if you’re still on the fence, you should consider the following:

Your landlord’s insurance won’t cover you — While landlord’s insurance policies cover the building and any unattached property they have stored there, that coverage does not extend to a tenant’s belongings.

If your things are stolen or destroyed by a fire or a storm, you’ll have to replace them yourself. Additionally, you’ll be footing the bill for any temporary living expenses you may rack up if your apartment is uninhabitable for a period of time.

You may think your stuff is worthless, but it’s not — If you look around, you’ll find that you do have things of value. Your computer, tablet, mp3 player, clothing, furniture, a DVD collection, to name a few.

Most people have thousands of dollars of belongings and if a fire rages through their apartment, it’s all gone. And there’s an added bonus with renter’s insurance, in that it comes with liability protection against lawsuits by visitors who are injured when in your flat.

Renter’s insurance is affordable — Depending on the amount of coverage you purchase, premiums can be as low as a few hundred dollars a year, or less than $20 a month. Give us a call and we can take you through the steps of determining how much coverage you may need.

We’ll walk you through it

Understanding most insurance products does take a little time, but it’s always easier with the help of a professional insurance agent. We can walk you through the process of how to decide what type of policy is right for you, such as:

  • Explaining the differences between actual cost and replacement cost.
  • Helping you decide which deductible is right for your budget.
  • Explaining policy add-ons such as floaters to cover valuables above the coverage limits of a standard policy.

You will have to decide on one important part of the coverage: actual or replacement value.

If you have expensive items like electronics that are subject to depreciation, you should consider replacement cost coverage. With this type of policy, you would be reimbursed for the current cost of buying a new equivalent item.

This way, if you spent $2,000 on a computer three years ago, you would receive a check from the insurance company that would enable you to buy a new one.

However, if you had an “actual value” policy, the computer would be valued not at what you paid for it originally or what it would cost to replace it, but at its actual value as a used item. So, a three-year-old computer would be covered for its initial cost minus depreciation.

Of course, replacement cost coverage is more expensive.  It’s up to you to decide which type of coverage — actual value or replacement cost — better fits your needs and budget.

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

© – Copyright – 2021 – BGES Group