Holding a Safe End-of-Year Holiday Party

Holding a Safe End-of-Year Holiday Party

Last year, most companies cancelled their holiday parties as COVID-19 case rates started surging after the Thanksgiving holidays and as people started spending more time indoors.

Cases have once again been rising in the run-up to December, so many businesses are approaching their holiday plans with the safety of their staff top of mind.

If you’re concerned about the safety of your staff, there are number of issues you’ll have to consider in light of the pandemic as well as other safety issues that you need to address:

Make attendance voluntary. Many people are still nervous to be in public places or in large crowds. They may be immunocompromised or live with someone who is. They may fear contracting COVID-19 and bringing it home. Don’t force anyone to go to the party. Make it voluntary.

To mask or not to mask? Masks have become a major trigger point in American society and a political issue that inspires outrage among some. The Centers for Disease Control still recommends masking and social distancing, but many companies who have a majority of staff who have been vaccinated have decided to hold parties without mask requirements.

Companies will have to consider transmission rates in their communities before deciding whether to require masks at their parties.

Choose a venue carefully. Select a location that is large enough to provide additional space for your employees, since COVID-19 is still actively circulating. Ideally, arrange for an outdoor space but if you go with an indoor venue, make sure it has ample space.

Keep events small. The scale, nature and venue for your event should be chosen considering the local situation. The number of people attending will have to be within the allowable limits under state or local regulations. If there are no local rules, make sure that you have ample space for everyone to socially distance.

Food and drinks. CDC guidelines recommend that at large events all food be served to people at tables and not offered as a buffet, where people can breathe over the offerings. That also means that appetizer stations are out, as well.

One option if you don’t want to have a sit-down dinner that is served is to provide bento-style boxes of food for people to pick up and bring to a table to eat. That way all the food is covered.

If you do want to have food out so people can graze, consider keeping it under see-through covers liked domed cloches.

Also, you should consider not having champagne towers or punch bowls. Instead try to provide drinks in bottles that your staff can open on their own, or have a bar with a hired bartender who serves bottles and pours glasses of wine or mixed drinks.

Use technology. Some companies are planning to hold Zoom-based celebrations to reduce the risk of transmission, particularly if they are located in areas with high and rising case rates or if a large portion of their staff remain unvaccinated.

A solution for some businesses may be a hybrid event where some people are on-site and others join in via Zoom or other platforms. This is an ideal way to include vulnerable individuals who may be at special risk, for whatever reason.

While “virtual mingling” might not have quite the same zing to it, employees joining in from home can still relax and chat with colleagues.

Live, interactive games that cyberspace attendees can participate in are limited only by your imagination. Invite employees to make suggestions, and you might be surprised by what people come up with.

Ultimate in safety: No party. Some employers are holding off for another year and instead providing their staff with additional time off to spend with their families.

The decision

The decision on whether to hold a holiday party, and how to hold one, requires planning and a focus on safety for everyone who will be attending. While safety should be top of mind for any company event, with the ongoing pandemic in the background, it’s important that employers focus on protecting their staff from infection again this year.

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

This Insurance Covers You If You’re Sick and Need a Financial Lifeline

While your health insurance will cover most of your medical expenses, and costs associated with some medical issues, it won’t cover you for lost income and non-medical expenses you incur if you are unable to work due to your illness.

For example, if you have a debilitating stroke or heart attack, your insurance will cover treatment, but you may have to foot a large portion out of pocket and you may need extra funds during your recovery to make ends meet.

So, how do you pay for the expenses that medical insurance and disability insurance do not cover? Critical illness insurance can fill the gap when you need it most.

This is especially true if you have a high-deductible health plan. If you suddenly are faced with a medical bill associated with a cancer diagnosis or a stroke, it could be a massive financial strain, particularly if you are unable to work for a time and don’t have the income to pay those out-of-pocket medical bills.

In this case, you could use proceeds from the insurance to pay your deductible and more. The peace of mind having critical illness insurance when you also have an HDHP is worth its weight in gold. Fortunately, these policies are often reasonably priced.

 

How it works

Critical illness insurance will pay you a lump sum cash in case of a serious illness. The number of covered illnesses depends on the policy, but the average is 19. Some common ones include:

  • Stroke,
  • Heart attack,
  • Cancer,
  • Serious COVID-19 hospitalization (depending on the severity and incapacitation),
  • Alzheimer’s disease,
  • Kidney failure, and
  • Paralysis or paraplegia.

 

The size of the payment depends on the policy limits. It can range from $5,000 up to $100,000. A few policies offer a lifetime maximum of up to $500,000. The higher the lifetime maximum, the more you will pay in premium

Typically, individual critical illness coverage is guaranteed renewable for life, as long as the policy is purchased before the age of 70. That said, after an insured turns 70, the policy’s benefit amount is reduced by half.

That means if you buy critical illness insurance with a $50,000 benefit amount prior to age 70, and if you make a claim when you are 76, the policy will pay $25,000.

Once you have the funds, you can use them for anything you need, like health insurance deductibles, special equipment, wheelchair, costs of seeing a specialist for whom your health insurance won’t pay, transportation and childcare.

You can even use the funds to pay your mortgage, utilities and other day-to-day necessities. There are no restrictions on how you spend the money. Once it’s yours, it’s yours.

 

How much it costs

The cost of a critical illness plan will vary on your age, health, whether you smoke or not, and what kind of work you do.

Critical illness insurance can be relatively inexpensive.

A 35-year-old non-smoking male architect in Savannah, Ga. would pay about $50 per month for a single plan benefit of $50,000. At 55, that same man would pay $148 a month. Smoking raises premiums substantially.

The policy price will also depend on how many illnesses or health issues a policy would cover.

 

What to do next

You may be wondering if this type of insurance is right for you. If you’re interested, please call us and we can go over the specifics and help you shop around for a policy.

You may also want to check with your employer, as many companies offer it as a voluntary benefit to their staff at group rates.

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

 

 

 

 

 

 

Why Wealthy Households Need Specialized Personal Umbrella Coverage

For high-net-worth individuals, the financial consequences of being sued can be serious business.

They typically have more assets at risk should be they be hit with a large court settlement or judgment and, while compensatory damages may be standard across the board, some juries have seen fit to punish the rich especially hard for their negligence.

But if you don’t think it can happen to you, consider these not-so-far-fetched scenarios:

  • You agree to host a charity function at your home and when 65 guests are on your backyard deck, it collapses, injuring many.
  • One of your teen children is involved in cyber-bullying a child and his parents sue your child and you for inflicting emotional harm.
  • Your husband is at fault in an auto accident that kills two passengers in the other car and severely injures the driver.

While your underlying automobile or homeowner’s policy would pay for many of these damages, the policies usually cap liability payouts at a certain amount – typically $500,000.

Any damages above that would come out of your pocket and assets unless you have an umbrella policy, which will kick in after your primary insurance limits are breached.

But the problem for high-net-worth individuals is that a typical umbrella policy is often capped at $5 million, and that may not be enough if a large judgment is leveled against you.

Ideally, you would secure enough liability coverage in a personal umbrella policy to ensure your wealth is not wiped out from a lawsuit, and there is a special line of umbrella coverage that is geared towards high-net-worth individuals that require higher limits.

Fortunately, there is a select group of companies that offer specialized personal umbrella policies that have limits as high as $100 million – and they can be customized specifically to your situation.

Why you need it

As a high-net-worth individual, you also have more liability risks than most individuals, since you are more apt to:

  • Hold a charity function or other event at home
  • Serve on boards of directors
  • Have swimming pools, trampolines and personal watercraft
  • Rent out properties
  • Employ residential staff like maids, nannies, drivers and gardeners.

Making matters problematic for wealthy households are common-law joint and several liability statutes, used in cases where two or more defendants are found liable for damages. In such cases, the winning plaintiff may collect the entire judgment from any one of the parties.

Joint and several liability

Consider the following sequence of events in an actual case:

  • Four teenagers were horsing around in a car driving through a neighborhood and hitting trash cans placed on the side of the road for garbage day the following morning.
  • One of the boys stuck his arm out the window to hit one of the garbage cans with his fist, but in doing so half his arm was severed.
  • Although all of them were essentially culpable for the accident, the plaintiff’s attorney for the injured boy only went after the rich father of one teenager – and the other boys got off scot-free.

How a personal umbrella policy works

Basically, the umbrella policy sits on top of the liability portion of your automobile, homeowner’s or watercraft policy and it begins to pay when you’ve exhausted the limits of the primary policy.

You need to have specific minimum primary liability coverage amounts on the primary homeowner’s, auto or watercraft policy to make sure there is no gap between when the primary liability policy stops paying and the personal umbrella liability policy begins to pay.

There are two main types of liability that the policy will cover:

  • Physical injury to someone and personal injuries (such those sustained from slander or defamation).
  • Property damage to a third party that was caused by the insured.

Lawsuit Threats Keeping Wealthy Households Awake

  • An auto accident 47%
  • A worker or household employee is injured while on your property 31%
  • A visitor is injured while on your property 29%
  • Being accused of misdeeds or being held liable for incidents in connection with volunteer work 22%
  • Being sued as a result of a side business you conduct on your property 19%
  • Being accused of libel, slander or invasion of privacy 18%
  • Your pet causes someone injury or does serious property damage 18%
  • Being accused of sexual harassment, discrimination, abuse or wrongful termination by a nanny or other household employee 17%
  • A dispute with a neighbor 15%
  • An altercation involving you or a family member 14%
  • Other 20%

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

Delays, Higher Insurance Costs Burden Owners, Contractors

Contractors Insurance; Contractors Liability; Higher insurance costs due to delays; Builders Risk

Increasing construction project delays are combining with a hardening market for builder’s risk and liability insurance to create headaches for project owners and contractors.

If your project suffers from delays, you may find it difficult or costly to extend the length of your insurance coverage as insurers have tightened their underwriting policies and some have stopped underwriting construction projects altogether.

Owners need to understand the insurance marketplace and take steps in advance to keep insurance issues from throwing a monkey wrench into a project.

Delays weigh on contractors

Contractors report several reasons for delays:

  • Projects are increasingly complicated and have long durations.
  • Initial budgets and estimated timelines may prove to be inadequate or over-optimistic.
  • The process of obtaining permits can take years, particularly if there are environmental concerns about the project.
  • Increasingly volatile weather conditions are setting some projects back, as hurricanes, floods and wildfires can prevent work from starting or damage work already completed.

Insurers’ response

This is happening at a time of persistently tight insurance market conditions. The size of court damage awards is growing. More frequent and intense storms have sent the cost of property damage losses soaring.

Some insurers have responded by reducing their appetites for insuring construction projects, while others have pulled out of the construction market entirely.

Those that remain are hiking rates, increasing deductibles and self-insured retentions, and adding provisions that reduce the scope of coverage.

In a state like New York with a difficult legal environment, it can be a struggle to obtain adequate coverage at affordable premiums.

Consequently, when an insurer is asked to extend the coverage expiration date for a construction project, the agreement may come with these unpleasant strings attached.

Also, the project budget likely did not contemplate increases in insurance costs and uninsured loss costs midway through the process.

What you can do

Solving these problems is not easy, but there are things that can be done to address them, as follows:

Identify solid insurers — At the beginning of the process, owners and contractors should work with their insurance brokers to identify insurers with long track records of providing construction coverage.

Some insurers may jump in and out of markets, depending on how profitable they appear at the time. Multi-year construction projects require insurers who will not exit the market when their profit margins slip.

Where one or more of the project’s insurers have departed the market, it is impossible for the project owners to negotiate a solution. However, if the insurers are still willing to offer coverage, those that have solid, long-standing relationships with owners and contractors may be willing to negotiate terms satisfactory to all.

Negotiate automatic extensions — Owners and contractors should attempt to include automatic coverage extensions during negotiations for the original policies.

These projects involve multiple insurers providing different layers of coverage and it’s important to try to negotiate these coverage extensions with all of them. If one insurer drops out, it may be possible to get some of the others to fill in the gap.

Consider a ‘captive’ — In some cases, contractors may have the option of turning to “captive” insurers to fund higher retentions and uninsured losses. A captive insurer covers the risks of its owners; companies sometimes create them because of tax and cash flow advantages.

Stay on schedule — Do all you can to stay on schedule, so you don’t run into insurance issues. This requires closer coordination among all the contractors and the subs and more attentive management of the project. That may mean additional outlays by the project owner, but staying on schedule is less costly than blowing through the completion deadline.

With the current supply-chain problems not easing anytime soon, the problem of project delays will likely continue. Insurance problems may complicate that further, but they can be managed.

Before your next project, call us so we can get the ball rolling early.

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

Whole Life vs. Universal Life Insurance: What’s the Difference?

Whole Life vs. Universal Life Insurance: What’s the Difference?

Whole life and universal life insurance are two popular types of permanent life insurance policies. That is, they are intended to extend coverage for life, or for far beyond the coverage available under a term life policy.

Both types of policies share these key characteristics of life insurance:

  • They provide a tax-free death benefit to widows, orphans and other beneficiaries.
  • They are designed to last many years longer than a term insurance policy.
  • Unlike term insurance, whole and universal life policies build cash value. Policy owners can access at any time and use for any purpose.
  • Cash value grows tax-free while the policy remains in force. (If you cancel the policy and cash out, you would pay capital gains tax on any proceeds over what you paid in).
  • Both qualify for tax-free exchanges to another life insurance policy, or an annuity.

Differences

But there are important differences between the two types of policies, as well — mostly in the different guarantees under each type of contract.

Whole life insurance typically provides for more stability and guarantees. But the initial premium commitment may be higher.

Whole life Insurance

  • Guaranteed-level premium for life
  • Must pay premiums as scheduled
  • Guaranteed cash value growth rate
  • Can be ‘guaranteed paid up’ at a certain age
  • Fixed, with no risk of market loss.

Universal life Insurance

  • Cost of insurance goes up over time
  • Flexible premiums and payment
  • Cash value growth rate fluctuates
  • “No-lapse guarantee” riders available — for higher premiums
  • Can be fixed or variable. Variable universal life insurance subaccounts may lose money.

Universal life advantages

Universal life policies offer flexible premiums. You can contribute premium when you like.

Consider paying extra premium in good times to fuel the policy’s cash value and stay ahead of the rising cost of insurance as you age. That provides the flexibility to contribute less during lean times, if need be.

Universal life insurance may also allow for faster build-up of cash value for living benefits, such as tax-advantaged retirement income, college funding, etc., compared to whole life — especially if you can overfund the policy during the early years.

Universal life disadvantages

It’s important to understand that under universal life contracts, the cost of insurance gradually increases as the insured gets older. Universal policies may require higher and higher premium payments to keep the policy in force.

If you don’t pay the full premium, the carrier will deduct from the cash value each year to pay it, until the cash value is exhausted.

Many people have been caught by surprise when they learn a universal life insurance policy they expected to last a lifetime will lapse unless they contribute a large amount of premium to keep it in force.

To sum up…

Whole life insurance provides less flexibility. But it also provides for fewer surprises. Universal offers more flexibility and possibly more cash value growth — up to a point. Eventually, the rising cost of insurance takes its toll.

In either case, it’s a good idea to monitor any permanent life insurance policy carefully. Stay in touch with us and call us to review the status of your policy each year.

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

Contractors – Unhappy with Your Liability, Auto, Umbrella, Workers Comp or Health Insurance Pricing, Coverage or Broker’s Services?

BGES Group is one of tri-states “Construction Insurance Specialists” who can help you with the following:

  1. If you’re unhappy with your pricing let us market your account to our network of 60 construction insurance companies and find you better.
  2. We represent “The Top Main Street” programs and “All The Best Surplus Line Plans” too.
  3. We have incredible leverage with carriers and can get you very, very, very competitive pricing and coverage usually better than most agencies.
  4. Unlike 99% of agencies, “Construction Insurance” is our specialty so we know the nuances of each company’s coverage, limitations, exclusions and conditions.  We are NOT ORDER takers!  You need to deal with someone that really knows what they’re doing otherwise when a claim occurs, you can be uncovered.  We “ARE THE CONSTRUCTION AGENCY” you want to represent YOU!
  5. Tell us what your issues are.  Let us find you a better fit.
  6. Need help with insurance contract reviews?  We have a department set up to review contracts before you sign them.
  7. Need help dealing with “Real Estate Management Companies?”  We can step in and talk to them on your behalf so you can focus on work and we can get you approved.
  8. Need help screening subs insurance.  We have a department set up to screen subs insurance to make sure 1) They are in compliance with your policy insurance requirements; 2) You are properly protected in the event of a claim.
  9. Can’t get someone on the phone when you need help?   You will be able to get us day or evening by calling 914-806-5853.  No more talking to a phone system.  No more waiting on hold.  No more hearing your contact is out to lunch or in a meeting or on vacation.  Call when you need and we will be there to help!
  10. Other coverages we can help you with:
    1. Business Auto – We have 5 companies to market your account to.
    2. Commercial Umbrella Liability – We represent all the best liability companies.  Unhappy with the pricing you pay, try us.
    3. Worker’s Compensation – We offer Stand-a-Lone Policies, Payroll/WC Programs; Professional Employer Organizations (PEOs) and State and Assigned Risk Plans.  Unhappy with your company, service, their audits, want to get away from the carrier you now have, we can get you better.
    4. Bonds – We have a separate bonding department with extensive expertise, leverage and we can get the job done for you when most can’t.  Need better rates, higher bond limits, try us!
    5. Group Health – We have a separate health department set up for our clients.  Rates keep going up.  Coverage keeps changing.  Most people worry when they get sick what kind of bills they are going to have to pay.  Let us help you through this maze.  Call 914-806-5853 and ask fro Gary.

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 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

Unhappy with Your Worker’s Compensation Rates, Company, Audits or Broker’s Service?

We are one of tri-states leading “Workers Compensation Specialists.”  We are like human encyclopedias and know all the ins and outs of the Worker’s Compensation System.  We know and will use every rule to your advantage (which can end up saving you more than 20%).

We can help with the following issues:

  1. Audit disputes – We can either help get your carrier to fix what you feel are mistakes or get a new carrier and get you out of your current bad situation.
  2. Looking To Get Away From Having to Do Annual Audits – Depending on the state and carrier we may be able to avoid annual audits or if carrier insists their audits require minimal documentation.
  3. Poor Workers Compensation Loss Experience – We can find you a new carrier who won’t make you pay through the nose.  Two clients who had over $1 million each in losses ended up paying lower rates than the carrier who was canceling them.
  4. Being Cancelled – We can find you a new carrier within 1-2 days.
  5. High Experience Modification Factor – We can place you in a program which will offset a high mod with credits so your rates are better.
  6. Payroll Being Misclassified – We know what to do to get your carrier to put them in the right class codes.
  7. Unhappy with Your Payroll Company Who Provides Workers Compensation – We have up to 20 programs and can get you lower payroll processing fees and lower Worker’s Compensation rates.
  8. Do Not Want To Pay a Fixed Premium Every Month – We have programs that will allow you to report payroll each month and pay premium based on payrolls reported.  So for the months payroll are low so too will be your premium.  This helps with your cash flow.
  9. Do Not Want To Pay a Renewal Deposit Every Year – We have programs where you pay up front a deposit then on renewal no deposits are required.
  10. Sick of Paying Your Broker $1,000 to $2,500+ Policy Fees or 10% Services Fees – We can get you into programs that have no policy or service fees however you get “First Class” service day and evening.
  11. Your Business Is In a High Risk Category Therefore Hard To Find Worker’s Compensation – We have up to 20 companies to market your account to.  One carrier insures companies with very poor loss experience.  One company insures companies considered very high risk.

Whatever your issue we can help.  You just tell us what you want done and we will find a way to achieve it.  Let us take whatever headaches you have and make them our headaches.

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

Paid Ransomware Demands Fall Sharply as Businesses Wise Up

Businesses are getting better at beating ransomware extortionists and more victims are refusing to pay to unlock their systems, according to a new report.

The ratio of ransoms that the cyber criminals demand to ransoms actually paid fell to just 12% in the third quarter of 2021, compared to 44% in the same period in the year prior, according to the report by Corvus Insurance out of Boston.

The report said that businesses have become better prepared in handling ransomware attacks by improving their backup systems, better protecting internal backups as well as off-site backups that serve as a failsafe in case the main systems are compromised.

“Despite efforts by criminals to double-extort victims or find other ways to increase leverage, organizations have generally become better prepared to handle ransomware,” the report states.

The improvement comes as some ransomware gangs have started double-extorting their targets by first demanding a ransom to unencrypt their system, and then demanding a second ransom payment under the threat of leaking or selling a company’s trade secrets or other sensitive data.

Sometimes if a ransom demand for unencrypting a company’s systems fails to bear fruit because it had strong backup protocols in place, the criminals may fall back on threatening to expose the company’s sensitive data.

Reasons for improvements

The report said ransomware’s frequency had dropped by 50% in the second quarter of 2021 from the first three months, and was sustained through the third quarter. This was likely linked to the shutdown of two ransomware groups, but there were other factors affecting the drop in both ransomware frequency as well as the percentage of ransoms that are eventually paid.

Better backups — Companies are implementing more robust backup strategies, that include better-protected internal backups and off-site backups that act as a failsafe. According to the publication Computer Weekly, the best practice for backup is the 3-2-1 rule:

  • Make three copies of data,
  • Store the data across two different forms of media, and
  • Keep one copy off-site.

To protect against ransomware, the off-site backup should be isolated from the business network, such as being housed on the cloud through a reputable cloud storage provider. That can be the off-site copy of the data, but keeping another dataset on tape, and keeping those tapes strictly offline, is the most reliable way to “air gap” data from a ransomware attack.

E-mail security systems — There are a number of tools that can make e-mail communication safer while avoiding a costly hardware installation. These cloud-based tools scan and filter incoming messages to anyone in the organization.

The Corvus study found a 158% increase in the adoption of e-mail security tools in the third quarter compared to the same period in 2020.

The vendors update their scanning tools regularly to keep up with the latest phishing threats (phishing is often how a system is compromised and which can allow ransomware into your database).

Some e-mail service providers have started building into their systems scanning and filtering tools. But these tools are often not as strong as stand-alone ones.

Remote desktop protocols waning in use — Fewer companies are using accessible remote desktop protocols (RDPs), which flourished during the lockdowns early in the COVID-19 pandemic. The use of these protocols has dropped nearly 50% in the last year.

These protocols allow a user to access their computer or servers from another computer when off-site.

However, such systems are extremely vulnerable to credential compromise and hackers use something called a “brute force” attack where they exploit weaknesses in the system. For companies that use RDP, Cisomag.com, an online computer publication, recommends:

  1. Using a secure VPN connection instead of RDP to access desktops remotely.
  2. Enforcing the use of strong passwords, and password changes every 60 to 90 days.
  3. Setting a threshold for password tries. The system should lock out the user after three failed login attempts (failed passwords).
  4. Changing the default name of your administrator account.
  5. Checking your group policies frequently.
  6. Installing all server patches and paying attention to Microsoft Patch Tuesday (Update Tuesday) announcements and similar advisories.

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

Commercial Property Policy Won’t Cover Floods or Earthquakes

Many business owners are confused by the seemingly endless array of insurance policies and premiums. But an understanding of what your basic commercial property insurance covers and doesn’t cover is critical to any risk management strategy.

Furthermore, any responsible risk management plan must include an assessment for flooding and earthquake damage, and a plan for insurance protection, where needed.

Does commercial property insurance cover flood damage?

No. Standard commercial property insurance will not reimburse you for flood damage, including flooding related to hurricanes and storm surges.

Neither commercial package policies nor business owner’s policies include flood risks as standard coverage.

How can I get flood coverage?

There are two markets for commercial flood policies, the most common of which is policies issued by the National Flood Insurance Program through licensed insurance agents. However, not all policies fall within the jurisdiction of the NFIP.

You may be able to obtain flood coverage through private insurers, but these policies are hard to come by and coverage and pricing will depend on your location and flood risk. These policies are known as “differences in conditions” policies that are essentially riders to property policies.

 

What does it cover?

Flood insurance provides two kinds of protection: Building property coverage and personal contents. Talk to us about the specific items in your building(s). Coverage of basements and areas below the lowest elevated floor are underwritten separately from other floors.

Commercial flood insurance from the NFIP provides up to $500,000 in coverage for direct physical damage to buildings from or by flooding. This includes damage to floors, walls, ceilings, plumbing, electrical systems and HVAC.

The NFIP also covers the contents of a building up to $500,000. Contents coverage includes furniture, fixtures, inventory, machinery, equipment and other property owned by your business that has been damaged by a flood. The limit for contents coverage is separate from the limit for buildings coverage.

Does commercial property insurance cover earthquakes?

Again, typically not. This is not a standard coverage under commercial property insurance and the business would need to purchase a separate commercial earthquake policy.

While earthquakes have occurred in every state in the union since 1900, according to the Insurance Information Institute, some states have more exposure to earthquake hazards than others.

The U.S. Geological Survey has identified areas with particularly high earthquake hazards in California, Oregon and Washington, and has even identified hotspots in Nevada, Utah and Wyoming. 

How can I get earthquake insurance?

Commercial earthquake policies are available in the private market and are also sold as differences in conditions policies that are riders to your commercial property insurance.

We can find you coverage if you’re in the market.

What does earthquake insurance cover?

Earthquake insurance usually protects you against damage to your building and damage to business equipment and inventory. In some cases, there is a business interruption insurance component.

Deductibles range from 2% to 20% of the value of your building, so there’s no substitute for having some liquid capital available, or a ready and reliable line of credit before an earthquake strikes.

Be prepared to undergo a building/facilities inspection. Before you qualify for coverage, your underwriter may ask you to make specific property upgrades, such as bolting your building to its foundation, bracing your chimneys and walls, or other items. They may also have you strap water heaters to the walls or frames.

Again, you’ll need to obtain earthquake insurance separately from your commercial property insurance policy. Call us for specifics and to get the application process started.

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

Dealing with COVID Vaccination Status Friction Points with Employees

The controversy over COVID-19 vaccine mandates in the workplace continues growing and human resources are sounding the alarm on how employers should approach the matter.

While the Equal Employment Opportunity Commission and impending OSHA regulations will provide some cover to employers who want their employees to get vaccinated, they need to make sure that they follow certain steps in dealing with those who refuse to have a jab, won’t say if they are vaccinated or are claiming a religious or medical exemption from getting inoculated.

The California employment law firm of Shaw Law Group LLC. recently held a webinar on a number of friction points that could get employers in hot water. Here are some tips to avoid getting sued:

  • If you require your staff to disclose their vaccination status, treat those who refuse to divulge their status as unvaccinated. There is no point in continuing to hound someone about giving the information if they don’t want to. Just assume they are unvaccinated for the purposes of your office rules.
  • If you have set rules requiring your workers to be vaccinated, do not automatically put someone who won’t get vaccinated on a leave of absence if that is your policy. Instead, treat it like an Americans with Disabilities Act request and enter into a meaningful discussion if they request accommodation.
    During this time, you have to consider alternative accommodations, such as requiring them to always wear a mask at work and submit to weekly testing.
  • If you are going to accommodate workers who don’t get vaccinated, you as the employer are obligated to cover the costs of such accommodations (like those in the above bullet point). That also applies to employees who refused to get vaccinated on religious or medical grounds.
  • Have a process in place for handling requests for accommodations. A request for religious accommodation can put the employer in a quandary since they don’t want to require proof of what part of the person’s religion requires them not to get vaccinated. Shaw Law Group warns: “And, do not question the sincerity of an employee’s stated religious belief, unless you have an ‘objective’ reason to do so.”
  • There are no laws or regulations requiring employers to provide a “reasonable accommodation” for political, social or secular personal beliefs that may affect why an employee refuses to get vaccinated.
  • If you have an employee who refuses to participate in the accommodation process and provide documentation backing up their religious or medical exemption request, deny the request.

HIPAA Privacy Rule considerations

Meanwhile, the Department of Health and Human Services’ Office for Civil Rights has issued guidance regarding how the HIPAA Privacy Rule affects employees’ disclosures of their COVID-19 vaccination status.

Employers can require employees to disclose whether they have received the COVID-19 vaccine, according to the guidance. That includes requiring them to disclose their status to a client or another third party like a vendor.

Why is this? HIPAA’s Privacy Rule does not regulate the health information an employer can request from its employees as part of the terms and conditions of employment.

Employers who require staff to provide proof of vaccination status are required to keep all documentation or confirmation of vaccination status confidential, under this rule. Any such documentation must not be stored in the employees’ personnel files and must be kept separately.

Finally, your employees are free to disclose their vaccination status to other employees, customers, vendors or trade partners, as the Privacy Rule does not apply to such circumstances.

The takeaway

As more Americans get vaccinated, there is also a significant portion of them that will continue refusing to get inoculated for a number of reasons.

To avoid being sued for overstepping your authority as an employer, if you are requiring vaccinations, make sure you put in place procedures for handling requests for religious or medical accommodation.

You’ll also need to decide how to handle employees who won’t divulge their vaccination status or are refusing vaccination on grounds other than religious or medical reasons.

Finally, if you decide not to require staff to get vaccinated, decide how you will accommodate unvaccinated workers in the workplace, such as requiring full-time masking and weekly COVID-19 testing.

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 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