If you are looking for ways to keep your workers’ compensation insurance costs under control, it’s a good idea to take a look at your experience modifier. In fact, tackling your experience modifier is generally a far more effective method of lowering your costs than shopping around for cheaper workers’ compensation coverage. That’s because the experience modifier is used to calculate your individual rate.
However, many employers don’t fully understand how experience modifiers work. They don’t completely understand how lowering it can help them drastically reduce workers’ compensation costs. Let’s take a closer look.
The experience modifier is a formula insurance companies use to predict losses that an employer is likely to incur. To arrive at the experience modifier, the insurance company considers losses over a three-year period in history, not including the current policy period. It takes into account not only amounts actually paid as claims but also estimates of future payments for medical treatments or compensation that will be paid to make up for lost wages.
Your experience modifier compares your actual losses with the expected losses for employers operating similarly sized companies in your state and industry. If your experience modifier is 1.00, that means your losses match the average rate. A modifier that is higher than 1.00 reflects higher losses, while a modifier less than 1.00 means lower than expected losses.
Your experience modifier is used to calculate your workers’ compensation insurance premiums, so the lower your modifier, the less you’ll pay. Let’s take a look at ways to lower your experience modifier.
Toward a lower experience modifier
Here are a few tips on lowering your experience modifier:
Create a safer work environment. Since your experience modifier is derived from your workers’ compensation claims history over a three-year period, the most obvious first step is to create a safer work environment. A workplace focus on safety is a great way to improve morale and help keep costs down. Some companies form safety committees to find new ways to reduce workplace injuries and to provide training that helps employees stay safe.
Return employees to work as soon as possible. Another excellent way to keep costs down is to consider a return-to-work program for injured employees. Remember, workers’ compensation claims involve not only medical bills but also claims for lost wages. In many cases, injured employees who are not yet able to return to their former jobs can come back to perform light duty jobs while they complete their recovery. This helps lower claims costs. It’s a good idea to work closely with physicians who specialize in workplace injuries since they can more efficiently treat your employees and may have more experience authorizing returns to work for light duty assignments.
Hire the right people. Another long-term strategy for lowering your experience modifier is to implement good hiring practices. For example, you may want to consider a candidate background check and drug screening program. Employees who use drugs are far more likely to be injured on the job, lowering morale and driving up your costs. It’s always a good idea to be selective about whom you hire, and the likelihood of future on-the-job injuries is one more factor to consider.
The bottom line
When workers’ compensation insurance prices rise, it’s tempting for employers to shop around for new coverage. But the fact is, employers themselves control a major factor in determining rates: the experience modifier. Take control of your workers’ compensation costs by taking steps to create a safer work environment, return employees to work and hire the right people. Not only will you improve operations and employee morale, you’ll save money too.
BGES Group, located in Larchmont, N.Y. are New York Construction Insurance Specialists (we cover the tri-state area) that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are there and will help you!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors, Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
BGES Group offers all personal insurance coverages including home, auto, boat, jewelry, fine arts, life, disability, health and long-term care. When was the last time you got a complete check up for all your coverage needs? We are extremely caring and would love the chance to help you with your personal insurance needs.
BGES Group is an insurance agency whose owner is very responsible, responsive, offers boutique, very personal service and is ALWAYS there when you need him most!
Go read our “Google Reviews” and see what people have to say about us! That can give you the comfort level needed to contact us.
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.
Life insurance premiums aren’t cheap — but the cost of not having life insurance can be devastating for your loved ones.
Too many families and small business owners overlook the foundational financial planning step of getting sufficient life insurance protection in place.
According to LIMRA, about 48% of U.S. families are significantly underinsured, and about 37 million Americans have no life coverage in place at all. One in five families with children living in the home is underinsured.
For those who have life insurance, the amount in place is too often inadequate: On average, most families’ coverage is about $200,000 short of their actual needs. The average family with life insurance has only enough to cover about three years of lost income and expenses.
For surviving family members, a lack of life insurance sets them up for a series of devastating blows to their financial security and lifestyle. Not only are they at risk of losing a loved one and provider — a parent, husband or wife — they also lose every paycheck and every pay raise and promotion that that loved one would have earned throughout the rest of their working life.
The cost of underinsuring
Without adequate life insurance in place, surviving family members are also at risk of losing the family home, losing prospects for a college education, and being forced to move to a less desirable school district.
At the same time, a recent survey found that more than six in 10 Americans don’t have enough savings to cover an unexpected $500 expense. One in three has no savings at all.
But families have significant expenses to contend with when a loved one dies, including final medical expenses, which are often high, as well as burial and funeral costs and the cost of travel to memorial services. Put together, the unexpected death of a loved one — especially a breadwinner — can stretch most family finances to breaking point.
Insuring the non-working spouse
Don’t overlook the need for life insurance for stay-at-home spouses, either. Many families vastly underestimate the contributions a stay-at-home parent makes to the household.
On top of funeral and burial costs, the surviving parent often wants to take some extended time off work to spend with grieving children, or to travel to visit family. Once they go back to work, they may need to arrange for childcare services or after-school care, depending on the ages of the children.
They typically incur more expenses from eating out, as busy professional single parents have less time available to prepare home-cooked meals. The surviving parent may want to arrange for housecleaning services and pay for a surprising number of services that the deceased stay-at-home spouse provided.
The right amount of life insurance on a non-breadwinner is a personal decision and varies widely — but the more thought people put into it, the more they realize they need it.
Fortunately, term life insurance can be affordable even for families just starting out, provided they are in good health.
The key: Don’t put it off. Putting off the decision saves very little money — and you risk waiting too long. A severe medical issue can make it difficult or impossible to get insurance at any price, so the sooner you get protection in place, the better.
To get started, call us today.
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, located in Larchmont, N.Y. are New York Construction Insurance Specialists that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are ARE THERE to help YOU!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
In addition, we offer all personal insurance coverages including home, auto, boat, jewelry, fine arts, life, disability, health and long-term care. When was the last time you got a complete check up for all your coverage needs? We are extremely caring and would love the chance to help you with your personal insurance needs.
BGES Group is an insurance agency whose owner is very responsible, responsive, offers boutique, very personal service and is ALWAYS there when you need him most!
We know reading an article we post or getting an email is not the best way to consider working with someone. If you are interested, go read our “Google Reviews” and see what people have to say about us! That can give you the comfort level needed to contact us.
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
Most construction contracts have hold harmless agreements, which are also known as indemnity agreements. In such contracts, the indemnitor agrees to cover any damages assessed to the indemnitee for injury or property damage liability. There are three different forms of indemnity agreements, and each one has different insurance implications.
Intermediate Form
In this type of agreement, the indemnitor takes responsibility for accidents that happen during the course of the project. However, there is an exception for accidents arising purely from the indemnitee’s negligence. If a subcontractor is at least one percent liable, he or she pays for the accident.
Broad Form
The indemnitor takes all responsibility for accidents happening during a project. This is true regardless of who is at fault. Subcontractors must pay for their own negligence, the negligence of the general contractor and joint negligence with the general contractor. Unless the indemnitor insures the assumed liability, this type of agreement may be prohibited in most states.
Limited Form
In the limited form agreement, the indemnitor takes all financial liability for accidents that happen during the project. However, the indemnitor only assumes responsibility for his or her own liability. If an accident happens where each party is 50 percent liable, the general contractor would be entitled to 50 percent of the judgment from the subcontractor.
Injuries and damages the insured must pay because of a contract are excluded in the ISO CGL form. However, there is an exception for liability in insured contracts, which includes portions of contracts where the insured assumes tort liability for a third party’s injuries. If the damage or injury takes place after the contract’s execution, the exception allows the subcontractor insurance coverage for liability assumed in a hold harmless agreement. When an indemnity agreement requires subcontractors to pay for them, the policies cover legal fees for general contractors.
By naming the general contractor as an additional insured, a subcontractor may insure assumed liability. Since ISO changed its endorsements for additional insureds in 2004, it is important to understand that they are not covered for sole negligence now. If a contract has a broad form type of indemnity agreement, this could be problematic for the parties involved. All contractors should work with attorneys to make sure the terms of hold harmless agreements are fully understood. It is also essential to work with insurance agents to understand how coverage applies to agreements. The best time to get rid of coverage gaps is before a job starts, so discuss these issues with an agent immediately.
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, located in Larchmont, N.Y. are New York Construction Insurance Specialists that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are ARE THERE to help YOU!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
In addition, we offer all personal insurance coverages including home, auto, boat, jewelry, fine arts, life, disability, health and long-term care. When was the last time you got a complete check up for all your coverage needs? We are extremely caring and would love the chance to help you with your personal insurance needs.
BGES Group is an insurance agency whose owner is very responsible, responsive, offers boutique, very personal service and is ALWAYS there when you need him most!
We know reading an article we post or getting an email is not the best way to consider working with someone. If you are interested, go read our “Google Reviews” and see what people have to say about us! That can give you the comfort level needed to contact us.
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
In the course of doing business, you may sometimes find yourself entering into contracts requiring that your business be named as an additional insured on another party’s insurance policies.
This is often done to make sure that your own insurance is not depleted by defense and indemnification costs for losses for which you may be legally liable as a result of the business relationship you have with the other party, and that are not due to your own firm’s direct negligence.
An additional insured is defined as an individual or entity that is not automatically included as an insured under the policy of another, but for whom the named insured’s policy provides a certain degree of protection.
When to opt for additional insured status There are many instances when you may want your firm included as an additional insured on another’s policy. Here are just a few examples:
If you are a building owner, you want to be an additional insured on the property and general liability insurance of your tenants in case one of them damages your building or in the event that a visitor to the property is injured.
If you are a distributor or a retailer, you may want to be an additional insured on the insurance programs of the manufacturers of the products that you sell.
If a contractor comes onto your property to perform work of any type, including erecting displays or other maintenance or structural work, you will want to be named as an additional insured on their policy in case the display falls on someone, or someone is injured due to the work they are performing. You don’t want to be held responsible for any dangers or injuries created by the contractor’s work.
If you are to become an additional insured on another company’s policy, you need to confirm that the other party has indeed named your company as an additional insured with its insurance company. Their word alone is not good enough.
You should demand a copy of the policy that explicitly lists your company as such. You want to see a copy of the policy and not the certificate of insurance, which is not sufficient proof that your company has been added.
Additional insured status is effectively conferred through an additional insured endorsement to the other party’s original insurance policy. An endorsement essentially serves as an amendment to the terms of an insurance policy that is incorporated into the relevant insurance policy.
These amendments can take the form of an endorsement that specifically names a particular additional insured, or a general endorsement that identifies some class of parties as additional insureds.
But, if there is ever a dispute about your company’s status as an additional insured, you will want to have in hand not only the other party’s certificate of insurance, but also a copy of the policy itself and the endorsement that makes your company an additional insured.
Ensuring your status is properly secured
There are a few best practices that you can implement to help make certain your firm’s status as an additional insured has been properly secured:
At a minimum, always insist on receiving a copy of the relevant additional insured endorsement, as this is the instrument that establishes additional insured status;
An additional insured endorsement does not, however, state an insurance policy’s terms and conditions. In order to avoid being surprised by unexpected policy terms (such as strict notice requirement or unfavorable notice of cancellation provisions), you should ask for and receive a copy of the entire insurance policy under which you are an additional insured, and be sure to read it; and
Retain additional insured endorsements and the relevant insurance policies for as long as there is any potential that claims triggering those policies might be made.
If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.
BGES Group, located in Larchmont, N.Y. are New York Construction Insurance Specialists that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are ARE THERE to help YOU!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
In addition, we offer all personal insurance coverages including home, auto, boat, jewelry, fine arts, life, disability, health and long-term care. When was the last time you got a complete check up for all your coverage needs? We are extremely caring and would love the chance to help you with your personal insurance needs.
BGES Group is an insurance agency whose owner is very responsible, responsive, offers boutique, very personal service and is ALWAYS there when you need him most!
We know reading an article we post or getting an email is not the best way to consider working with someone. If you are interested, go read our “Google Reviews” and see what people have to say about us! That can give you the comfort level needed to contact us.
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
Increasing construction project delays are combining with a hardening market for builder’s risk and contractor 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.
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, located in Larchmont, N.Y. are New York Construction Insurance Specialists that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are ARE THERE to help YOU!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
In addition, we offer all personal insurance coverages including home, auto, boat, jewelry, fine arts, life, disability, health and long-term care. When was the last time you got a complete check up for all your coverage needs? We are extremely caring and would love the chance to help you with your personal insurance needs.
BGES Group is an insurance agency whose owner is very responsible, responsive, offers boutique, very personal service and is ALWAYS there when you need him most!
We know reading an article we post or getting an email is not the best way to consider working with someone. If you are interested, go read our “Google Reviews” and see what people have to say about us! That can give you the comfort level needed to contact us.
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
Twenty-five percent of all United States insurance fraud claims are related to workers’ compensation. Employees throughout the country report about $7 billion worth of personal injuries occurring in the workplace or while they are on the clock but off the premises. Although small businesses are least likely to be able to cope with the ensuing expenses, they are the ones that are hit the hardest each year by workers’ compensation claims.
It is important for every small business owner to evaluate his or her plan to stay protected from workers compensation fraud. There are several ways to detect it, and these five signs are some of the most common indicators.
1. Injury Time
Look for accident reports that are filed on Monday and especially during the morning hours. When people injure themselves away from work during the weekend, they may come to work on Monday and fake an injury. It is important to ask other employees how the injured worker was acting immediately prior to the alleged incident. If they noticed signs of injury before that point, it is likely the employee is trying to commit fraud.
2. Lack Of Witnesses
In many cases of workers’ compensation fraud, there are few or no witnesses. An employee will usually pick a moment when nobody else is around for the time of the non-existent accident. This can be hard to determine if the employee is alone often, but if he or she is rarely alone, this is a big red flag.
3. Repeat Claims
More than 35 percent of workers who file claims also file other claims after that. These can trigger fraud alerts, but they should also serve as warnings to business owners to examine their operations and workplaces. If the conditions that caused an initial injury have not changed, it is very likely for another injury to occur. Employers in such situations will have a difficult time making a strong legal case.
4. Motive
This is an important consideration for every employer. If the worker had a possible motive to claim a fake injury, it is important to address that. This could be a notice for dismissal, a raise being withheld or any other variety of reasons that made a worker upset.
5. Inconsistency And Body Language
It is common for people who are being dishonest to show it in their body language. Long pauses before answers, shifty eyes and excessive fidgeting are common behaviors when people are telling lies. Listen carefully for any inconsistencies in a worker’s story about an accident, and look closely at the documentation to make sure the stories match. Clear evidence is needed to make a solid case in court, and instincts alone will not cut it.
Whenever a workers’ compensation fraud case has been clearly documented, it is important to report it to the workers’ compensation fraud investigation department in the state of residence. The Department of Labor provides information about this for every state. The best way to avoid workers’ compensation claims and fraud is to provide a safe workplace. When workers voice their concerns about any working conditions, it is important to take the necessary steps to remedy any problems. By keeping the workplace safe and making safety a top priority, employers can help their workers avoid injuries and show them that their health and safety are important to them.
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, located in Larchmont, N.Y. are New York Construction Insurance Specialists that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are ARE THERE to help YOU!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
In addition, we offer all personal insurance coverages including home, auto, boat, jewelry, fine arts, life, disability, health and long-term care. When was the last time you got a complete check up for all your coverage needs? We are extremely caring and would love the chance to help you with your personal insurance needs.
BGES Group is an insurance agency whose owner is very responsible, responsive, offers boutique, very personal service and is ALWAYS there when you need him most!
We know reading an article we post or getting an email is not the best way to consider working with someone. If you are interested, go read our “Google Reviews” and see what people have to say about us! That can give you the comfort level needed to contact us.
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
It might be hard to fathom any type of audit being beneficial, but when your insurer conducts a premium audit for your account, it can just as important to you as it is to your carrier.
When you were first issued your policy, the carrier looked at the estimated sales figures or payroll data that you provided to them. It calculated your premiums based on this information. Now that you have real numbers under your belt and actual experience, the information can be reassessed to determine the correct premium amount.
Depending on how your business operates and the size of your policy, there are several methods your insurance carrier can use to conduct your general liability audit or workers compensation audit, including:
Mail — Your insurer will mail you an audit form and the instructions to complete it. Once completed, you will return the form by mail to your carrier.
Phone — Your carrier will hire an independent audit company to conduct your audit over the phone.
Physical — Your insurance company will usually conduct the audit at your business, but it could be conducted at an alternative location, such as your certified public accountant’s office.
Regardless of the method, the audit will typically include your disbursements and payroll journals, ledgers, tax and Social Security reports, state unemployment forms, and other accounting records being inspected. Depending on the audit, other documents could be involved.
The data is then used for determining and adjusting premium amounts (either higher or lower). If it’s higher, you may be asked to pay back premium for the months that you underpaid for coverage.
Be prepared
The best way to handle these audits is to be prepared, and that means keeping track of certain documents and records and having them conveniently accessible so you can produce them at a moment’s notice.
The most commonly audited policies are liability and all workers’ comp policies. The
audits collect exposure information estimated when the policy was written and compare it to the actual numbers.
Here are the main records you will need to produce:
Liability policies
Gross company sales
Independent contractor costs (insured and uninsured)
Payroll for certain types of exposures.
Workers’ compensation policies
Actual employee payroll
Cost of independent contractors if no certificate or proof of other coverage is provided.
If you are notified that you will be audited, you can make the whole process easier and less stressful and hopefully end on a positive note if you follow these tips:
How to prepare
Once you’ve been notified that you’re up for an audit, there are a number of steps you can take before the auditor arrives:
Find out what the auditor will be reviewing by looking at their worksheets and past audit billing statements.
Determine which of your employees would be best suited to work with the auditor. Look for someone that’s both knowledgeable about the accounting records that will be used in the audit and about what work is done by various employees and departments.
Collect all the accounting records that will be used during the audit.
If you use subcontractors, make sure that you have their certificates of insurance on hand. Ensure that your documentation shows all the contractors have their own general liability insurance and workers’ compensation coverage.
Check that your payroll documents include a breakdown of wages according to class code, department and employee.
The day of the audit
Make sure you have all the applicable records easily available to the auditor. You might request the audit be conducted at your place of business.
Ask the auditor to explain any points that aren’t clear to you.
Request a hard copy of the auditor’s findings.
After the audit
Carefully assess the audit billing statement, comparing it to your original policy. Discuss the findings with us for assistance and advice.
Don’t agree to pay any additional premium dollars until after you have talked to us, you’ve made a list of all changes and discussed any problematic areas with the auditor.
Knowing what to expect and how to prepare is the key to a successful audit. Even if you end up being charged back-premium, it could be worse if you don’t keep accurate records. By regularly updating records that your insurer would ask for, you’ll be ahead of the game and you may identify changes that may affect your premium.
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, located in Larchmont, N.Y. are New York Construction Insurance Specialists that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are ARE THERE to help YOU!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
In addition, we offer all personal insurance coverages including home, auto, boat, jewelry, fine arts, life, disability, health and long-term care. When was the last time you got a complete check up for all your coverage needs? We are extremely caring and would love the chance to help you with your personal insurance needs.
BGES Group is an insurance agency whose owner is very responsible, responsive, offers boutique, very personal service and is ALWAYS there when you need him most!
We know reading an article we post or getting an email is not the best way to consider working with someone. If you are interested, go read our “Google Reviews” and see what people have to say about us! That can give you the comfort level needed to contact us.
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
It is very common for the insurance requirements in a construction contract to include a provision requiring the subcontractor to waive all rights against the owner and general contractor for recovery of damages to the extent these damages are covered by the sub’s workers’ compensation and general liability or commercial umbrella liability insurance. Owners and general contractors insist on this provision because they want to protect themselves from being held liable for injuries to a subcontractor’s employee. Typically, the contractor giving the waiver asks its insurance company to attach a “waiver of subrogation endorsement” to its workers’ compensation policy.
The endorsement states that the insurance will company will not enforce its right to recover payments it makes to an injured worker from the person or organization listed on the endorsement. It applies only to the extent that the employer insured by the policy performs work under a written contract requiring the employer to obtain the insurance company’s waiver. It does not directly or indirectly benefit anyone not listed on the endorsement. With this endorsement on the policy, the company cannot attempt to recover payments it made to an injured worker from the company listed on the endorsement, even if that company was responsible for the injury. Consequently, the loss impacts the employer’s experience modification, probably increasing future premiums. In addition, the endorsement carries an additional premium for the employer, normally some percentage of the premium attributable to the job.
The endorsement and the waiver agreement in the contract do not bind the injured employee. He still has the ability to sue the owner and general contractor for his injuries. However, it is also common for construction contracts to require the subcontractor to defend and indemnify the owner and general contractor from any such suits. Therefore, it is probable that the employer will have to pay an additional premium for the endorsement, pay higher future workers’ compensation premiums for the loss, and pay higher future liability insurance premiums because its policy will cover the other parties’ liability.
For example, assume the sub’s employee suffers serious injuries when tools and materials fall off a scaffold and strike him. He collects workers’ compensation benefits for his medical costs and lost wages. The sub’s workers’ compensation policy includes the waiver of subrogation endorsement, so the insurance company cannot recover any of its payments. The worker sues the owner and general contractor for his pain and suffering. However, the contract requires the sub to cover the owner’s and general’s liability, so the sub’s liability insurance pays for the pain and suffering lawsuit. The sub’s insurance pays twice for the same injury to the same worker.
Owners and general contractors require waivers of subrogation for several reasons. Insurance consultants, brokers, and risk managers usually encourage them to require waivers. Waivers protect their liability insurance and reserve it for other claims. Because a waiver reduces potential liability losses, they become more attractive to liability insurance companies and probably pay lower premiums. Also, subcontractors often do not resist these requirements because they feel they lack negotiating leverage and their insurance companies are usually willing to provide the endorsement.
A few states have curbed the use of waivers of subrogation in their workers’ compensation systems. At least four states have passed laws making the requirements unenforceable, and other states allow the employer to recover from the injured employee some of the proceeds of pain and suffering lawsuits.
In the majority of states that allow waivers, contractors should work with professional insurance agents experienced in providing construction insurance. They can suggest insurance companies that will offer the needed coverages at a reasonable cost and assist with contractual issues such as waivers of subrogation. Above all, contractors must read and understand their contracts so that their agreements do not become an ugly surprise after a loss.
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, located in Larchmont, N.Y. are New York Construction Insurance Specialists that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers compensation insurance, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are ARE THERE to help YOU!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
In addition, we offer all personal insurance coverages including home, auto, boat, jewelry, fine arts, life, disability, health and long-term care. When was the last time you got a complete check up for all your coverage needs? We are extremely caring and would love the chance to help you with your personal insurance needs.
BGES Group is an insurance agency whose owner is very responsible, responsive, offers boutique, very personal service and is ALWAYS there when you need him most!
We know reading an article we post or getting an email is not the best way to consider working with someone. If you are interested, go read our “Google Reviews” and see what people have to say about us! That can give you the comfort level needed to contact us.
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
To add insult to injury, every year insurance companies still increase rates 5% to 10%+. It’s like they think contractors are billionaires, can keep absorbing these increases because they have no other expenses to pay and still stay in business.
We would love to see these insurance executives and the legal society have their costs increase the way they increase YOURS! Maybe they would have an epiphany, gain some empathy and stop doing this to New York contractors every freaking year!
Then they slip in additional warranties, limitations, restrictions and exclusions that make it harder to get customers to accept your insurance coverage and worse, makes it easier for them to deny a claim!
Finally, you have a well known insurance company offering coverage to New York City contractors but failing to point out their general and umbrella policies have a tricky worded “Labor Law” exclusion. They don’t even state so in their “Sales Proposals!” What’s horrific is that this agent doesn’t know what he’s selling! He is so poorly trained and sells crappy policies to unsuspecting New York City contractors and doesn’t even point out a “Labor Law Exclusion in Their General & Umbrella Policies!” In our opinion, that’s absolutely criminal and he should have his license suspended because he’s “Hazardous to the Small Contractor’s Financial Well Being!”
Don’t think saving money by buying the above will fool anyone. After you give them your money and bind coverage, you learn customers, owners, real estate managers and general contractors are not accepting coverage! Then you have to cancel coverage and are penalized for doing so! Plus you may have lost business by your coverage not being accepted.
We cannot believe how hard working contractors are so poorly treated by the insurance industry! But we have a way to change that for YOU!
How would you like to get a FREE REVIEW of your Property, General, Umbrella, Auto, Workers’ Compensation and Group Health policies from a specialist who has 42 years experience and will NOT and we repeat NOT try to force you to do business with us. Our only hope is down the road, should you have a coverage issue, you consider turning to us for help! Not a bad offer for opening up a door for starting a new business relationship.
Have you ever had to go to a medical specialist for help? They without blinking charge hundreds, thousands of dollars an office visit. After a diagnosis, have you ever gone to other doctors for second or third opinions? Crazy thing about doctors, they charge like you have a bank full of Monopoly money!
The GREAT thing about us is we are encyclopedias of construction insurance knowledge, review your policies and point out any coverage issues, possibly show you ways to lower your costs and recommend insurance programs that might be a better fit for your company, ALL FOR FREE! SO CONTACTING US WON’T COST YOU A DIME AND WE WON’T TRY TO SELL YOU ANYTHING!
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.
Read what people have to say about us:
Sarah S.
Gary is a considerate and honest guy. I have nothing but respect for him and 5 stars isn’t enough.
Nick S.
Over 20 years of excellent relationship that has met all our insurance needs.
Steve S.
My previous Workers Comp insurer was always trying to reclassify employees to put them in higher risk groups to raise the premium (despite no claims in over 5 years). Broker at the time wasn’t helping. Gary was recommended by a friend and did a phenomenal job. Found new insurer for less money who then, a year later, further reduced premium after the audit! I’m now paying 40% less than I used to and only 1/4 of what my old insurer wanted to jack the rate to.
SANJA C.
Gary is a great, responsible, professional…someone you can rely on. I would highly recommend him.
George K.
Since I transferred my insurance policy to BGES Group I have saved a lot on the rates and service is a first class. Always get immediate response to all my needs. It’s a A Plus from me.
Elena E.
My broker, Gary Wallach, is the BEST! He’s professional and a pleasure to deal with. Always has the answers for me and is quick to respond to my emails and phone calls. This is one reason I remain a loyal BGES Group customer. Good rates on all my insurance needs too!
BGES Group, located in Larchmont, N.Y. are New York Construction Insurance Specialists (we cover the tri-state area) that represent 50+ companies and all the BEST general & umbrella liability programs! We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health. We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we ARE THERE and WILL HELP!
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help! We have special programs for: Auto Service, Contractors, Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.
FREE MONEY! Get back up to $500,000 from your past Workers’ Compensation insurance companies. You wouldn’t believe the mistakes made on audits, payroll classifications, credits, experience modifications, uninsured subcontractor charges and more! We can go back up to 7 years and if we find them, get you your money back! We work on a contingency fee basis so unless we get money back for you, we do not get paid! We have helped New York and New Jersey business owners get hundreds of thousands of dollars back over the years! This is a no brainer. Call Gary Wallach at 914-806-5853 today!
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
In the past few years have you’ve been hit by phony workers compensation claims, by a few rotten apple employees, for hundreds of thousands of dollars?
Have these claims caused your insurance company to drop coverage or drastically increase rates?
There are employees who habitually put in claims. Some do it every few years. Some do it within days of employment. Almost all receive help from an attorney. Together they can destroy a company’s loss experience.
Then there are people not even your employees that go directly to your state’s Workers Comp Board to file claims. One day when you open your mail you learn you have a new claim that wasn’t reported which puts you in a an uncomfortable and disadvantaged situation with your company.
Here’s what happened to one employer. He’s a New York City General Contractor. One of his employees was installing flooring and while carrying flooring slats pinched his finger. Employee filed claim, insurance company paid for his medical bills and a few weeks lost wages. When payment was about to stop he started complaining his shoulder hurt. The carrier then had to increase their reserve to over six figures.
For same employer, he hired a person that had a soccer injury five years previous to employment. Within weeks of starting work, person put in claim for a knee injury. No one saw him get hurt. Actually he told several co-workers of what he was doing. They told the boss. The carrier still had to set up a reserve for $310,000.
Between two claims, amounting to over $400,000, his carrier non-renewed coverage. Please note prior to claims he never had any. He also had the same carrier for 5 years.
What can you do if you have a run of bad luck or a few rotten apples destroying your loss experience?We have a GREAT SOLUTION but before we tell you, read about these 4 cases.
Examples:
We helped a Long Island Tree Contractor with over $1.2 million in claims get coverage for half what he was paying. His carrier was charging him $200,000.
We helped a Queens Demolition contractor whose company non renewed him due to $650,000+ in claims replace coverage with a carrier whose rates were lower than what he previously paid.
We helped a Brooklyn General Contractor who was being non-renewed by his carrier with over $1 million in losses replace coverage with slightly lower rates.
We helped another Brooklyn General Contractor who had $1 million in claims, most scam claims, replace coverage at comparable pricing.
When an employer has a run of bad luck their only alternative is to get coverage through a state or assigned risk plan. When they do they usually pay through the nose. Being in contact we hear how they STRUGGLE. Customer’s owing them money doesn’t help.
FREE MONEY! HOW WOULD YOU LIKE TO GET MONEY BACK ON YOUR PAST SEVEN (7) YEAR WORKER’S COMPENSATION POLICY’S?
There are mistakes insurance companies make when calculating premiums. There are credit’s employers are entitled to that may not have been applied. Experience Modification Factors have mistakes. Audits have mistakes. Working on Contingency basis, we review your policies and if there’s mistakes get you money back. Throw away your skepticism! This is a real service and it’s not some bulls__t gimmick! It’s a complete WIN situation for YOU! Interested call Gary Wallach at 914-806-5853
Here’s What Some Say About Us On “Google Review.”
I highly recommend BGES Group if you are in need of help figuring out your workers compensation or disability rights. When you are completely lost and confused and full of complicated questions, like myself, call BGES and speak to Gary. His patience and kind demeanor made me feel comfortable and confident that he is extremely knowledgeable and genuinely wants to help you. Their customer service is excellent, I received an immediate call back and Gary remained on the phone with me answering every question honestly and remained patient through our lengthy conversation which concluded in a very favorable outcome for my family and I. Thank you so much Gary, your kindness is much appreciated. Michael
Absolutely the best agent my business has dealt with ever!!! Gary is the ultimate professional. He is both prompt and efficient with his services and is able to find the best pricing as well. I highly recommend his services! Eric
Gary is a non stop guy. He got me my insurance for a better price with the same coverage! Thanks Gary. Doug
I received almost instantaneous response on all my requests. And they certainly do a great job in obtaining the best insurance provider for my business. Very happy with their service. Mario
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.
About Our Agency:
We are construction insurance specialists.
Been insuring contractors since 1981.
Our group does $200+ million in business.
One of our specialties is Worker’s Compensation. We can help you deal with some real thorny issues.
We have “Main Street” GL programs for New York City contractors (we cover NY, NJ, CT) that just a handful of agencies have.
We have purchasing leverage and can get you excellent rates.
On any given day we have a great pulse on the market place. If there is a new program out there that you can benefit from we will find it.
We have a program to screen all your subcontractor’s insurance policies so you don’t have to do it.
We offer Property, General Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Workers’ Compensation, N.Y.S. Disability, Group Health and Personal Lines (Homeowners, Personal Auto, Personal Umbrella, Boat, Jewelry, Fine Arts) insurance policies.
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
