Getting Buy-in from Managers on Workplace Safety Programs

One of the keys to instituting a good safety program is to get management and supervisor buy-in.

You need their support and belief in the system if you are to convince your employees to embrace your safety regimen. If your managers don’t believe in the safety plans you have put together, it will show through when they try to sell them to your staff.

If you don’t have buy-in from your managers, the chances are slim to none that your employees will embrace the changes you are proposing. Managers play a crucial role in getting employees on board with safety.

If you are serious about preventing injuries and want to keep your workers’ comp X-Mod low, the role of your management team is crucial.

You will often encounter a few different personality types among your managers and they need to be convinced of the importance of workplace safety in different ways.

  • The excuse-makers: They are the ones that blame external factors that are out of their control for safety lapses, and they may pooh-pooh the harm that a high X-Mod has. They may talk the talk on safety, but they don’t walk the walk.
  • Half-hearted bosses: These managers may actually buy into the safety program, but they are unable to show their commitment in ways that make an impression on the rank and file.
  • Committed: These managers are fully committed and enthusiastically embrace your safety plans and discuss them with staff with exuberance.

You’ll need a different approach with each personality type to get them to embrace the concept. Once they do, they can effectively convey the urgency and importance of workplace safety to the rank and file.

Constructor Magazine recently had these recommendations for getting management buy-in:

Select the right leaders – Choose managers who are firm, yet fair with a passion for the safety of the workforce. They should have a track record of success so that they can be an inspiration to their teams. Also, they should not be afraid to get their hands dirty to make a point or demonstrate how something is done.

Talk about risk management holistically – Every facet of your operation needs to be addressed if you want a comprehensive global risk management culture to exist.

Executives can influence this by extending discussions of risk management beyond the worksite to help managers see the bigger picture of why safety matters.

Assessing the risk associated with every task, purchase order, estimate or piece of equipment used will reinforce the notion that risk management is a company-wide function and not only in the sphere that the manager is responsible for.

Make periodic site visits – Top leadership should make a point to get on the floor and visit various departments to watch the workflow and reinforce the importance of safety to the workers. They should make these visits with the manager who has been put in charge of safety for that department.

At the same time, they should not arrive and start nitpicking and being enforcers of safety policy. Instead, their role should be to start conversations with the workers about safety challenges and asking for advice and ideas to make the operation safer.

They can use these visits to also celebrate successes and challenge the team to do better and always look for issues that could lead to injuries.

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.

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 – 2024 – BGES Group

Deepfake Technology Used to Fool Employees into Transferring Funds to Criminals

The newest cyber and financial fraud threat facing businesses is deepfake technology, which criminals are using to extract money from unsuspecting accounts payable personnel.

A finance worker at a multinational company in Hong Kong was duped into transferring $25 million to criminals who had used deepfake technology to pose as the business’s chief financial officer during a video conference call, according to local police.

A deepfake is an artificial image or video generated by a special kind of machine learning called “deep” learning. The creations have grown increasingly sophisticated and harder to detect.

What happened to this worker is an iteration of the growing threat of wire transfer fraud, where criminals pose as managers, clients or vendors in e-mails to try to dupe accounting staff into wiring funds to scammers’ accounts.

How it happened

The worker received an e-mail from what he thought was the company CFO, inviting him to attend a teleconference with him, other company executives and staff, according to Hong Kong police. The digitally recreated version of the CFO then ordered money transfers during the video conference call.

Based on instructions the employee got during that call, they transferred 200 million Hong Kong dollars ($25.6 million) to various Hong Kong bank accounts in a series of transactions. The employee did not interact with the deepfakes during the video conference, and he later told police that others on the call looked and sounded like people he knew in the organization.

In fact, all of the other people on the teleconference call were fakes of real people in the company. The criminals had used deepfake tech to alter publicly available video and footage found online to create convincing digital versions of the others in the meeting.

It was a week into the scam, when the employee contacted the company’s headquarters, that they realized something was wrong.

Police said that the case was one of several recent incidents in which criminals had used deepfake technology to change publicly available video and other footage to steal from people and companies.

Warning to US businesses

This type of attack is essentially an extension of the wire transfer fraud, a threat that’s been growing in recent years. These scams usually start with e-mails or even phone calls from scammers posing as someone higher up in an organization, a client or vendor. The end goal is to convince an employee with access to the company’s payment systems to transfer funds to the criminals.

Deepfake technology adds a dangerous new arrow to wire-transfer fraud criminals’ quivers, making the scam even easier to fall for.

To ensure your organization doesn’t fall victim, the law firm of Fischer Phillips recommended in a November 2023 blog that businesses:

Provide deepfake training to staff. You should already be training and providing refresher meetings on preventing cyber attacks of all sorts. Consider educating them about the dangers of deepfakes and provide the Hong Kong case as an example. Cover ways to spot deepfakes, including:

  • Blurry details,
  • Irregular lighting,
  • Unnatural eye and facial movements,
  • Mismatched audio, and
  • Absence of emotion.

Urge staff to be suspicious. Your employees should be able to comfortably question the legitimacy of information and be urged to report suspicious activity.

Ensure strong authentication protocols. Put in place robust authentication measures for accessing sensitive information, systems and accounts. This could include multi-factor authentication and other tools.

Insurance coverage

If your organization has a cyber insurance policy, it might cover a wire transfer fraud loss.

The coverage provided by cyber insurance can vary significantly between insurance companies and policies. Some cyber policies may explicitly cover wire fraud, while others require additional endorsements or riders to provide adequate protection.

A commercial crime policy will cover losses resulting from the use of a computer to fraudulently transfer funds from inside the business premises or the insured’s bank to an outside party.

However, policies may only offer coverage if an employee was fraudulently involved in the wire transfer fraud. This type of funds transfer fraud is basically the only computer-related coverage that a crime policy offers.

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.

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 – 2024 – BGES Group

Would Your Firm Sink or Swim in a Crisis?

As the COVID-19 pandemic and the increasing threat of natural disasters have shown us, disaster can strike suddenly.

Crises can take many forms, like the death of an owner, one of your products causing death or injury, or an earthquake damaging your building, forcing you to cease operations.

If your business suddenly became embroiled in a crisis, would you be prepared to handle it? To prepare for an emergency, you should start by creating a crisis management plan that includes various scenarios.

In the wake of a crisis, a plan keeps employees focused on your company’s top priorities and combats fear and uncertainty that can compound the damage. Moreover, the exercise of creating a plan helps you to identify threats, minimize their likelihood, and improve the response.

A crisis management plan can prepare your firm and its employees to cope with an unexpected calamity by:

  • Shortening and reducing the impact of a crisis;
  • Protecting employees and anyone else affected;
  • Preserving operations and productivity as much as possible; and
  • Safeguarding your firm’s reputation.

A recent article, Inc. magazine recommended the following crisis management steps every company should have in place:

  1. Have a plan — Put in place clear objectives that you would want to pursue during a crisis. Objectives should include protecting human life, ensuring that the organization survives and that your stakeholders (clients, suppliers, employees, the public) are kept informed. Include specific actions that you would take in a crisis.
  2. Different responses to different crises — Have plans in place for various crises that could strike your organization. You should conduct a brain-storming session where you can come up with as many potential crises as possible that could affect your company.
    If it’s the sudden loss of a key employee or owner, you should prearrange a succession plan and transfers of responsibility.

If it’s a natural disaster that disrupts operations, have plans in place to ensure that you can continue operating, such as arranging for alternate suppliers, or arranging for an alternative location if you are unable to function in your current facilities.

Some types of crisis may have similar responses, but not all, so it’s smart to map out how you would react to each different threat.

  1. Be transparent — Being as open and transparent as possible can help stop rumors and head off any negative fallout.
  2. Keep employees informed — It’s extremely important that you keep your employees informed, to keep morale up and so that they can help you keep your operations afloat. This also stops the rumor mill from circulating out of control.
  3. Reach out to clients and suppliers — Head off any misunderstandings by communicating with your customers and suppliers before they learn it from another source. Keep them informed of what’s happened, how it has affected your operations and how it might affect them during this period.
  4. Update early and often — Provide updates to your stakeholders when warranted to inform them of progress the company is making to return to normal operations.

Plan during smooth times

You should create your crisis management plan when your business is running smoothly and you have time to devote to thinking out a successful strategy.

This also gives you a chance to involve key employees in the process and open it up for brainstorming on how you would handle different crises.

You may want to include in this process advice and input from

  • Members of your leadership team
  • Employees
  • Customers
  • Communications experts
  • Lawyers

The takeaway

Without a plan, your company may struggle to operations up to speed and you could end up bankrupt. If you don’t already have a crisis management plan, you should start on one. You never know what could upend your business.

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.

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 – 2024 – BGES Group

construction insurance

Fall Protection Training Makes Debut on OSHA’s Top 10 Citations List

There’s a newcomer to OSHA’s top 10 list of violations that it cites every year: Fall Protection – Training Requirements.

While physical fall protection violations, like failing to install guard-rails or provide fall protection equipment, continue to feature at the top of the list, this is the first time that training requirements as a stand-alone category has made it onto OSHA’s preliminary list of most-cited violations has featured.

The fact that OSHA has doled out so many citations for such training-requirement violations reflects its increasing commitment to reduce injuries and deaths from trips, slips and falls – the most common cause of workplace injuries in the U.S.

Overall, OSHA issued about the same number of citations in fiscal year, which ended Sept. 30, than it did in the previous 12 months, but the big change was the new addition, which pushed Electrical – General Requirements off the list.

The 10 most-cited OSHA violations were:

  • Fall protection: 5,677
  • Scaffolding: 2,939
  • Hazard communication: 2,754
  • Ladders: 2,462
  • Lockout/tagout: 2,415
  • Respiratory protection: 1,902
  • Machine guarding: 1,737
  • Powered industrial trucks: 1,593
  • Fall protection – training requirements: 1,584
  • Electrical – wiring methods: 1,405

Training done right
There are four levels of fall protection training:

  • Awareness – Awareness-level training generally consists of brief, on-site sessions that provide an overview of fall hazards, fall protection equipment, and how it should be used.
  • Authorized-user – A best practice to keep employees safe and comply with OSHA is to have any worker exposed to fall hazards undergo authorized-user training. This training is specialized for the type of job and specific fall hazards employees will be exposed to.
  • Competent person – This covers a wider breadth of fall hazards because this employee, typically a supervisor, should understand all types of fall hazards and methods of protection, as well as applicable standards.
    The competent person needs a higher level of training and knowledge because they should be able to address any fall hazard situation in the organization, evaluate it, and recommend solutions. This employee also needs to recognize whether other workers are misusing equipment or working in unsafe conditions.
  • Qualified-person training – This person typically has a specialized degree or training that qualifies them to address technical situations, such as making certified anchorage points or designing horizontal safety systems. 

The employer should designate someone who has sufficient training and a reasonable level of knowledge in fall protection to be the on-site “qualified person.”

Make sure to log it all
Keep accurate and detailed records to show that you vetted the training organization you use before hiring them.

OSHA also often requires detailed training records, such as dates and employee attendance.

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.

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 – 2024 – BGES Group

Workers compensation insurance New York

Questionable Workers’ Compensation Claims are on the Rise

Researchers analyzed past workers’ compensation claims that were considered questionable by referrals, and the reports were submitted over the span of about six months. Although the total number of workers’ compensation claims submitted had dropped, the number of claims considered questionable had risen. Questionable claims are ones that experts at insurance companies refer to the National Insurance Crime Bureau for review. When the reports are submitted for review, they are closely analyzed for indications of fraud. In some cases, one report may have several red flags that put it in the questionable category.

The state with the highest number of questionable workers’ compensation claims was California, which had more than 2,250. Illinois followed with almost 700, and New York was close behind with nearly 690. In 2011, there were more than 3.3 million workers’ compensation claims in a major database. The number decreased to about 3.2 million within the span of one year, and it decreased again in 2013. There were about 3,475 questionable workers’ compensation claims reported to the NICB in 2011, and that number increased to more than 4,450 in 2012. This means that claims increased by more than 25 percent. During the first half of 2013, there were about 2,325 questionable claims submitted.

When it came to further describing questionable workers’ compensation claims, there were several reasons experts said they referred them. The main reasons were claimant fraud, prior injuries not related to work and malingering. There were more than 6,100 claimant fraud cases, more than 2,300 non-work-related prior injury cases and more than 1,375 malingering cases. Non-work-related injuries pertain to people who claim injuries during days off or recreational days but do not report the incident until they return to work. When they return, they claim the injury happened while they were on the clock. Malingering occurs when a claimant sustained a legitimate injury but kept pretending to experience symptoms in order to collect benefits much longer than necessary after recovering.

Insurance fraud is a growing issue for both consumers and insurers. Many companies are taking steps to prevent it from happening and are also working on ways to improve identification of signs of fraud. If fraud can be prevented before claims are paid, this helps keep premiums more affordable for consumers. When consumers suspect or know of someone committing insurance fraud, it is important to report it. To learn more about this issue or how to report fraud, discuss concerns with an agent.

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.

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 – 2024 – BGES Group

Workers comp insurance

What Every Employer Needs to Know About Workers’ Compensation

Employers must buy insurance to cover workers’ compensation claims. This type of insurance provides funding for injured employees, and employers also receive protection from lawsuits stemming from a worker’s injuries. State laws govern workers’ compensation, and every state has a slightly different set of rules and payment rates. To learn about a specific state’s workers’ compensation laws, it is best to contact an agent for more details. The United States Department of Labor also provides information on its official site.

What Is Covered Under Workers’ Compensation
Only work-related illnesses and injuries are covered by workers’ compensation. However, this does not mean the injury has to happen in the workplace. If an employee is injured while out driving a company car off the premises of the workplace, the injuries will be covered. Both sudden and gradual injuries are covered if they are work related. An example of a sudden injury is an employee falling off of a ladder, and a gradual injury might be a foot condition that develops from walking or standing on a concrete floor every day for several years.

What Workers’ Compensation Does Not Cover
Some problems that happen in the workplace are not covered. Some of the following situations are examples:

– Self-inflicted injuries
– Injuries from drug or alcohol use
– Injuries resulting from horseplay
– Injuries following termination or a layoff
– Injuries sustained from fighting
– Felony-related injuries
– Independent contractor injuries
– Injuries sustained while off duty but on workplace premises

When Employees Can Sue Employers
Employers are not protected from employee lawsuits in all situations. When an employee’s injuries are due to the employer’s intentional actions or there is no workers’ compensation insurance, the employee is allowed to sue the employer in court for a wide range of damages. In some cases, employees may also be able to sue third parties that are involved and have caused damages.

Workers’ Compensation Benefits
There are several provisions made possible by workers’ compensation. These include the following:

– Replacement income when employees are off work
– Vocational rehabilitation training or placement assistance
– Medical expense payments for physician appointments, drugs and surgeries

If an employee is unable to work temporarily, that individual usually receives about 66 percent of his or her income as disability payments. There is a fixed ceiling amount for this percentage, and the benefits are available to people who are unable to do the same type of work that was done prior to the disability’s beginning. Some people may be able to perform other types of work, but there are people who are unable to work at all. If this is the case, such a person will usually receive permanent disability payments.

Workers’ Compensation And Employer Responsibilities
Under the workers’ compensation system, employers have several obligations. When requirements are not met, employers may face fines. In addition to this, employees may be able to sue such employers.

Carrying Workers’ Compensation Insurance
If a business does not have this type of coverage, the owner is vulnerable to lawsuits that may be filed by injured workers. In addition to carrying insurance, employers should post notices and provide employees with information about their legal rights. This should be done on a regular basis. Any posted notices should be placed in areas that employees use frequently during working hours. The literature should include the following bits of information:

– The name of the workers’ compensation insurance carrier
– A self-insurance statement for employers who have their own insurance
– The name of the entity responsible for claims adjustments
– A statement that workers have the right to change doctors
– A statement that injured workers have the right to medical treatment
– Details about workers’ compensation benefits

When hiring new workers, employers should notify them of all these points prior to starting work. Within 24 hours of an injury happening on the job, employers must provide workers with claim forms. They must also provide written information again about that worker’s rights under the insurance plan and state laws. To learn more about workers’ compensation insurance and how it works, discuss concerns with an agent.

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.

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 – 2024 – BGES Group

How to Protect Your Tools, Equipment Against Theft

One of the biggest headaches for contractors is equipment and tool theft, as thieves regularly raid worksites after hours or steal tools from parked vehicles. They can make away with tens of thousands of dollars worth of equipment, and in serious cases it can result in project delays and workers unable to do their jobs.

Also, if the theft occurs away from the contractor’s own facilities and instead at a worksite or while the equipment is in transit, the company’s commercial property insurance policy won’t cover the theft.

However, there is a policy that will cover these types of thefts: tool and equipment insurance. While you should consider this inexpensive coverage, you should also take steps to safeguard your stuff.

Examples

How the insurance works

Typically, commercial property insurance only covers your equipment when kept within your premises. Tool and equipment coverage is a special type of insurance known as inland marine insurance; it covers movable equipment and tools wherever you’ve stored them.

It typically covers theft, vandalism, accidental damage, and loss of tools and equipment while they are on-site, in transit or stored at a designated location.

Some policies may offer coverage for the cost of renting replacement tools or equipment to minimize project disruptions. Others include provisions that compensate you for lost income and costs incurred due to project delay if these are caused by a covered incident.

Policies typically cover tools and equipment worth up to $10,000. If the value of everything is more than $5,000, the insurer will often require that all of the items are inventoried and scheduled on the policy.

However, the insurance won’t cover:

  • Usual wear and tear on equipment and tools
  • Tools that are over five years old.
  • Damage resulting from deliberate misuse or breakage.

If you have extremely high-value tools and equipment, you would likely need to get a separate specialized policy.

Prevention tips

Besides insurance, the best approach is to avoid having your tools and equipment stolen in the first place. Fortunately, there are steps you can take to reduce the chances of theft.

Secure equipment and tools — If you must store your equipment on-site, set aside a section of your site where you can store the gear in locked, secure storage containers when not in use. Ensure these containers are well-constructed and tamper-proof and cannot be moved. Keep in mind that tool trailers are often stolen.

Install security cameras and alarms — Security cameras and alarms, along with signs announcing their presence, can help deter thieves. Cameras also can provide evidence of theft and alarms can alert your workers of intrusions.

Implement asset marking and tracking — Adopt asset-management solutions with telematics to discourage theft and aid in recovery if equipment is stolen. Implement tracking devices on high-value assets to enable real-time location monitoring. Visibly displaying that equipment is tracked and monitored can deter theft.

Create a reporting system for missing tools — Implement a system so that employees can report missing tools. A well-designed reporting system can help track any misplaced tools, while addressing issues like theft or inaccuracies with inventory as soon as they are discovered.

Train your staff — Devote an afternoon to discuss best practices in van and tool safety and security with your team. Additionally, ensure that new staff members are informed about these measures to maintain a vigilant and secure work environment.

Conduct employee background checks — Conducting background checks during the hiring process can help combat theft on your construction site. Background checks not only verify the qualifications and past work history of potential employees, but detect any known criminal activity as well.

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.

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 – 2024 – BGES Group

contractor equipment and tool theft

New York construction insurance

Are You a Tri-State Contractor Who Is Unhappy With Their General Liability, Umbrella Liability, Auto, Bond or Workers’ Compensation Rates or Coverage?    

Here’s What We Can Do For You:

  1. We offer the top construction programs in the area. If we can fit you into one of them you’ll receive great coverage, rates and coverage stability.  We helped a Queen’s contractor get into one and reduced his premium from $375,000 to $197,000.  In addition, he obtained a “Cadillac” policy that none of his client’s has a problem accepting.  We helped a NYC restoration contractor save $100,000 on their liability premium.                                                                                                                                          
  2. Does your policy have a “Labor Law” exclusion?  No Contractual Liability?  Subcontractor Hammer Clause?  Interior height restriction?  Exterior height restriction?  Do these height restrictions apply to you or your subs work too?  Is your policy rate based on gross receipts?  Would it be better if it were based on payroll and subcontractor costs?  Do you have Primary/Non Contributory coverage?  Blanket Additional Insured coverage?   Does your Blanket Additional Insured cover everyone that is required to be covered under the contracts you sign?  Do you have Blanket Waiver of Subrogation coverage?  If we can fit you into one of our programs we can get you better coverage.                                                                                                                                        
  3. You know how some large companies have considerable buying leverage due to their volume of business?   Well we do billions in premium so we usually can get great deals for our client’s.  The beauty of our office is you get the benefit of our pricing leverage BUT “Personally Every Client is Treat Like a $10 Million Dollar Account.” Click here and read what our clients have to say.                                                                                                                                                                                
  4. Most brokers are generalists.  They sell policies having no clue about the exclusions, warranties and restrictions.  This places many contractors in great financial jeopardy.  We are construction insurance specialists and have 43 years experience.  Instead of taking hours to research your account, we have a team that brainstorms then knows what to do.  You get this help for FREE by contacting us.
  1. Do you need bid or performance bonds?  We have a separate department for our client bonding needs.  Need higher limits?  Lower rates?  Expert advice?  Whatever you need we can help.                                                                                                                                                                       
  2. Are you paying exorbitant premiums for your Commercial Umbrella Liability Policy(s)?   The pricing for this coverage has gone through the roof!  We have programs that if we can fit you into you can end up saving a fortune with much better coverage.  We helped a NYC contractor increase their umbrella from $3 million to $5 million and lowered their pricing from $101,000 to $76,000.                                                                                                                                     
  3. A lot of contractor general liability policies require their subs carry proper coverage.  Failure to do so can cause a claim to be denied or be subject to a substantial deductible.  Would you like help screening your sub contractor’s insurance policies?  We can DO THAT FOR YOU!                                                                                                                                  
  4. Unhappy with your Workers’ Compensation company, pricing, audits or service?  We have up to 40 companies to bid your account to. We can set you up so you can issue certificates on-line.  We do not charge service or policy fees.  We can offer you a stand-a-lone workers compensation policy, payroll/wc policy, if you had a run of bad luck, we can probably get you an affordable policy, we offer state plans, we can insure lower risk type contractors such as plumbers and electricians to higher risk contractors such as asbestos, demolition, restoration and roofers.                                                                                                                                                                                    
  5. We can do for YOU what most other agencies don’t offer.  Try to fit you into one of our top programs, design a policy where the exclusions, limitations, restrictions are tailored around your needs.  Screen your subcontractors insurance.  Help you with bid and performance bonds.  We also offer Group Health and all personal lines coverages.  Finally “I Personally Will” treat you like you are the only account in the world that matters regardless of size because that is what YOU deserve and how I treat people.” 

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.         

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits;   9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.  

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

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 – 2024 – BGES Group

Vacant Office Buildings May Have Insurance Problems

The trend toward employees working remotely that began during the COVID-19 pandemic has proven popular, and many employers have been able to shrink their office costs by leasing smaller spaces.

However, these changes have resulted in increased commercial building vacancy rates, and that can leave their owners with insurance problems. The National Association of Realtors has reported that the nationwide office vacancy rate in 2023 was 13.3%, up from 12.2% the year before. Moody’s Analytics estimates the rate at a record 19.6%.

Insurance companies are hesitant to insure buildings that fall below 50% occupancy because these properties may:

  • Be poorly maintained.
  • Have pest problems.
  • Be susceptible to water leaks.
  • Be vulnerable to vandalism and broken windows.
  • Be an attractive shelter for homeless individuals, who may use improvised heat sources that can cause fires.

Vacancy has insurance coverage implications even for those that are covered. Different insurance policies define “vacant” in different ways, so a building considered vacant under one policy might not be under another.

Standard vacancy definition

However, a standard policy defines a building as vacant unless at least 31% of its square foot area is either rented to and used by a tenant for normal business operations and/or used by the building owner for normal operations.

If a commercial building falls below 31% occupancy during the insurance policy’s term, the coverage on it may decrease automatically. A typical policy provision states that if the building is vacant for more than 60 consecutive days before a loss occurs, the insurance will not cover a loss caused by:

  • Vandalism
  • Leakage of an automatic sprinkler system, unless the owner has protected it against freezing
  • Building glass breakage
  • Water damage
  • Theft or attempted theft.

In addition, the payment for covered losses caused by anything else will be reduced by 15%. For example, if a fire caused $100,000 damage, the insurer will pay only $85,000.

Some state laws may permit insurance companies to cancel a policy if they discover that the building has become vacant or not adequately occupied. In hard markets where insurance companies are struggling for profitability, many of them may cancel policies.

In some cases, insurance on vacant buildings may be available only from unregulated insurance companies in the “excess and surplus lines market.” These companies can use policies and rates without getting approval from the state insurance regulator.

They can provide recourse for a building owner who cannot otherwise get coverage, but the policies may provide less coverage for higher premiums than the owners were used to.

To remain attractive to insurance companies, commercial building owners should ensure that:

  • A building has heat.
  • Protective devices (such as alarm systems and sprinkler systems) are still operational and monitored, if possible.
  • Security is still in place.

The takeaway

Insurance companies ordinarily like to insure office buildings. Their occupancies are normally not dangerous, they are usually built with fire-resistive materials, and they typically have visitors for only eight or nine hours a day, five days a week.

Building owners who can keep their properties in good shape during a drop in occupancy may have to pay higher premiums, but they will have an easier time getting insurance.

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.

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

Insuring a building that is vacant

insurance for partial vacant building

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group