Is Your Workers’ Compensation Plan a Pork Barrel for Would-be Scammers?

Tri-State Business Owners – Looking for a New Workers’ Compensation Policy?  We Offer Great Options for New York, New Jersey and Connecticut Employers!  Looking for Lower Rates?  Being Canceled Due To Losses?  In The Middle of an Audit Dispute?   Whatever Your Issue, We Can Help.  Call Gary Wallach at 914-806-5853 or Email bgesgroup@gmail.com Today!

Article:

Scamming “the man” can be a favorite pastime among some employees, and one of the best places to run a con is through your workers’ compensation plan. If you aren’t vigilant, a good scam artist can perpetuate the fraud for a long time.

The most common garden-variety type of workers’ comp fraud is the phony workplace injury discovered later when the employee is accidentally caught doing heavy lifting or seen working for another employer while collecting benefits. Fraudulent claims can also occur when an employee complains of unseen ailments or extends the length of a legitimate claim because he doesn’t want to return to work.

Regardless of its form, workers’ comp fraud has a profound financial impact on the entire company. It’s not just about lost productivity that other employees have to compensate for, but also about the potential decrease in annual raises due to higher workers’ comp premiums. This financial burden underscores the importance of vigilance against fraud.

How can you evaluate the potential for workers’ comp fraud at your company? These are some signals that will alert you to a possible scam in the making:

        If an employee has an accident shortly after arriving on Monday morning, this can be a sign of a scheme because the injury may have resulted from weekend activities.

        If an employee claims they fell and there are no witnesses, then hire’s a lawyer who files a claim directly with the Workers Compensation Board, this is a definite red light for fraud.

       If an employee files a claim months after their supposed accident, hire’s a lawyer who files claim directly with Workers Compensation Board, this is a definite red light for fraud.

        If an injured worker refuses treatment from a doctor or physical therapist, it could be cause for concern. Their reluctance to receive treatment could be an attempt to keep a phony injury from being discovered.

        If a disgruntled employee or one who knows they are about to be laid off files a workers’ comp claim, it may be a ruse to get even with the employer.

As an employer, you hold a pivotal role in the prevention of workers’ comp fraud. It’s not just about being vigilant for potential fraudulent claims, but about taking proactive measures to deter them from occurring in the first place. By implementing the recommended strategies, you can significantly mitigate the risk of fraud in your company, thereby safeguarding its financial health and reputation.

        Verify references and background information carefully.

        Publicize your workers’ comp policy to all new and current employees, and update them at least once yearly.

        Spread that money paid for fraudulent claims comes from the employer’s pocket and can directly impact employee salary increases.

        It’s crucial to educate supervisors on workers’ comp issues, equipping them with the knowledge of how injuries can impact productivity and how costs can affect the company’s bottom line. This understanding will empower them to identify potential fraud and take appropriate action, contributing to a more secure and productive work environment.

        Display fraud awareness posters and the National Insurance Crime Bureau’s fraud hotline number.

        Work with your insurer to implement a safety-management program that can eliminate possible safety problems.

        Be aware of workers’ comp fraud indicators when a claim is made.

        If you suspect a fraudulent claim and have evidence or witnesses to back up your suspicion, contact your insurer’s special investigations unit immediately.

        Pay attention to employee complaints and concerns about their working conditions. The strongest predictor of fraud is a chronically disgruntled work force.

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 there to help YOU! 

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being canceled, 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 into 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 New York Contractors Can Combat Exorbitant Insurance Costs

In the bustling world of New York construction, contractors face not only the challenges of the job site but also the financial burden of soaring insurance costs. From skyrocketing general liability rates to dwindling coverage options, contractors are feeling the squeeze on their bottom line. However, there are proactive steps contractors can take to mitigate these challenges and ensure they are not being gouged on their insurance coverages.

First and foremost, let’s address the elephant in the room: astronomical general liability rates and umbrella premiums. Insurance companies seem to be tightening their grip, placing more restrictions on coverage while simultaneously hiking up prices. This leaves contractors in a precarious position, forced to either accept the inflated rates or risk being underinsured. To combat this, contractors should explore alternative insurance providers who offer competitive rates without sacrificing coverage. BGES Group offers the best contractor liability for New York contractors.

Moreover, the landscape of workers’ compensation insurance is also undergoing significant changes. Pricing is on the rise, and some insurance companies have even ceased offering workers comp coverage for N.Y. contractors altogether. This is another insurance that leaves contractors scrambling to find adequate coverage at reasonable prices. In such a climate, contractors must partner with insurance agencies that specialize in construction insurance and have a deep understanding of the industry’s unique needs.    

Adding insult to injury, many insurance agencies are tacking on exorbitant policy fees, further burdening contractors. Fees ranging from $1,000, $2,500 to $5,000 or more are becoming all too common, eating into contractors’ profits. Contractors need to scrutinize these fees and, if necessary, seek out an agency that is transparent in pricing with minimal or no additional charges. BGES Group of Larchmont, N.Y. is that agency! They get paid by their insurance companies therefore they do not need to charge additional fees.   

Contractors should be vigilant and proactive when it comes to selecting an insurance agency. Greed should have no place in the relationship between an agency and its clients. If an agency is charging excessive fees, it may be a red flag of their priorities. Contractors deserve to work with agencies that prioritize their needs over profit margins. BGES Group is that agency.

For contractors in New York seeking a trustworthy insurance agency, the BGES Group stands out as a beacon of reliability and integrity. Specializing in construction insurance, BGES Group offers personalized services tailored to the needs of each client. With usually no policy fees, contractors can rest assured knowing that every dollar is being put towards comprehensive coverage.

With over 43 years of experience, the BGES Group understands the intricacies of the construction industry and knows how to navigate the complex landscape of insurance. Contractors can rely on BGES Group to provide consistent, reliable service with a personal touch. No more dealing with faceless representatives or being passed around from account executive to account executive. At BGES Group, clients have the peace of mind of knowing they’ll always speak with the same person who is familiar with their account.

In conclusion, New York contractors need not succumb to the burden of exorbitant insurance costs. Let BGES Group help you search for the right insurance policies, get rid of unnecessary fees, and prioritize your insurance needs. With BGES Group, contractors can ensure they are getting the coverage they need at fair prices. With the right insurance partner, contractors can focus on what they do best: building New York.

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, and 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 to help YOU!  

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being canceled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, or whatever your issue, we can help! We have special programs for Auto Services, Contractors (especially in New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, and Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program if we can get you into their pricing is excellent, offers long-term coverage stability, and can cover multi-state operations. The 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 company

The Untold Truths of Working with Insurance Agencies That Have Hundreds, Thousands of Accounts! 

Back in the day insurance agents knew their business. Knew the policies they sold. What was covered and excluded? They made office visits. Kept clients for 10, 20, 30 years! Dressed properly! Worked in insurance their whole life! Were professionals and cared for clients or at least knew how to wine and dine them! 

Today agencies operate like factories. They service hundreds, thousands of accounts. For THEM, bigger has become better (you have no idea how bad it is for clients). They assign over a hundred accounts to each Customer Service Rep (CSR). In a lot of cases, they have a high turnover of CSRs. They are poorly trained. They don’t understand policies, or what they cover, or exclude. They fool you because they know more than you. The truth is, many CSRs don’t know what they’re doing and you discover it when you have a claim.  

A Few Questions:

  1. When you call are your phone calls answered by a machine?  
  2. How often are you placed on hold for minutes, more than five minutes?  
  3. Ever been told the person is away from their desk? 
  4. Out to lunch, in a meeting?
  5. Do you get annoyed waiting for your calls to be picked up?  
  6. Do the people servicing your account change every few months?  
  7. Do you feel confident they know what they are doing?  
  8. Are they familiar with your account?  
  9. Do they ever make coverage recommendations? 
  10. Do they come out and see you?
  11. Do they wait until the last minute to present you with your renewal quotes?
  12. Unless you call do you ever hear from them?
  13. Does your agency charge $500 to $2,500 for each policy they service? Ever wonder how they come up with their charges and if they are gouging you?
  14. Do they charge you 10% for serving your worker’s compensation coverage?  

If You Were Born in The 1960’s or Earlier, Do You Remember:

  1. Doctors making house calls?
  2. Milkmen delivered milk, butter, chocolate syrup, and soda.
  3. Insurance agents sat in your kitchen and spent hours going over your business and family needs.
  4. Working with the same people for decades because you had personal relationships with them?

Miss the old days? Working with a knowledgeable insurance agent? A true professional! Did you know who you were? Called you? 

Came out to visit you? Did not operate like a factory? You were IMPORTANT to them? Cared for? Did you trust them?

We Can Offer You a Whole Old Experience and A Lot More! Working With Us You’ll Be Treated:

  1. Your account will be serviced by one person
  2. When you call in seconds that person will answer your call.
  3. This person has 37 years of experience insuring businesses and individuals.
  4. When you have an issue it will be dealt with right after your phone call ends.
  5. Your contact is VERY responsible and has incredible integrity.
  6. You will be able to reach your contact day and evening Monday through Sunday.
  7. Your contact is extremely frugal when it comes to your money. We will not charge you ridiculous policy fees or service fees.
  8. This person will come to your office, within hours if needed, whenever requested.  
  9. This person is 100% trustworthy and will prove this to you over time.
  10. This person cares about helping YOU. Your needs come before anything. Will fight for you. Is easy to work and get along with.  

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 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 into 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

5 Common Risks Electricians Face and How Insurance Can Protect You

Introduction to Electrician Insurance

Electrician work isn’t without its share of risks. From the shock of unexpected electricity to the dangers of heights and confined spaces, electricians face challenges that most other professions don’t. This is where Workers’ Compensation Insurance comes into the picture. It acts as a safety net, providing protection against a range of accidents and injuries that can occur on the job. Whether it’s a slip while working on a ladder or an electrical burn, Workers’ Comp Insurance for electricians is designed to cover medical expenses and compensation for lost income during recovery times. Think of it as your financial hard hat, safeguarding your well-being and your wallet when things go south.

Risk #1: Electrocution Hazards

One major danger electricians face every day is the risk of electrocution. This is when too much electricity passes through the body, potentially causing severe injury or even death. Working with live wires, faulty equipment, or in wet conditions increases this risk. It’s a big reason why electricians must always be cautious and follow safety protocols. Despite precautions, accidents can happen. That’s where insurance comes in. If an electrician gets hurt on the job, having the right Workers Compensation Insurance policy can provide financial support for medical expenses and lost wages during recovery. It’s like a safety net, making sure electricians aren’t left struggling if the worst happens.

How Electrician Insurance Covers Electrocution Injuries

When you’re on the job, dealing with all sorts of wiring and electrical systems, getting zapped is a real risk. This isn’t just about a tiny shock from your toaster; we’re talking about serious, potentially dangerous electric shocks. That’s where electrician insurance comes into play. If you’re an electrician, insurance covering electrocution injuries can be a lifesaver, literally. So how does it work? First, it kicks in to cover your medical bills. We’re talking hospital stays, treatments, and any follow-up care needed to get you back on your feet. Then there’s the part about lost income. If that shock keeps you off the ladder and out of work, receiving a weekly disability check can help fill the gap in your wage until you’re ready to strap on the tool belt again. Remember, not all insurance company policies are created equal. It’s critical that you work with an Insurance Agency that specializes in Construction Insurance. BGES Group in Larchmont, N.Y. can help you make the right choice.

Risk #2: Falls from Heights

Working as an electrician often means climbing ladders, scaffolding, or working on rooftops. It’s no surprise then that falls from heights are a big risk. One slip or misstep, and you could be facing serious injuries. Falls can lead to broken bones, head injuries, or even worse. But here’s how insurance can have your back. If you have the right coverage, it can help cover your medical bills and lost wages if a fall from a height sidelines you. It’s not just about having insurance; it’s about having the right insurance to give you peace of mind while you’re up there.

Insurance steps in as a safety net when electricians face fall-related incidents, which are among the top risks in their field. This is where workman’s compensation or a specific professional insurance for electricians can play a crucial role. If an electrician falls while on the job, the costs can skyrocket, not just in terms of medical bills but also potential loss of income during recovery. Insurance can cover these expenses, ensuring that an electrician isn’t left financially stranded due to an accident. It doesn’t just help with the hospital bills; it can also cover part of the lost income if the electrician needs time off to recover. There are also ways to supplement lost income, in addition to benefits paid by Workers’ Compensation. In a nutshell, insurance doesn’t prevent falls, but it makes the aftermath a lot easier to handle, keeping you financially stable while you get back on your feet.

Risk #3: Burns from Explosions and Fires

Electricians often work in environments where the risk of explosions and fires is real. This danger comes from dealing with live wires, faulty equipment, or unsafe work conditions. A single mistake or oversight can lead to a severe burn injury. Not only does this pose a huge risk to an electrician’s health, but it can also put them out of work for an extended period. This is where having the right insurance coverage becomes crucial. With insurance, electricians can get the medical care they need without worrying about the cost. Additionally, if they’re unable to work, some insurance policies can cover lost wages, ensuring they’re financially protected during recovery. There are also policies to supplement lost income as well as hospital bills. So, while the nature of the job carries inherent risks, the right insurance offers a safety net, making it less daunting.

When electricians think about on-the-job hazards, burns and fire-related injuries often top the list. These risks are not just potential threats but real challenges professionals face daily. Let’s break down how insurance can be a safety net in these situations.

First, worker’s compensation is key. It provides coverage for medical expenses and lost wages if you’re injured at work. Whether it’s a minor burn or a severe injury requiring extensive treatment, worker’s comp has got your back.

Second, consider a general liability insurance policy. This isn’t just for slips and trips; it can cover damages if a fire you’re deemed responsible for affects another property or person. It’s about being prepared for those just-in-case moments.

Then there’s professional liability insurance. Sometimes, despite your best efforts, things go wrong. If a fire breaks out because of a mistake, this insurance can protect you against claims of negligence. It’s an extra layer of defense in a world where everyone’s quick to point fingers.

Lastly, personal accident insurance is something to think about. If you’re self-employed, this can be crucial. It helps if an accident sidelines you, covering expenses so you can focus on getting back on your feet, not how you’ll pay the bills.

So, insurance isn’t just another expense; it’s your safety net for when things heat up. Make sure you’re covered, so you can solder on without worry.

Risk #4: Cuts and Abrasion Injuries

Electricians handle a lot of sharp tools and work in environments where cuts and abrasions are common. From slicing through wires with a utility knife to drilling into tough materials, the risk of getting nicked or seriously cut is part of the daily grind. Not wearing the right protective gear or simply having a moment’s lapse in attention can lead to injuries. Even minor cuts can become serious if infected. This is where having the right insurance kicks in. It can cover your medical bills and any lost wages if you’re forced to take time off work. Don’t ignore the risk of cuts and abrasions. Gear up, stay sharp, and ensure you’re covered.

Protecting Against Financial Loss from Minor Injuries with Insurance

Insurance isn’t just for the big catastrophes; it’s also there to watch your back for the smaller bumps along the way. When it comes to electrical work, even minor injuries can put you off the job for a bit, meaning lost wages on top of medical bills. That’s where insurance swoops in. It’s designed to cover those smaller incidents that aren’t life-threatening but are definitely wallet-thinning. Think about it like this: getting a nasty shock or a fall from a ladder might not land you in the hospital for weeks, but it could definitely keep you from working. Insurance can help cover those lost wages and the medical costs. So, while you might shrug off the thought of getting insurance, considering it for those minor injuries could save you a heap of stress and money in the long run. Keep it simple, think smart, and make sure you’re covered.

Summary: The Importance of Electrician Insurance in Risk Management

Electricians work in a field filled with risks. From electrical shocks to falls, and even legal liabilities, the dangers are real. That’s where electrician insurance jumps in, acting as a safety net. Not just any safety net, but one specifically crafted to catch electricians if they ever stumble. Think of it like packing a parachute when you’re about to skydive; you hope you won’t need it, but boy, are you glad it’s there when you’re plummeting towards the earth.

This insurance plays a critical role in risk management, turning potential financial disasters into manageable situations. Let’s say an electrician accidentally damages a client’s property. Without insurance, they would be digging deep into their own pockets to cover the damages. With insurance, they can breathe a sigh of relief as their policy covers the costs.

In simpler terms, electrician insurance ensures that when the job’s inherent risks turn into reality, electricians aren’t left in the dark. Whether it’s a shock, a fall, or an unhappy client, being protected means they can focus on what they do best without the nagging worry of “what if” scenarios.

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 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 into 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

Labor Laws 240 and 241: A Comprehensive Guide and their Impact on New York Contractors’ Liability Insurance

Tri-State Contractors – Looking for a New General Liability, Umbrella Liability or Workers’ Compensation Policy?  We Offer Great Options for New York, New Jersey and Connecticut Contractors!  Being Canceled Due To Losses?  Not Happy with Your Coverages or Rates?  Unhappy with Your Broker’s Service?  Company No Longer Providing Coverage in Your State? In The Middle of an Audit Dispute? Whatever Your Issue, We Can Help.  Gary Wallach at 914-806-5853 or Email bgesgroup@gmail.com Today!

Article:

Labor laws play a crucial role in safeguarding the rights and safety of workers in various industries. In New York, two prominent labor laws, namely Labor Law 240 and Labor Law 241, have significant implications for contractors and their liability insurance. These laws aim to ensure the well-being of construction workers and provide them with necessary protections against accidents and injuries that may occur on the job.

**Understanding Labor Laws 240 and 241**

**Labor Law 240**, often referred to as the “Scaffold Law,” places strict liability on contractors and property owners for injuries sustained by workers who fall from elevated heights or due to falling objects. This law holds them accountable for providing proper safety equipment, training, and measures to prevent such accidents. The goal of this law is to ensure that workers are protected from the risks associated with working at elevated heights, where the potential for serious injuries is high.

**Labor Law 241**, on the other hand, sets specific safety standards for construction, excavation, and demolition work. It outlines the responsibilities of contractors and property owners to maintain a safe work environment that complies with established safety codes and regulations. Unlike Labor Law 240, which focuses on injuries resulting from falls and falling objects, Labor Law 241 encompasses a wider range of potential hazards at construction sites.

**Application to New York Contractors’ Liability Insurance**

For contractors in New York, understanding and complying with Labor Laws 240 and 241 are essential not only to ensure the safety of their workers but also to protect themselves from potential liability. Liability insurance is a critical aspect of risk management for contractors, as it helps cover the costs associated with legal claims, medical expenses, and property damage resulting from accidents on the job.

When it comes to Labor Laws 240 and 241, liability insurance becomes even more crucial. Contractors must ensure that their insurance policies adequately cover the potential risks and liabilities associated with accidents covered by these laws. Inadequate coverage could lead to significant financial setbacks in the event of a claim.

**Examples of Labor Law Claims**

To better understand the impact of Labor Laws 240 and 241 on contractors and their liability insurance, let’s explore three hypothetical examples of labor law claims:

1. **Falling Object Injury (Labor Law 240):** A construction worker is injured when a heavy tool falls from a higher floor and strikes him. Under Labor Law 240, the contractor and property owner could be held liable for failing to provide proper safeguards to prevent such accidents. The injured worker could file a claim seeking compensation for medical expenses, lost wages, and pain and suffering.

2. **Unsafe Worksite (Labor Law 241):** In another scenario, a construction worker is injured when a trench collapses due to inadequate shoring. According to Labor Law 241, contractors and property owners are responsible for maintaining a safe worksite and adhering to established safety standards. The injured worker might file a claim based on the violation of Labor Law 241, seeking compensation for injuries sustained due to the unsafe worksite conditions.

3. **Fall from Height (Labor Law 240):** A construction laborer falls from a scaffold due to lack of proper safety equipment and training. Labor Law 240 imposes strict liability on contractors and property owners for injuries resulting from falls at elevated heights. The injured worker could pursue a claim against both the contractor and property owner, holding them accountable for the accident and seeking compensation for damages.

**How BGES Group Assists New York Contractors**

Navigating the complexities of Labor Laws 240 and 241 and securing appropriate liability insurance can be daunting for New York contractors. This is where the BGES Group comes into play. The BGES Group specializes in providing tailored insurance solutions for contractors, ensuring that they have the coverage they need to comply with labor laws and protect their businesses.

With a deep understanding of the construction industry and New York labor laws, the BGES Group assists contractors in purchasing quality liability insurance that aligns with their specific needs. They work closely with contractors to assess their risks, identify potential gaps in coverage, and create comprehensive insurance packages that address the requirements of Labor Laws 240 and 241.

In conclusion, Labor Laws 240 and 241 are critical components of New York’s labor regulations, aiming to provide a safe working environment for construction workers. These laws have a significant impact on contractors’ liability insurance, as they can lead to claims that require proper coverage to mitigate financial risks. Contractors need to be well-informed about these laws, and partnering with experts like the BGES Group can help ensure compliance and adequate protection in the face of potential liabilities.

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.

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

Understanding the Coverage: What Does Heavy Equipment Insurance Actually Protect?

Introduction: The Importance of Heavy Equipment Insurance

If you own or manage heavy equipment, think of insurance not as an option but as a must-have. This type of insurance is a safety net that shields you from unexpected financial blows that could come from damage, theft, or accidents. Imagine your bulldozer gets damaged on the job or a crane suddenly breaks down. Repairing or replacing these can quickly drain your finances. Heavy equipment insurance steps in to handle these costs, ensuring your operations don’t halt abruptly. Plus, it’s not just about the machinery. The insurance also looks after the people operating them, offering protection against liability claims if accidents happen. Simply put, it keeps your business running, your workers safe, and your mind at ease.

Defining Heavy Equipment Insurance: What It Is and Isn’t

Heavy equipment insurance, simply put, is a safety net for the big, powerful machines used in construction, agriculture, and other industries. Think bulldozers, cranes, tractors, and excavators. These machines cost a ton and getting them insured means you’re protecting your investment from theft, vandalism, and accidents. It’s not just about fixing a dent or a scratch. If a crane topples or a bulldozer breaks down, you’re looking at big money to get them up and running again. Now, what it doesn’t do is cover the small tools or any injuries to people. So, if a drill goes missing or someone gets hurt on the job, that’s a different story and a different kind of insurance. Heavy equipment insurance is all about the big machines and keeping them doing what they do best.

Core Coverage: What Heavy Equipment Insurance Typically Includes

Heavy equipment insurance is a shield for your big machines. It’s not just another bill to pay; it’s the armor your business needs against unexpected blows. Think of it as a safety net that catches you when things go wrong. Here’s the deal with what typically falls under this insurance’s protective umbrella. Property damage is a major one. This means if your equipment damages someone’s property, the insurance has got your back. Then there’s bodily injury coverage. Accidents happen, and if your equipment hurts someone, you’re covered. Theft and vandalism can strike when you least expect it. With this insurance, you’ll breathe easier knowing you’re protected against bad guys looking to swipe or damage your gear. Don’t forget about breakdowns. When your equipment decides to take an unplanned nap, repairs or replacements are on the insurance tab, not yours. And liability coverage ties it all together, protecting you if your equipment causes harm or damage, and someone decides to take legal action. Heavy equipment insurance is your front-line defense, ensuring your machines—and business—keep running, no matter what curveballs life throws.

Additional Protections: Exploring Add-Ons and Optional Coverage

When we dive into the specifics of heavy equipment insurance, it’s essential to look beyond the basic coverage. Many insurers offer a buffet of add-ons and optional coverage to better protect your invaluable assets. Think of these as your custom shield against more unique or less common risks that your business might face. First off, we’ve got rental reimbursement. If your heavy equipment goes out of commission, this coverage helps you rent a temporary replacement without bleeding your wallet dry. Next, there’s equipment breakdown coverage. This isn’t just for when your machinery decides to take an unscheduled nap. It covers the costs to repair or replace parts that have given up the ghost, ensuring you’re not stuck with a hefty bill. Debris removal and pollution cleanup are also crucial. Picture this: your equipment accidentally spills something nasty or leaves behind a mess that Mother Nature wouldn’t be proud of. This coverage steps in to clean up the mess, keeping you clear of potential environmental fines. Let’s not forget about business interruption. If your main moneymakers are out of action, this coverage helps keep your business’ head above water, covering lost income and fixed expenses until you’re back in the game. Each of these add-ons can be a game-changer, providing peace of mind and financial protection. Mix and match based on what keeps you awake at night. Just remember, the right coverage isn’t about spending more—it’s about spending smart and safeguarding your investments against the unexpected. Talk to your insurer about these options; make your policy as tight and tailored as your business needs.

The Scope of Damage: Types of Incidents Covered

Heavy equipment insurance, often crucial for businesses that rely on big machinery, protects against a range of incidents. Think of it as a safety net for your costly equipment. Broken down simply, this insurance typically covers damages or losses caused by accidents on work sites, theft, vandalism, and natural disasters like floods or earthquakes. For instance, if an excavator gets damaged in a site mishap or a crane gets stolen, the insurance can help cover the costs to repair or replace it. Also, if a fire scorches your bulldozer, this insurance has got your back. But remember, not all policies are built the same. Make sure you read the fine print or talk to your insurance agent to know exactly what’s protected under your policy. This clarity will help you stay ahead and ensure your heavy equipment is well defended against the unpredictable.

Financial Protection: Coverage Against Theft and Vandalism

Heavy equipment faces real risks, not just from wear and tear, but from theft and vandalism too. Think of it this way: those big machines, like bulldozers, excavators, and cranes, cost a ton. When they’re just sitting there, at a job site or parked overnight, they’re huge, tempting targets for thieves or vandals. That’s where heavy equipment insurance steps in. It acts as a financial shield, covering the loss or damage if your equipment gets stolen or if some troublemaker decides to damage it. Essentially, this insurance helps you avoid facing a massive hit to your wallet, ensuring you can repair or replace your vital machinery without breaking the bank. So, if your equipment goes missing or gets damaged, you’re not left in a tight spot trying to cover the costs all on your own. This coverage is a must-have safety net for those big investments.

Natural Disasters: How Heavy Equipment Insurance Responds

When a storm hits or a fire rages, heavy equipment can get battered or even wrecked. Think about cranes, bulldozers, and excavators; these giants aren’t immune to nature’s fury. That’s where heavy equipment insurance steps in. This insurance is designed to protect your big gear from the unpredictable wrath of natural disasters. Whether it’s flooding, earthquakes, hurricanes, or wildfires, if nature throws it, heavy equipment insurance is supposed to cover it.

However, not every policy is built the same. Some might cover all natural disasters under one umbrella, while others pick and choose. You’ll want to dig into the fine print of your policy to really grasp what’s protected. It’s crucial because this isn’t about small change. Replacing or repairing heavy machinery can drill a huge hole in your pocket. So, checking your coverage could save you from a financial landslide when disaster strikes. Being prepared is better than being caught off guard.

Liability Considerations: Protecting Your Business Beyond the Equipment

Liability considerations in heavy equipment insurance go beyond just covering your machines. This protection is all about saving your business from financial ruin if your equipment causes harm or damage. Think about it; if your excavator accidentally knocks over a wall and it damages someone’s property, you’re on the hook for the costs. Or worse, if someone gets injured because of your equipment, the medical bills and legal fees can stack up real quick. That’s where liability coverage kicks in. It steps up to cover those legal fees, medical bills, or damages to third-party property. This means you can focus on running your business without the nightmarish thought of losing everything to a lawsuit. It’s not just about repairing or replacing a damaged bulldozer; it’s about keeping your business afloat when accidents happen. Remember, even the best-run operations can face unexpected hitches, and that’s precisely what liability coverage addresses. Without it, you’re walking a tightrope with no safety net.

Claim Process: Understanding the Steps and Expectations

Filing a claim on heavy equipment insurance isn’t complicated. First, notify your insurance company immediately after an incident. Give them all details, keep it straight—the where, what, and how. Make sure to document everything. Pictures? Yes. Witness statements? Absolutely. Next, an adjuster visits to assess the damage. They’re like detectives but for insurance claims. Their job’s to figure out what happened and how much it’ll cost to fix it or replace your equipment. After their evaluation, the insurance company lets you know if your claim’s approved. If it’s a yes, you’ll discuss the payout or repair options. Payments vary; sometimes it’s quick, other times, not so much. But remember, keep all your documents handy from the start. This makes the process smoother. Got it? Good.

Conclusion: Assessing Your Needs and Getting the Right Coverage

Deciding on the right heavy equipment insurance boils down to knowing what you risk without it and understanding the value of what you’re protecting. It’s not just about the price tag but ensuring you’re not left vulnerable when the unexpected happens. Consider the types of risks your equipment faces daily, from theft to breakdowns, and weigh these against the cost of coverage. Remember, the right insurance plan can save you from financial strain, keeping your operations running smoothly. Take the time to talk to different insurers, compare their offerings and don’t shy away from asking the tough questions. Your goal is to secure a policy that offers comprehensive protection that fits your budget and peace of mind. In the end, investing in heavy equipment insurance is not just about fulfilling a requirement; it’s about making a smart business decision that safeguards your assets and your future.

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, and 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 to help YOU!

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being canceled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, or whatever your issue, we can help! We have special programs for Auto Services, Contractors (especially in New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, and Truckers, we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability, and can cover multi-state operations. The 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 Premium Fraud: Don’t Do It

Workers’ compensation premium fraud is costing honest employers millions of dollars every year – and endangering workers who are frequently exposed without workers comp protection.

Most people are familiar with fraudulent claims of injury on behalf of workers who fabricate or exaggerate their injuries to collect claims they aren’t entitled to.

That’s small potatoes next to employers who commit premium fraud.

In one recent case, California prosecutors announced the arrests of three individuals – Osvaldo Molina, 40, of Fresno, Fortino Galeno, 46, of Fresno, and Alicio Galeno, 41, of Los Angeles – for committing workers comp insurance fraud via their company, Floor Care Systems. The company solicited other businesses to clean their store and showroom floors, generally at night.

According to prosecutors, these men had concealed over $5 million in payroll from their insurance carrier. Molina and Fortino Galeno were each charged with 61 felony counts. Alicia Galeno was charged with 23 felony counts. Prosecutors alleged that they paid workers under the table, failed to pay them minimum wage or overtime by both federal and state laws, and even locked employees in their worksites without supervision. According to the State of California, the fraud has cost insurers an estimated $782,000 in workers’ compensation premiums and caused the State to miss out on $187,000 in withholdings.

In a similar case last year, the Liberty Mutual Insurance Company obtained a $1.4 million judgment against a company called Viking Industrial Security. In that case, Viking had maintained a false set of books. One set had a very small payroll, and that was what they disclosed to their insurers and tax officials. That payroll was much smaller than their actual payroll. The fraud scheme was detailed and deliberate.

In that case, the insurance company got a court order to download the company’s computer records, including its QuickBooks records. This court order allowed Liberty Mutual to prove the payroll fraud, and get a handle on the amounts at stake.

Viking’s owners compounded their error by attempting a fraudulent conveyance. That is, they attempted to transfer assets out of their corporation into a brand-new entity. The transfer had no legitimate business purpose other than to shield them from Liberty Mutual. This is illegal, and the courts entered a judgment against the new entity as well as against Viking.

This kind of fraud is much more difficult to detect than worker fraud. But the dollar amounts involved can be substantial.

Workers comp premium fraud, by its very nature, is almost always accompanied by tax evasion, including payroll tax fraud. While prosecutors come down heavy on fraud, the courts have taken a particularly hostile attitude toward employers who illegally withhold payroll taxes and who fail to deposit Social Security and Medicare taxes with the IRS. Don’t count on your corporation to separate your assets from your business assets, if you are guilty of this kind of fraud. Courts can and do routinely “pierce the corporate veil,” disallowing the limited liability benefits of corporations and LLCs to attack the personal assets of business owners who commit this kind of fraud.

Workers’ compensation fraud is generally governed by state law, so specifics vary with your jurisdiction. Business owners who commit egregious violations of the law are subject to severe fines and long jail terms, in addition to whatever civil penalties may apply. If a worker is injured, the business and possibly the owner who allowed the workplace fraud generally face liability for the worker’s cost of treatment.

And that’s before the IRS gets done with you for payroll tax fraud. 

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 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 into 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

Navigating Professional Liability Insurance Claims in the Construction Industry

Understanding professional liability insurance in construction

Professional liability insurance in construction, also known as errors and omissions insurance, protects professionals in the construction industry from claims of negligence. Here’s what you need to know about professional liability insurance coverage for construction projects:

  1. Coverage: Professional liability insurance covers claims related to errors, omissions, or negligence in professional services provided.
  2. Importance: This type of insurance is crucial as it provides financial protection against legal costs and damages resulting from professional mistakes.
  3. Claims Process: When a claim arises, notify your insurance provider immediately and provide all relevant details to initiate the claims process.
  4. Policy Limits: Be aware of the policy limits and ensure your coverage aligns with the scope of your professional services to avoid being underinsured.
  5. Risk Management: Implementing risk management practices can help mitigate claims and maintain a favorable claims history for future insurance coverage.

 

Types of claims covered under professional liability insurance

Professional liability insurance typically covers various types of claims that can arise in the construction industry. Here are some common types of claims that are usually included in professional liability insurance policies:

  • Negligence Claims: Accusations of professional negligence or errors in design, planning, or construction.
  • Misrepresentation Claims: Allegations of providing inaccurate information or misrepresenting facts.
  • Delay Claims: Disputes related to project delays and their impact on deadlines and costs.
  • Contractual Claims: Breach of contract or failure to meet contractual obligations.
  • Design Errors Claims: Claims related to mistakes or flaws in the design phase of a construction project.

Understanding the types of claims covered under your professional liability insurance can help you navigate potential challenges effectively.

Importance of having professional liability insurance

Construction is a risky business, and mistakes happen. Having professional liability insurance is crucial for construction professionals. It protects you in case a client claims errors or negligence in your work. Here’s why having professional liability insurance is important in the construction industry:

  • Financial Protection: If a client sues you, the insurance covers legal fees and potential settlements, saving you from significant financial loss.
  • Credibility: Clients are more likely to trust and hire contractors who have professional liability insurance, as it shows a commitment to quality work and responsibility.
  • Peace of Mind: With insurance, you can focus on your work without worrying about potential claims impacting your business and reputation.
  • Industry Requirement: Many clients and contracts mandate that contractors have professional liability insurance, making it essential for business growth and project opportunities.

Steps to take when filing a claim

Contact your insurance provider immediately after the incident to start the claim process. Collect all relevant documentation, such as incident reports and photographs, to support your claim. Be prepared to provide a detailed account of what happened and any damages incurred. Cooperate with your insurance company’s investigation and any assessments they require. Keep communication lines open with your insurance adjuster and respond promptly to any requests for information.

Common challenges in navigating professional liability claims

Navigating professional liability insurance claims in the construction industry can be tricky due to various challenges that might come your way. Here are some common hurdles you might face:

  1. Complex Legal Procedures: Understanding the legal jargon and procedures involved in professional liability claims can be overwhelming.
  2. Resolving Disputes: Finding common ground between parties involved in the claim can be a challenge.
  3. Ensuring Fair Compensation: Getting the rightful compensation for damages or losses incurred can sometimes be a lengthy and tedious process.
  4. Documentation Requirements: Keeping track of all the necessary documents and evidence to support your claim is crucial but can be time-consuming.
  5. Navigating Insurance Policies: Understanding the fine print of insurance policies and coverage limitations can be daunting.

When dealing with professional liability insurance claims in construction, it’s essential to understand how to work effectively with insurance adjusters and legal experts. Here are some key points to consider:

  • Insurance Adjusters:

  • They assess claims and determine the compensation amount.

  • Be prepared to provide detailed documentation and evidence to support your claim.

  • Communicate clearly and promptly with the adjuster to ensure smooth processing of your claim.

  • Legal Experts:

  • They can provide valuable guidance on navigating complex insurance claim processes.

  • Seek legal advice early on to understand your rights and responsibilities.

  • Work closely with legal experts to ensure that your claim is handled in a fair and efficient manner.

Documentation required for a successful claim

To make a successful claim for professional liability insurance in the construction industry, you will need to gather important documents to support your case. Here are the essential pieces of documentation required:

  • Contractual agreements: Any contracts or agreements related to the project in question.
  • Project plans and specifications: Detailed documents outlining the scope and requirements of the project.
  • Correspondence: Communication such as emails, letters, or meeting notes that document interactions related to the claim.
  • Change orders: Any modifications or changes made during the course of the project.
  • Inspection reports: Reports from inspections conducted during the project.
  • Photos or videos: Visual evidence that supports your claim.
  • Bills and invoices: Financial records related to the project costs.
  • Any other relevant documentation: Any additional paperwork or records that support your claim.

Resolving disputes and negotiations

When it comes to resolving disputes and negotiations in the construction industry, it’s crucial to have a clear understanding of your professional liability insurance coverage. Professional liability insurance, also known as errors and omissions insurance, can help protect you in case of claims related to mistakes or negligence in your work. Here are some key points to keep in mind:

  • Communicate openly with your insurance provider to ensure you understand your coverage.
  • Seek legal advice if you encounter disputes that may lead to claims against your policy.
  • Engage in negotiations with all parties involved to find a resolution that is fair and reasonable.
    Remember, proactive communication and a thorough understanding of your insurance policy are essential when navigating professional liability insurance claims in the construction industry.

Case studies of successful insurance claims in construction

Successful insurance claims in the construction industry often involve thorough documentation of the incident, clear communication with the insurer, and prompt action. For example, in one case study, a construction company experienced significant delays due to inclement weather, resulting in a successful claim for project interruption coverage. Another case study highlighted the importance of proper investigation and evidence presentation in a liability claim for defective workmanship. In the construction industry, successful insurance claims are typically the result of proactive measures and collaboration with experienced professionals.

Tips for avoiding future claims and maintaining insurance coverage

To avoid future claims and keep your insurance coverage intact in the construction industry, it’s crucial to prioritize safety measures and maintain clear and detailed records of all projects and interactions. Here are some tips to help you navigate professional liability insurance claims smoothly:

  • Regularly conduct thorough safety inspections on job sites to prevent accidents and potential claims.
  • Communicate openly and transparently with clients, subcontractors, and suppliers to avoid misunderstandings that can lead to disputes.
  • Keep detailed documentation of all project-related communication, contracts, changes, and approvals to provide evidence in case of a claim.
  • Prioritize ongoing training for employees to ensure they adhere to industry best practices, reducing the likelihood of errors that could result in claims.

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 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 into 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

New York construction insurance

Contractors Insurance – How Too Better Your Situation In 2024

Questions to ask. Things to know.

1. Is your liability policy preventing you from getting jobs?  Lots of contractors are unaware how bad their liability policies are. Brokers are selling these policies and in our opinion, they are doing an incredible disservice to the construction industry. How many of you work with general contractors, and owners? Are they asking you to sign contracts? Do you know if your policy covers what they require in their contract? Let’s face it most insurance companies do not want to pay claims and their policies are designed to do just that. Is your policy one of the real lousy ones?  

2. Is your insurance agency “Construction Specialists” or “Generalists?”  Do they 

insure tens, or hundreds of contractors or just a few? Ever ask?  Working with a “Generalist” can be hazardous to your wealth. The exclusions, restrictions, and special forms included in policies are designed to “PROTECT THE INSURANCE COMPANY.” For example, “Blanket Additional Insured” may not cover all parties you agreed by contract to insure. You find out when there’s a claim. “We” know how to protect YOU!                                                                                                                          

3. Are your liability policies through a “Surplus Lines” or “Main Street” carrier? “Main Street” is better however these types of carriers won’t insure most New York contractors. The way you may be able to get insurance through one of them is by using their “Preferred Agents.” We happen to be “Preferred Agents” for several companies and can get jobs done when others can’t.

4. For New York contractors there are programs only a few select agencies represent. These programs offer better pricing and coverage. If you are paying over $75,000 for your liability policies it’s important to have access to these programs. Due to our size, reputation, and experience, we are appointed with just about all the programs and can give you access to them.                                                                                                                                                                   

BGES GROUP REPRESENTS “THE BEST” CONTRACTOR INSURANCE PROGRAMS FOR THE STATE OF NEW YORK (WE COVER TRI-STATE AREA). WE  OFFER “THE TOP 10” SURPLUS LINE CARRIER PROGRAMS. CALL 914-806-5853 AND GET A QUOTE TODAY! YOU CAN ONLY IMPROVE ON WHAT YOU HAVE AND LOWER YOUR RATES!  YOU CAN ONLY BENEFIT BY CONTACTING US!

5. Use subcontractors? Under your liability policy(s) what are the conditions for your subcontractor insurance? Are you in compliance with them? Most aren’t that is why your broker must help you screen their policies. Because construction is our specialty we have organizations set up to screen client subcontractors. Very important!                                                      

6. You sign plenty of contracts. Does your broker help review contracts to make sure your contractor insurance is in compliance with their insurance requirements?  We help clients with contract reviews. One missed coverage can cause a payment issue or uncovered claim. Very important!         

7. Let’s take a break from discussing liability insurance.  Let’s talk about Workers’ Compensation.  Have employees who work out of state weeks at a time? Is your policy set up to cover them?  Insured through a state plan?  If so, there’s a chance you WILL NOT have proper coverage for a claim occurring out of state that is filed in that state.                                                                                                          

Example: You are a contractor who takes a job in New York. The job lasts 5 weeks. You have coverage through your state’s plan. Employee sustains a back injury. He hires an attorney and files a claim under New York’s worker’s compensation laws. Most likely your plan will deny claim or only pay according to your state’s benefit laws. Can you afford $50,000, $100,000, $250,000+ out of pocket? Do you want to deal with his attorney for years and the financial drain it will cause?                                                                                                                                    

Note: Many contractors who work out of state are faced with this problem and do not even realize it. We have a GREAT solution.                                                                                                                                 

8. Worker’s Compensation Premium Recovery – Would you like to get money back from your past seven (7) year carriers? Could be tens of thousands of dollars! We can review your policies and if we find mistakes, get you your money back. We do not charge any upfront fees for this service. We work on a contingency fee basis. You just sign three documents and we do all the work! This should be a no-brainer.                                                                                                                             

9. Bonding – Is your insurance agency “Bonding Experts?” Have a “Bonding” Department? Do they represent the TOP bonding carriers? Do they have relationships with bonding carriers dating back 50+ years? If you need higher limits, better rates, less hassle, and better service, you must deal with OUR bonding department.                                    

10. Business Auto Policy – Unhappy with your rates? Looking for ways to lower them? We represent all the TOP carriers for construction auto insurance needs.

Okay, that’s it for now! Hope we have some valuable information. A new avenue you can pursue. We are good at what we do. In 2024 it’s not a bad idea to be with an organization that specializes in construction. By doing so you will be better protected and save money.

Now read about BGES Group and keep us in mind for ALL your insurance needs.

About Our Agency:

  • We are construction insurance specialists.
  • Been insuring contractors since 1981.
  • Our organization insures hundreds of contractors.  
  • We have programs for New York City contractors (we cover NY, NJ, and 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 marketplace. 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.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

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

Special Contractor Insurance Programs (NY, NJ, CT) – We have 50+ insurance companies for marketing 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, and 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 canceled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits; 9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to. 

 If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

The Difference Between a Binder and a Certificate of Insurance

When you have business insurance policies you will often hear talk of your insurance binder and your certificate of insurance, but do you know the difference?

A binder is a contract of insurance. It’s called a binder because it “binds” your coverage creates an insurance contract and is used temporarily until the policy is issued.

A certificate of insurance is a form of proof of insurance warranting that you have coverage for a specific period.

Binders

An insurance binder is a brief document that serves as a temporary insurance policy. It remains in effect for a short time, typically 30 to 90 days. A binder dissolves once the policy is issued.

Binders will often be required by lenders when a business takes out a loan. For example, if you are buying a new building and taking out a loan, the lender will often require you to insure the building against physical damage under a commercial property policy and will want to see the binder as proof of that coverage.

A binder may be issued by an insurance company or by an insurance agent on the insurer’s behalf. An agent can issue a binder only if they have been afforded binding authority (the authority to initiate coverage) by the insurer.

Insurance brokers don’t have binding authority because they don’t serve as representatives of insurers. A broker may issue a binder, but the document will not be valid until it is signed by an underwriter or other authorized representative of the insurer.

A binder provides general information about your company, your insurer, and your agent. This includes:

  • Your agent’s name, address, and contact information
  • Your company’s name and address
  • Name of your insurer
  • Binder number
  • Binder effective dates
  • Policy number
  • Description of your operations, vehicles, or property to be covered.

A binder is typically divided into sections, each applicable to a specific type of coverage, such as general liability or workers’ compensation. For each coverage you have purchased, the binder should list the limits provided, the coverage forms that will be included, and key endorsements that will be attached to your policy.

Certificate of Insurance

A certificate of insurance is a single-page document that lists active, in-force insurance policies for a business.

Certificates of insurance are often requested when one business engages the services of another and wants proof that the other business has secured the necessary coverage. 

A standard certificate will list all of your coverages, the name of the insurance company, and the policy’s effective date and expiration.

A certificate of insurance contains separate sections for different types of liability coverage listed, such as general, auto, umbrella, and workers’ compensation. “Insured” refers to the policyholder, namely the person or company who appears on the certificate as being covered by the insurance.

In addition to coverage levels, the certificate includes:

  • The policyholder’s name.
  • The policyholder’s mailing address.
  • A description of what is insured.
  • The name and address of the insurance company, as well as contact information for the insurance agent or broker or their contact person.

Having a certificate of insurance shows potential clients or business partners that your organization is insured. That means that in the event of an unforeseen scenario like an injury or property damage, there is minimal risk of out-of-pocket payouts or unpleasant and expensive litigation, for you or your customer.

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 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 into 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

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