Know Your Options
Many contractors believe their only choice for Workers’ Compensation Insurance is through a state or assigned risk plan. However, there are other options available that many are unaware of.
Let’s start with insurance companies offering stand-alone Workers’ Compensation policies. These policies typically have guaranteed rates for one year, and businesses pay a fixed monthly premium. To bind coverage, a deposit of up to 25% is usually required, and a deposit is also necessary for policy renewal each year. Some companies offer pay-as-you-go payment plans, which are popular among business owners.
Another lesser-known option is a payroll/workers’ compensation plan, a program that has been available for over 24 years. This program offers several features beneficial to contractors and their employees. It is the only program we know of with such long-term stability, as the payroll company also owns its workers’ compensation company. This setup enables the company to insure higher-risk contractor classes, such as demolition and roofing contractors. Additionally, it can cover businesses like auto services, limousine services, and transportation companies.
There are also payroll companies that partner with insurance providers to offer Workers’ Compensation coverage. Payments are typically deducted weekly or bi-weekly. These providers often cater to low-risk businesses, such as florists or electricians, with some offering competitive rates. However, others may have higher rates, and some payroll services may add extra fees on top of their earnings from insurance companies. Buyer beware!
Finally, if you have a poor loss history or a high experience modification factor, making it difficult to secure insurance, Professional Employer Organizations (PEOs) might be a solution. These organizations combine payroll services with Workers’ Compensation coverage. While similar to payroll/Workers’ Compensation plans, PEOs are legally and technically distinct. They act as co-employers, meaning they have some authority over hiring decisions. Some PEOs also offer health insurance as part of their plans, providing a cost-effective way to secure coverage for your employees. Rates are generally competitive, and the provider networks are extensive.
Options When You Have Three Common Problems
Depending on the type of work you do, you may have access to quotes from multiple insurance carriers or just one. For instance, plumbers or electricians often have several carriers willing to offer coverage. However, if you’re a restoration contractor working at heights above three stories or handling asbestos, only one or two carriers may provide coverage.
What if you have poor loss experience?
Typically, you’d need to go through a state or assigned risk plan. But what if you don’t want to? What if you previously had coverage, got canceled, and now owe money? Assigned risk plans won’t sell you a new policy until you clear any outstanding balance. Additionally, their rates for contractors with poor loss histories can be exorbitant.
We’ve helped many contractors in similar situations. For example, we recently assisted two contractors with over $1 million in losses secure coverage. These losses included dubious claims from employees who filed through the Workers’ Compensation Board instead of their employer, often months after the supposed accidents. To address these issues, one contractor hired a private investigator to scrutinize claims. If you’re a New York City contractor struggling with claims, call Gary Wallach at 914-806-5853 for assistance.
What if you’ve been canceled due to an audit dispute?
Many contractors face challenges with audits, where disputes over incorrect audits leave them with two options: pay or be canceled. One contractor we worked with couldn’t secure a new policy until they agreed to pay $41,000, despite not actually owing the amount. If you’re dealing with audit issues, call 914-806-5853 to discuss a “Plan B.”
What if you work out of state?
For instance, if you’re a New York City contractor insured through a state plan but take occasional jobs in New Jersey, you might unknowingly lack proper coverage. If an employee is injured in New Jersey, your carrier might deny the claim, leaving you liable for significant costs. Many contractors are unaware of this potential risk.
Recently, we helped a New York-based contractor whose work is entirely in Connecticut. Their broker failed to advise them to purchase coverage for both states, which could have left them exposed to significant liability. If you’re unsure about your coverage, contact us for help.
How to Get Help and Fix the Problem
When faced with challenges, BGES Group is here to help. Gary Wallach, the owner, is a Workers’ Compensation specialist with extensive knowledge and a commitment to resolving issues quickly and efficiently.
One of Gary’s standout qualities is his accessibility. Whether you call, email, or text, he responds promptly. Certificates are issued within minutes, and there are no excessive policy or service fees. Gary’s dedication to clients sets him apart in the industry. If he can’t help you directly, he’ll connect you with someone who can. Call him at 914-806-5853 for assistance.
How BGES Group Can Help
BGES Group offers solutions for the following issues:
1. High-Risk Categories – We work with up to 25 companies to find coverage for high-risk businesses like asbestos abatement, demolition, and roofing.
2. Audit Disputes – We can help correct audits or find a new insurance provider.
3. Avoiding Annual Audits – Depending on the plan, we may offer programs with minimal audit requirements.
4. Poor Loss Experience – We specialize in finding coverage for businesses with poor loss histories, often at better rates.
5. Cancellations – We can secure coverage for businesses facing cancellation.
6. High Experience Modification Factors – We have programs with unique rating calculations to potentially lower your rates.
7. Payroll Misclassification – We can help reclassify payroll and recover overpayments for up to seven years, with refunds reaching up to $500,000.
8. Premium Recovery – We identify and recover excess payments on a contingent-fee basis.
9. Unhappy with Payroll Service – We offer alternative programs with lower fees and rates.
10. Flexible Payment Options – Pay premiums based on reported payroll for improved cash flow.
11. No Renewal Deposits – Some programs waive renewal deposit requirements.
12. Avoiding Excessive Fees – We typically do not charge policy or service fees unless necessary.
Contact Us Today
Whatever your issue, BGES Group is here to help. Call Gary Wallach at 914-806-5853 and let us take your headaches off your hands.
BGES Group
Located in Larchmont, NY, we are a full-service insurance agency offering a wide range of coverage, including Workers’ Compensation, Property, Liability, Group Health, and more. Contact us today to learn how we can help you!
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On Jan 22, 2025, at 7:19 AM, egspublica@aol.com wrote:
Know Your Workers’ Compensation Options!
Know Your Options
Many contractors think the only option for their Workers’ Compensation Insurance is through a state or assigned risk plan. Many are not aware of the other choices they have when it comes to buying this coverage.
Let’s start with insurance companies that offer Stand-a-Lone, Workers Comp Policies. Usually their rates are guaranteed for one year. Businesses pay a fixed, monthly premium. To bind coverage usually up to a 25% deposit is required. A deposit is required annually to renew policy. Depending on company, they may offer a pay-as-you go payment plan. This is the main type of workmans comp policy business owners purchase.
Another option, which few contractors know about, is a company that offers a payroll/workers’ compensation plan. This plan, around for 24+ years, has several features designed to help contractors and their employees. Note this is the ONLY program we know that’s been in existence 24+ years (it offers long-term coverage stability which we feel is important), the payroll company owns their workers compensation company. This set up allows the company to insure riskier contractor classes like demolition and roofing contractors. Other types of business that can be covered with this company are auto services, limousine services and transportation services.
There are other payroll companies offering Workers’ Compensation. They have agreements with insurance companies and payment for coverage is usually deducted weekly or bi-weekly. Most of their insurance companies are conservative with the types of businesses they’ll insure. If you fall into a low risk business like a florist or electrician, they’ll have no problem insuring you. Some of their companies offer competitive rates. Others, rates can be high. Some payroll services add fees on top of what they get paid from their insurance companies. BUYER BEWARE!
Finally, if you have poor loss experience and a high experience modification, making it difficult to get insurance, there are Professional Employer Organizations (PEO) that may come to your rescue! They couple payroll service with workers compensation. They are like payroll/wc plans but technically/legally are set up differently. One technicality is they are considered co-employers. This means they have say over who you hire. Some plans offer the option to purchase health insurance. This is another way to “Skin a Cat” if you need affordable health insurance. Rates are usually competitive. Provider networks extensive.
Options When You Have These Three Problems
Depending on the work you do, you may be able to get quotes from several insurance companies or just one. For example, if you’re a plumber or electrician, most carriers will offer you worker’s compensation coverage. However, if you’re a restoration contractor and work at heights above 3 stories or asbestos, only one or two carriers may offer coverage.
What if you have poor loss experience? Usually you have to go to a state or assigned risk plan. But what if you don’t want to go through one? What if you previously had coverage with them, got cancelled and owe them money? Until you pay off balance they won’t sell you a new policy. What if their rates because of your poor loss experience are astronomical? What can YOU do?
Many contractors come to us for help. Recently, we helped two contractors, each with over one million in losses, get coverage. Of course, the worst claims were from employees who no one witnessed getting injured, who immediately hired attorneys, who filed their claims NOT through their employer but directly with the Workers’ Compensation Board, one filing their claim up to 10 months after supposed accident. These people have no conscious nor idea how they jeopardize their employer’s business existence and co-workers livelihoods! Because we have “The Right Companies for Contractors with Poor Loss Experience,” we got them coverage! One contractor, every time an employee gets injured, he hires a private investigator to investigate claim. Within hours, private investigator is looking into what happened. And this investigator is quite shrewd. Are you a New York City contractor who is having claim problems? Want to hire this P.I.? Call Gary Wallach at 914-806-5853 and get help.
What if you’ve been cancelled due to an audit dispute? A lot of contractors come to us for help when they are having audit problems. Even though their audit is wrong, their company leaves them with two options, pay or be cancelled. Usually, the amounts owed are not just a few dollars but thousands, tens of thousands of dollars. One contractor can’t get a new policy until they agree to pay off $41,000. Then they can purchase coverage. The only issue is the contractor doesn’t owe them money….they may even owe the contractor money. Who knows if audit will ever get fixed? Are you having audit problems and worried about being cancelled? Call 914-806-5853 and get a “Plan B” in place now.
Work out of state? For example, you are a New York City contractor insured through state plan. Most of your jobs are in the 5 boroughs but from time to time, you take jobs in New Jersey. These jobs last a few weeks to several months. For these jobs, you use employees who live in New Jersey. What happens if an employee gets hurt and seeks medical care in New Jersey? Think you have the right coverage? Think again? It’s our opinion if an injury occurs, example worker falls and suffers severe back injuries, you will be responsible for hundreds of thousands of dollars because your insurance carrier will deny coverage. So many contractors are clueless about this issue. BUYER BEWARE!
Recently we helped a New York office based contractor, BUT who does all their work in Connecticut, get “The Right Coverage.” They have workers that live both in New York and Connecticut. However, all their work is done in Connecticut. We cannot believe their insurance broker and insurance company did not catch this mistake and advise them to purchase coverage with a company that covers both New York and Connecticut. One bad claim and they could have been on the hook for hundreds of thousands of dollars!
How To Get Help So Your Problem Gets Fixed
What can you do when faced with a problem that has your back against the wall? We feel calling BGES Group is one of your best bets! The owner, Mr. Wallach, is one of the most helpful “Workers’ Compensation Specialists” in the New York and surrounding areas. He is an encyclopedia of knowledge and will help you until your problem gets fixed!
One amazing thing about Gary Wallach is when you call him you immediately get him. When you email him he emails you right back. When you text him he texts you right back. When you ask for help he has an unlimited capacity to give. Certificates are issued within minutes. You never wait for anything! He doesn’t charge ridiculous policy fees of up to $10,000 or service fees of up to 10%! Why his competitors do this to their clients when they get paid nicely from their insurance companies, in his opinion, shows what really drives them. Contractors pay through the nose for their insurance, why make it any more painful. Whether a client or not, Mr. Wallach helps everyone! He’s the “Diamond in the Rough” that every once in a “Blue Moon” you get to work with. If Gary can’t help he will direct you to someone he thinks can! His cell is 914-806-5853 so call him day or evening, Monday through Sunday, whenever in need!
BGES Group can help with the following issues:
- Your Business Is In a High Risk Category Therefore Hard To Find Worker’s Compensation – We have up to 25 companies to market your account to. We have several carriers that can insure businesses with poor loss experience. Several others to insure if you’re considered high risk. For example, we can insure Asbestos Abatement, Demolition and Roofing contractors through non state plans.
- Audit disputes – We can help fix audit mistakes or find you a new company.
- Looking To Get Away From Annual Audits – Depending on the state and plan, we may be able to get you into a program that doesn’t do annual audits or if legally required to do so, the amount of documents and time required is minimal.
- Have Poor Loss Experience – If you are being cancelled, we can find you a new company. If your rates have skyrocketed, we can try to find you a company whose rates are lower. Two contractors, both with over $1 million in losses, came to us seeking help. We ended up getting them new companies, both offered better rates.
- Being Cancelled – We can find you a new insurance company.
- High Experience Modification Factor – We have programs that have their own unique rating calculations so we may be able to get you lower rates.
- Payroll Being Misclassified – We can help you get reclassified so the proper class code (s) and rates apply. In addition, we have a service that can go back up to seven years and get you refunds for the mistakes made in charging you. Our service has gotten refunds of up to $500,000 for business owners. See 8.
- Workers’ Compensation Premium Recovery – Get back up to $500,000 on past Workers Comp payments. We can go back up to seven (7) years. Because the rules are complex, based on ever-changing codes, insurance companies have little interest in finding mistakes and saving you money. That’s where we come in. With years of experience in recovering excess and/or erroneous payments, we identify and recover premiums on your behalf. And we do so on a contingent-fee basis: you pay only if and when we collect on your behalf. Examples of refunds: $50,000, $230,000, $300,000 and $500,000, $20,000. We do all the work. And YOU get money back you never even thought possible!
- Unhappy with Payroll Service Providing Your Workers Compensation – We have up to 10 programs and can get you lower payroll processing fees and lower Worker’s Compensation rates.
- Do Not Want To Pay a Fixed Premium Every Month – We have programs that allow you to report payroll weekly or monthly and pay premium based on payrolls reported. For the months payroll is low, your premium will be low too. This is helps with cash flow.
- Do Not Want To Pay a Renewal Deposit Every Year – We have programs where you pay up front a deposit then on renewal no deposits are required.
- Sick of Paying Your Broker a $500 to $2,500+ Policy Fee or up to a 10% Service Fee – Unless company does not pay us a commission we usually do not charge policy or service fees. You work hard for your money. We want you to keep as much as possible and this is our way of showing we are sincere.
Whatever the issue, we can help. Just tell us what you want and we will find a way to get it done. Let us take whatever headaches you have and make them our headaches. For help call Gary Wallach at 914-806-5853.
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, Worker’s Compensation Premium Recovery, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.
Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.
BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits; 9) Getting coverage when you’ve been without; 10) Covering multiple states under one policy; 11) Eliminating policy or 10% service fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need 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
