Most business owners and executives understand the value of workers compensation insurance not just to protect the worker, but to protect the company as well. Fewer, however, are aware of the mechanics of how premiums are arrived at, and how their own company’s safety track record figures into their rating.  Understanding the process, however, may well enable you to qualify for lower premiums down the road, saving your business money and making you more competitive.

Industry underwriters set workers compensation premiums using a process similar to how most companies price group health insurance: They look at the actual claims experience for similar workers in your area, and if there is a history of claims, at your company specifically. Where there is insufficient local claims experience to look at, underwriters turn to the National Council on Compensation Insurance, a clearing house of workers injury and compensation data.

Generally, underwriters will take your payroll and multiply it by an average claim factor for that type of worker. This produces a baseline average of the total number of expected claims, which they subdivide as claims per $100,000 of payroll, claims per year, or claims per time unit. The frequency of claims is considered to be a close proxy for the safety culture of the individual business. They then account for the average severity of claims for that type of worker in your industry and combine the two to arrive at a baseline prediction for expected losses.

Underwriters must then try to assess your business and answer the following question: Given the policies and procedures in place at your business and your claims history, is your company likely to produce losses that are higher than the industry baseline or lower?

Over time, underwriters have discovered that the most likely future claims predictor is a past history of claims at your company. Therefore, to save money on workers compensation premiums, it behooves the company to invest aggressively in preserving the safety of the work environment, both in terms of resources and management focus.

Your workers compensation agent and underwriting team will assign your company an insurance rating, with 1 deemed equal to the average claims experience in your industry for the area.

Any rating higher than 1 indicates a worse-than-average risk for workers compensation claims. If your rating comes out higher than 1, you may be able to qualify for lower rates in future years by reviewing your safety program and the types of losses your company has incurred. Identify any patterns and refcurring themes. You may benefit from bringing in a risk management consultant for an outside set of eyeballs. Some investment in equipment or improved training may be needed, or you may need to be more vigilant for workers compensation fraud in a few cases.

Best Practices

In the long run, your safety record is a reflection of your overall safety culture. That’s not something limited to the rank and file worker and shop foremen, though. The most important link in the safety culture chain is at the top.

• Invest in training your workers in all aspects of safety relevant for their jobs.
• Appoint a senior manager with clout to monitor your safety and OSHA compliance, and empower him or her to enforce it throughout the company.
• Empower any worker to halt work activities if he or she becomes aware of an unsafe work condition, until that condition can be corrected.

Everyone is part of your workplace safety culture – but senior management is the most important link in the chain, because management sets the tone throughout the organization.

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

Simply offering disability insurance or accident insurance or both can cause workers compensation claims to decline by as much as 50 percent.

That’s the conclusion of a recent study of over six hundred employers across a cross section of sizes and industries. The study also found that more than four employees in ten reported material improvements in workers compensation claims.

The survey was conducted in November 2013 by Lieberman Research World Wide and commissioned by AFLAC, which is a prominent carrier of workplace insurance and benefits plans.

For the most part, the magnitude of declines in workers compensation claims experienced by companies who rolled out voluntary disability and/or accident insurance was significant:

• Of employers who offered accident insurance, 14 percent of all employers reported declines of 50 percent or more. Another 17 percent of employers reported workers comp claims declines of 25 to 49 percent.
• Of employees who offered access to voluntary disability insurance, 15 percent of all employers reported declines of 50 percent or more, while an additional 15 percent reported declines of 25 to 49 percent. In both cases the results were fairly consistent regardless of the size of the employer

About Voluntary Benefits

Voluntary benefits are benefits the employer offers to strengthen the employers’ value position, at little or no cost to the employer. Most or all premiums, fees and other costs are borne by employees themselves, via payroll deduction. The employer simply deducts premiums and other costs from employee salaries and forwards them to the insurer or benefits provider.

Common voluntary benefits programs include:

• Short-term disability
• Long-term disability
• Accident insurance or Accidental Death and Dismemberment
• Critical illness insurance
• Life insurance
• Long-term care insurance
• Legal and identity theft plans
• Financial counseling
• Dental and Vision Plans

                        …And many more.

A 2013 survey by Towers Watson indicates that voluntary benefits are on the increase, and are projected to increase in importance as part of company’s overall benefits strategy will grow by 27 percent over the next five years.

The potential benefits to employers are many. Employers offer voluntary benefits for these reasons:

• Improve employee satisfaction and loyalty
• Differentiate themselves from other employers to attract new talent
• Retain talent
• Reduce presenteeism and workers compensation claims
• Save on payroll taxes (with qualifying Section 125 ‘cafeteria’ plans)
•  

Again, employees can offer voluntary benefits at little or no cost to themselves. But when an employee becomes disabled, is diagnosed with cancer or another insured critical illness, or has another crisis that can be mitigated with a benefit provided under a voluntary benefits program, that benefit can mean the world.

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

Employees and independent contractors are different, so it is important for employers to be clear about the difference between the two. This will help them determine what to do when hiring people to help, and it will also affect how they withhold taxes to avoid legal trouble.

Independent Contractors
Independent contractors have their own employees and usually have their own business name. They typically have a separate checking account for business, and they advertise their own business services. When work is completed, they normally send an invoice or have an agreement for payment. Independent contractors have their own hours, tools and clients. They keep their own business records as well.

Employees
Employees are hired by a company to work for only that employer unless otherwise agreed. For example, some full-time employees may have a part-time weekend job elsewhere that does not interfere with their commitment to their full-time employer. Employees’ duties and assignments are controlled by the employer or supervisors, and they are provided with training from the employer for the tasks they need to complete.

Small businesses often depend on independent contractors as workers. For small business owners, there are several benefits to using this approach. They do not have to spend as much for labor costs, their liabilities are reduced considerably and this gives business owners more flexibility for firing or hiring.

Classification Considerations
Classifying an individual incorrectly as an independent contractor may have several legal consequences that are costly. If an independent contractor meets the definition of an employee, the business owner may have to reimburse that person for wages and overtime that would normally have been paid to them by the Fair Labor Standards Act. The business owner may also have to provide health insurance, retirement or other benefits normally offered to regular employees. Paying back taxes and other penalties would also be necessary, and workers’ compensation would have to be paid to any injured individuals who met the criteria for being employees instead of independent contractors.

Tax Considerations
The Internal Revenue Service provides information on their site for companies hiring independent contractors and employees. This information is to teach them about tax implications of various scenarios. Site visitors can fill out forms to request that the IRS reviews their workers’ statuses and to provide additional resources. There are no one-size-fits-all tests to determine if a worker is an employee or independent contractor. However, the following considerations are useful in helping classify them:

– The permanency of the work relationship.
– The extent to which services provided are an integral part of the employer’s business.
– The amount of initiative in market competition determining the worker’s success.
– The worker’s investment in equipment and facilities.
– The worker’s opportunities for loss and profit.
– The degree of independent business operation and organization.
– The degree of control by the business owner.

Whether a person is considered an employee or an independent contractor will depend on the business owner’s amount of control over the workload and the individual. For more information about this topic and how to classify workers correctly or to make sure they are properly insured, discuss concerns with an agent.

BGES Group, located in Larchmont, N.Y. are New York Construction Insurance Specialists that represent 50+ companies and all the BEST general & umbrella liability programs!  We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health.  We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are 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

Fraud adds to workers’ compensation costs for all businesses, but it hits small businesses the hardest as they may not have the resources to identify bogus claims.

According to a new study by workers’ comp insurer Employers Holdings Inc., about 20% of small business owners are not sufficiently prepared to identify workers’ comp fraud.

It’s estimated that at least 10% of workers’ compensation claims are fraudulent, and identifying those illicit claims would keep your workers’ comp claims in check and reduce your premiums.

Claims fraud happens when an employee tries to gain workers’ comp benefits by falsely stating that an injury or illness occurred at work, or by exaggerating an existing injury or illness.

“Workers’ compensation fraud … can strain business operations, lead to higher insurance costs for businesses, and even undermine honest workers who are legitimately injured on the job,” said Ranney Pageler, VP of fraud investigations at Employers.

The disconnect

The study found that:

• 13% of small business owners are concerned that one of their employees would commit workers’ comp fraud by faking an injury or illness to collect benefits.
• 21% said they are unsure of their ability to identify fraud.
• 24% of small business owners have installed surveillance cameras to monitor employees on the job.

The strongest indicators of potential claims fraud noted by survey respondents include:

• The employee has a history of claims (58%).
• There were no witnesses to the incident (52%).
• The employee did not report the injury or illness in a timely manner (52%).
• The reported incident coincides with a change in employment status (51%).

Nipping fraud in the bud

Investigator Pageler recommends that small business owners look for the following warning signs:

• Monday morning (or start of shift) injury reports. The alleged injury occurs first thing on Monday morning, or the injury occurs late on Friday afternoon but is not reported until Monday.
• Employment changes. The reported accident occurs immediately before or after a strike, job termination, layoff, end of a big project or the conclusion of seasonal work.
• Suspicious providers. An employee’s medical providers or legal consultants have a history of handling suspicious claims, or the same doctors and lawyers are used by groups of claimants.
• No witnesses. There are no witnesses to the accident and the employee’s own description does not logically support the cause of the injury.
• Conflicting descriptions. The employee’s description of the accident conflicts with the medical history or injury report.
• History of claims. The claimant has a history of suspicious or litigated claims.
• Refusal of treatment. The claimant refuses a diagnostic procedure to confirm the nature or extent of an injury.
• Late reporting. The employee delays reporting the claim without a reasonable explanation.
• Claimant is hard to reach. The allegedly disabled claimant is hard to reach at home and does not respond promptly to messages.
• Frequent changes. The claimant has a history of frequently changing physicians, addresses or jobs.

It should be noted that one of these indicators on its own may not be indicative of fraud, so don’t jump to conclusions.

What to do if you suspect fraud

Employers who suspect a worker may be committing claims fraud should first alert the special investigations unit or fraud unit within their insurance company’s claims department. 

If your complaint is found to have merit and they believe the claim may be fraudulent, the insurer may report it to the appropriate law enforcement authorities. But that will only happen after the insurance company has conducted its own investigation.

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

When was the last time you got a second opinion about your Property, Contractor Liability, Umbrella Liability, Business Auto, Workers’ Compensation, N.Y.S. Disability or Group Health insurance?

Does your broker keep renewing your policies with the same companies who for some reason always want to increase your rates 5% to 10%+ or does he/she obtain alternative quotes from other insurance companies every 2-3 years?

Are you certain your liability policies cover you for the work you do?  Each year insurance companies add more and more restrictions to their policies.  It is really important you understand what you are and aren’t covered for. BUYER BEWARE! Most insurance brokers DO NOT understand the contract wording of the policies they sell you.  Most of their agency customer service representatives DO NOT understand the contract wording of the policies they sell you.  A lot of agencies when the policies are issued DO NOT check them for mistakes!  For what you pay for insurance, you deserve a “Medal of Courage” all kidding aside GREAT care!

During the last few years’ insurance companies have tightened up on covering contractor subcontractors.  If your subs do not carry the proper coverage your policy will not cover   claims caused by them.  Do your subcontractors carry the right coverage, limits, do they have all the forms your company wants them to have and do you do annual checks to make sure they do?  This is a very tricky area.  What we are seeing is most subcontractors DO NOT carry the right coverage therefore MOST contractors are exposed to uncovered subcontractor caused claims.  We are talking big bucks here!

Ever sign a contract that requires you to list 3 to 10 additional insured’s for liability coverage?   Think they are covered because your agency lists them on a certificate of insurance?  Insurance companies have changed their blanket additional insured form where some only cover the party IF they have a written signed contract with the contractor.  The rest may not be covered.   Doesn’t matter if your agency issued a certificate of insurance with everyone listed.  Your insurance company will only cover what their contract says it will cover!

The owner of BGES Group, Gary Wallach, has been insuring contractors since 1981.  He has a level of expertise that goes far beyond what most other agencies offer.  He is an old timer and is there to help day or evening whenever you need him most.  He doesn’t have an answering machine and picks up his phone when you call.  He responds to emails and texts in minutes.  He issues certificates of insurance in minutes.  He is an encyclopedia of knowledge  and is really easy to work with.  He’s pleasant, helpful, trustworthy, a hustler and he gets jobs done that others don’t.

If you are not happy with what you pay for your insurance or would like a check up, second opinion on what you have, contact Gary Wallach at 914-806-5853 or email bgesgroup@gmail.com.

Here’s is What People Think About BGES Group:

Sarah S.

Gary is a considerate and honest guy. I have nothing but respect for him and 5 stars isn’t enough.

Nick S.

Over 20 years of excellent relationship that has met all our insurance needs.

Steve S.

My previous Workers Comp insurer was always trying to reclassify employees to put them in higher risk groups to raise the premium (despite no claims in over 5 years). Broker at the time wasn’t helping. Gary was recommended by a friend and did a phenomenal job. Found new insurer for less money who then, a year later, further reduced premium after the audit! I’m now paying 40% less than I used to and only 1/4 of what my old insurer wanted to jack the rate to.

SANJA C.

Gary is a great, responsible, professional…someone you can rely on. I would highly recommend him.

George K.

Since I transferred my insurance policy to BGES Group I have saved a lot on the rates and service is a first class. Always get immediate response to all my needs. It’s a A Plus from me.

Elena E.

My broker, Gary Wallach, is the BEST!  He’s professional and a pleasure to deal with. Always has the answers for me and is quick to respond to my emails and phone calls. This is one reason I remain a loyal BGES Group customer. Good Rates on all my insurance needs too!

BGES Group, located in Larchmont, N.Y. are New York Construction Insurance Specialists 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

The risk of becoming too sick or injured to work, before retirement age, is much more prevalent than death. How would a business partner handle maintaining their business interests if they became physically or mentally handicapped?

The partnership is one of the three most commonly used types of business organizations. A partnership is an association of two or more persons who carry on a business, as co-owners, for profit. It is more complex and usually requires more legal formalities than a sole proprietorship.

The law of partnerships is relatively uniform; most states have based partnership statutes on the Uniform Partnership Act (UPA). The UPA states that each partner has a fiduciary relationship to the partnership and must act in good faith and for the benefit of the partnership.

To prevent problems when a partner dies or leaves the partnership for any reason, a partnership agreement often includes a buy-sell agreement provision. By law, this provision must be in place when the partnership is created. It describes the manner of compensation for the survivors of a deceased partner or for the withdrawing partner.

Often, partners provide for the possible death of a partner by taking out a life insurance policy on the life of each partner. The policy is made payable to the partnership or to the surviving partners, enabling the partners to pay the amount required in the buy-sell agreement to the survivors of the deceased partner, and remaining partners are financially able to continue to do business.

The same rationale for using a life insurance policy to fund a buy-sell agreement upon death applies to using a disability insurance policy to fund a buy-sell agreement upon total disability, whether permanent or temporary.

Rationale for active business owners

• Acquire business interest of disabled owner at a fair price
• Maintain ownership and control
• Smooth transition of ownership
• Transfer the decision of when the definition of “total disability” is met to a third party

Rationale for the disabled business owner

• Proceeds for the sale of his/her share of the business is received
• Eliminates future worry about business value fluctuations
• Taxed only on the gain from the sale of the business, often at more attractive capital gains rates

Definition of disability

The definition of disability to use in the disability buy-sell agreement can be the definition contained in the insurance policy that will fund the buy-sell. This transfers the risk of defining disability from the active business owners to the insurance company, avoiding potential disagreements among all the partners.

Disability buy-sell insurance matters because a partner’s disability could make continued ownership of a partnership all but impossible.

Have questions? Call us to put protection in place.

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

It is very common for the insurance requirements in a construction contract to include a provision requiring the subcontractor to waive all rights against the owner and general contractor for recovery of damages to the extent these damages are covered by the sub’s workers’ compensation and general liability or commercial umbrella liability insurance. Owners and general contractors insist on this provision because they want to protect themselves from being held liable for injuries to a subcontractor’s employee. Typically, the contractor giving the waiver asks its insurance company to attach a “waiver of subrogation endorsement” to its workers’ compensation policy.

The endorsement states that the insurance company will not enforce its right to recover payments it makes to an injured worker from the person or organization listed on the endorsement. It applies only to the extent that the employer insured by the policy performs work under a written contract requiring the employer to obtain the insurance company’s waiver. It does not directly or indirectly benefit anyone not listed on the endorsement. With this endorsement on the policy, the company cannot attempt to recover payments it made to an injured worker from the company listed on the endorsement, even if that company was responsible for the injury. Consequently, the loss impacts the employer’s experience modification, probably increasing future premiums. In addition, the endorsement carries an additional premium for the employer, normally some percentage of the premium attributable to the job.

The endorsement and the waiver agreement in the contract do not bind the injured employee. He still has the ability to sue the owner and general contractor for his injuries. However, it is also common for construction contracts to require the subcontractor to defend and indemnify the owner and general contractor from any such suits. Therefore, it is probable that the employer will have to pay an additional premium for the endorsement, pay higher future workers’ compensation premiums for the loss, and pay higher future liability insurance premiums because its policy will cover the other parties’ liability.

For example, assume the sub’s employee suffers serious injuries when tools and materials fall off a scaffold and strike him. He collects workers’ compensation benefits for his medical costs and lost wages. The sub’s workers’ compensation policy includes the waiver of subrogation endorsement, so the insurance company cannot recover any of its payments. The worker sues the owner and general contractor for his pain and suffering. However, the contract requires the sub to cover the owner’s and general’s liability, so the sub’s liability insurance pays for the pain and suffering lawsuit. The sub’s insurance pays twice for the same injury to the same worker.

Owners and general contractors require waivers of subrogation for several reasons. Insurance consultants, brokers, and risk managers usually encourage them to require waivers. Waivers protect their liability insurance and reserve it for other claims. Because a waiver reduces potential liability losses, they become more attractive to liability insurance companies and probably pay lower premiums. Also, subcontractors often do not resist these requirements because they feel they lack negotiating leverage and their insurance companies are usually willing to provide the endorsement.

A few states have curbed the use of waivers of subrogation in their workers’ compensation systems. At least four states have passed laws making the requirements unenforceable, and other states allow the employer to recover from the injured employee some of the proceeds of pain and suffering lawsuits.

In the majority of states that allow waivers, contractors should work with professional insurance agents experienced in providing construction insurance. They can suggest insurance companies that will offer the needed coverages at a reasonable cost and assist with contractual issues such as waivers of subrogation. Above all, contractors must read and understand their contracts so that their agreements do not become an ugly surprise after a loss.

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 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

When you obtain workers’ comp for your business your initial premium rates are based on your company’s payroll and the average cost of insurance in your particular industry.  This premium rating will continue until your business becomes eligible for an experience rating.  An experience rating will take into account the amount of claims filed in order to determine your loss ratio compared with your industry average.  In general, an employer will need to be insured for at least two consecutive policy years to become eligible for experience rating.  Simply put, if your company follows safety prevention and files fewer claims than expected the amount of your premium will be positively affected.

Businesses can reduce their workers’ compensation costs in other ways.  One method is to split payroll for an employee who performs two different tasks, each one governed by a different risk classification.   Separate payroll records must be kept and duties specifically identified.  If an employee splits time equally between office work and a higher risk job duty, you could potentially decrease this employee’s risk factor by 50 percent for as much as half the workday. 

The same can be said for classifying workers correctly.  Misclassification is a common oversight leading to higher worker’s comp premiums.  The National Council of Compensation Insurance (NCCI) provides more than 700 job classifications in a publication called the Scopes Manual.  Most states use this manual as the basis for their classification schedules.  Since workers’ compensation premiums are directly impacted by your reported job classifications, it is well worth your time to verify both your company and employees are classified correctly.  Keeping track of changes in job duties throughout the year is also important. If an employee is promoted to a less risky position, your premiums will be lowered accordingly.

Since your workers’ compensation premiums are based on payroll you may be able to reduce your payroll totals by deducting overtime pay.  Some states will allow you to make this conversion for purposes of calculating your payroll.  Again it is important to keep detailed records to produce accurate payroll data. 

Approximately thirty-one states allow employers to reduce their premiums by paying a deductible that is generally between $100 and $5,000.  Your state insurance department or insurance broker can inform you if this is an option for your business.

It is also important to maintain an excellent safety record.  Utilize proper equipment and clothing to prevent accidents and injuries.  Be sure to train employees well in safety practices and procedures.  Create a safety manual for all employees.  And always follow the Occupational Health and Safety Administration guidelines related to your business.

Since many states have different regulations that govern workers’ compensation insurance it is important to consult expert advice in this area.  An experienced agent that understands your business can work as your advocate with an insurance company, guide you through the classification process, and lead you to credits that lower your premium.

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

Here’s How We Can Help You 

1. BGES Group is one of Tri-State’s Workers’ Compensation specialists.  We are VERY easy to deal with because:
2. We answer the phone in seconds when you call
3. We respond to emails in minutes
4. We respond to texts immediately
5. We are available to speak to day or evening
6. You will be dealing with the same person every time you contact us who will make your life easier and who knows what they are talking about                                                                                                                            
7. We represent 40+ insurance companies and special programs for the industries listed above especially New York Contractors                   

• We have programs for:
  • Auto Services
  • Contractors especially in New York – We have programs that will insure asbestos, demolition and roofers
  • Limousine Services
  • Manufacturers
  • Moving & Storage Agents
  • Truckers

Problems We Can Help You Solve 

1. Getting lower rates
2. Poor loss experience causing difficulty getting new coverage
3. Being cancelled or non renewed
4. Sick of having to do invasive annual audits
5. Payrolls misclassified
6. Operating out of state and your company can’t cover you
7. Having to come up with a 10% to 25% renewal deposit – We have a plan that requires just $200 to bind coverage then you pay as you go
8. Takes too long to get certificates of insurance
9. Sick of paying extra policy fees or service fees
10. Poor agency service
11. Whatever your problem we can help

Types of Plans Available

1. Stand a Lone Workers’ Compensation Policy
2. Combined Payroll and Workers’ Compensation Plan
3. Professional Employer Organization (PEO) – These can combine Workers’ Compensation, Payroll and Group Health
4. State and Assigned Risk Plans – Avoid a lot of the headaches working with government plans.  Let BGES Group do the servicing

Here’s is What People Think About Us:

Sarah S.

Gary is a considerate and honest guy. I have nothing but respect for him and 5 stars isn’t enough.

Nick S.

Over 20 years of excellent relationship that has met all our insurance needs.

Steve S.

My previous Workers Comp insurer was always trying to reclassify employees to put them in higher risk groups to raise the premium (despite no claims in over 5 years). Broker at the time wasn’t helping. Gary was recommended by a friend and did a phenomenal job. Found new insurer for less money who then, a year later, further reduced premium after the audit! I’m now paying 40% less than I used to and only 1/4 of what my old insurer wanted to jack the rate to.

SANJA C.

Gary is a great, responsible, professional…someone you can rely on. I would highly recommend him.

George K.

Since I transferred my insurance policy to BGES Group I have saved a lot on the rates and service is a first class. Always get immediate response to all my needs. It’s a A Plus from me.

Elena E.

My broker, Gary Wallach, is the BEST!  He’s professional and a pleasure to deal with. Always has the answers for me and is quick to respond to my emails and phone calls. This is one reason I remain a loyal BGES Group customer. Good Rates on all my insurance needs too!

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 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

A home renovation can be a stressful but exciting and rewarding project. But it’s also a time of increased peril, from a homeowners’ perspective. Any time you open your home to strange people to tear things apart and engage in hazardous activities using ladders, scaffolding, flammable materials and power tools, with tens of thousands of dollars on the line, you have all the basic building blocks in place for something to go terribly awry.

Some examples of possible hazards:

• Uninsured property loss or theft
• Criminal activity on the premises by a contractor or employees.
• Workplace injury or death
• Faked workplace injuries
• Abandonment of projects mid-stride by contractors experiencing financial or personal difficulties
• Fires, flooding or weather-related damage while your home’s structure is compromised by construction.
• Kidnapping and/or extortion schemes (not unusual among high-net worth families).
• Bankruptcy or death of an important contractor

This is why your property and casualty insurance professional should be involved in the building or renovation project from the very beginning. An experienced insurance agent can help you identify a wide variety of significant – even life-changing – risks, and help you protect yourself and your family for a very small cost compared to the protection received.

Check the Basics 

The first step in the process is to check on your existing insurance coverage. Unfortunately, many high-net-worth families are severely underinsured. According to a survey commissioned by ACE – an insurance carrier that specializes in the protection needs of high-net-worth families, 40 percent of families with $5 million or more in investable assets had less than that figure in umbrella liability coverage. One high-net-worth family in five responding actually had no umbrella liability coverage. At the same time, actual claims history from jury verdicts and out-of-court settlements can rise to $10 million per case and even more.  

A smart homeowner embarking on a major project will inspect contractors’ coverage and make sure they have adequate coverage in place themselves. Your P&C professional can help guide you through this process, which is a vital part of due diligence on contractors. The idea is for you as the homeowner to know that the contractor has so much coverage in place that anything that goes wrong will be their problem to solve – not yours – and that they have the wherewithal, expertise, financial stability and insurance protection to solve it.

11 Mistakes People Make When Renovating Property

Major home renovation projects and construction projects are complex endeavors with a lot of moving parts. The more complex the endeavor, the more that can go wrong. Here are some of the major mistakes high net worth people make that put their hard-earned wealth at risk.

1. Insufficient umbrella liability coverage. Generally, your protection in place should equal your current net worth plus the net present value of expected future income. At a minimum, you should have enough to protect your investable net worth because that’s precisely what trial lawyers will be gunning for, in the event of a lawsuit.
2. Attempting to act as their own general contractor. Contracting is complex, and requires a full-time understanding of the process, rules and regulations. Plus, a good general contractor will come with their own insurance against a variety of mishaps-insurance coverage that protects you.
3. Failure to insist on background screening of all workers. Most construction workers are honest and hardworking tradesmen. But in some studies, we find as much as 30 percent of contractors, subcontractors and employees working a given home renovation job site are convicted felons.
4. Failure to ensure workers compensation insurance is in place for all contractors, subcontractors or employees. If someone is injured and there is no workers compensation coverage in place, the worker’s lawyers will be coming after you.
5. Failure to conduct due diligence on contractors. Does the contractor actually have the skill sets, financial stability and leadership/management in place to complete the project within the estimated cost range and on time? Do they have a track record of success? Have they had trouble paying their bills, workers and invoices? Does the management have a good reputation for integrity?
6. Failure to check licenses and bonds. Legitimate general contractors are very careful to use only licensed subcontractors. Some insurance policies may not cover events that arise because of actions by unlicensed contractors and their employees.
7. Insufficient insurance coverage. This isn’t just at the homeowners’ level. It starts with the contractor himself.
8. Failure to inspect specific language of contractors’ insurance policies. The language you want is something that establishes the contractors’ insurance as the primary insurance, with your insurance as secondary. You also want language that waives the contractors’ insurance carrier’s right to subrogate claims against your policy. Overall coverage amounts for your contractor’s general liability policy should at least cover the value not only of your home, but also its contents. Total amount of coverage is key.
9. Failure to establish a bond protecting you against the possibility that the contractor will fail to finish the job. If the contractor fails to perform, the bond company pays you a set sum you can use to finish the job. Contractor failure can happen for a variety of reasons beyond the contractor’s control. It will add a few percentage points to the cost, but it will potentially protect you against many thousands of dollars in damages.
10. Failure to protect oneself against a contractor’s failure to pay subcontractors. When this occurs, a subcontractor could put a lien on your house. If you’ve already paid the general contractor, you’ll have to pay the unpaid subcontractors twice to release the lien. To prevent this, you can require the general contractor to post a payment bond guaranteeing payments to subcontractors.
11. Failure to buy Builders’ Risk insurance, or add endorsements to homeowner’s’ policies. Your homeowner’s policy will usually have some general liability insurance, but generally not more than $500,000. This is not usually sufficient general liability coverage to protect you. Your standard home insurance policy is designed and priced to provide protection when you are simply living in your home. They are not designed to cover you when you have the place torn up and strange people crawling all over your property using hazardous implements. To protect yourself, speak to your agent about adding temporary riders or builders risk endorsements.

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