If you are just getting a business off the ground, have bought equipment and started hiring employees, insurance should be top of mind.

There are four types of insurance that most small businesses purchase to protect themselves, and without them one accident or oversight could leave you with liabilities you may not be able to cover. When a company is growing from a sole proprietorship to one with employees, the insurance needs grow quickly.

Here’s a look at the types of insurance most small businesses carry as they start growing.

Property insurance

This type of coverage provides compensation if business property is damaged, stolen or lost.

In addition to covering the physical business structure, property insurance covers personal property, including:

• Inventory,
• Office furnishings,
• Raw materials,
• Computers,
• Machinery, and
• Other items that are part of business operations.

Property insurance coverage doesn’t end with protecting physical assets. It also provides business interruption funds when owners must take steps to get their business back on track following a major loss and if their operations have been impaired.

Property insurance may provide coverage for broken equipment in some cases if caused by a covered peril, but not if a machine breaks down. It may also provide coverage for water damage, debris removal following a fire and several other specific items.

Workers’ compensation

Any company with employees is required to purchase workers’ compensation insurance in most states.

Workers’ compensation pays for a portion of lost wages for workers who are injured. In addition to this, it covers the medical care they require. Coverage is provided to employees who are injured at work regardless of who is at fault.

If a worker dies as a result of the injuries they sustain, the insurance company compensates the surviving family members of the deceased.

Commercial auto insurance

This is only necessary if you have vehicles that you use in the course of business, or if you and/or your staff drive their own cars on company business.

Most personal vehicle insurance policies don’t provide coverage if the automobile that is involved in an accident is used mostly for business purposes.

Business auto insurance policies cover vehicles that are owned and used by a business. Third parties injured by the policyholder’s vehicle receive compensation for damages up to the policy limit amount.

Some policies may provide compensation for repair or replacement of vehicles that are damaged from flooding, theft, accidents and similar events.

Liability insurance

Any business may face a lawsuit at some point during its existence. Liability insurance can cushion the blow by covering legal costs, settlements or judgments.

For example, a person may claim that a business caused them harm from a service error, defective product or negligence in providing a safe environment. Liability coverage provides compensation for damages a company is deemed liable for.

However, the coverage is only provided up to the policy’s limit amounts. These policies usually also provide funds for legal defense expenses, attorneys’ fees, medical bills and several other related expenses.

The takeaway

In addition to the four major types of coverage purchased, there are several other valuable policies some companies may want to buy depending on their business. Umbrella policies and specialized liability policies are among the more common types.

Umbrella policies are often used as a second layer of insurance should you exhaust the limits of an underlying liability policy. These are usually obtained to prevent high losses by businesses with high risks.

Specialized liability policies are made up of several types of individual coverage, such as errors and omissions coverage for companies that provide professional services like architects or programmers.

If you think you may need any of these types of coverages, and/or you think your company has special needs, give us a call.

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 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 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

More employers are using return-to-work programs for injured workers even if they were not injured on the job, according to a study by Prudential Insurance Co. of America.

Many employers have a return-to-work program for their injured employees because it cuts down on workers’ comp claims costs and lets the worker get back to feeling productive.

But more employers have also started returning employees to work who have been off duty due to non-job-related ailments.

The survey found that 49% of large employers have a return-to-work program for their disability programs, and another 22% of employers plan to add such programs in the near future.

Prudential noted that workers’ comp and non-occupational disability return-to-work programs should be similar in approach, and that both can save a company money.

While the cost/benefit numbers are more readily apparent in the workers’ comp arena, they may not be as easily identified in programs for non-work-related injuries or disabilities.

But, if you have an experienced staff member that is out of action, and work is not getting done or it’s being performed by someone with less experience and skill, it can hurt your operations and bottom line.

The benefits of a return-to-work program include:

• Improved productivity,
• Improved morale across an organization,
• Saving organizations time and money, and
• Protecting you from losing talent.

Examples of effective return-to-work strategies include offering the opportunity to work part time, telecommuting, modifying work duties, modifying schedules, and implementing reasonable accommodations to provide employees with the tools and resources they need to carry out their responsibilities.

Efforts such as these can help employees return to work sooner, even while still recovering.

This allows the employee to protect their earning power while at the same time boosting the organization’s productivity.

Also, in many instances, the ability to return to work after injury or illness plays an important role in the employee’s recovery process.

Setting up a return-to-work program

Steps you can take to reintegrate an injured employee into the workplace include:

• The worker and doctor should discuss recovery time, expected pain duration, need for drugs if any and options for returning to work.
• The worker should resume, if possible, work that meets restrictions and requirements outlined by the treating physician.
• Workplace guidelines should be written out and provided to the employee and employer.
• The doctor should be included in determining if the physical demands of a modified job are appropriate for the recovering worker.
• The doctor must understand the patient’s work tasks and create work-place guidelines for the worker and employer. The guidelines should be flexible and updated regularly to reflect the workers’ improving medical condition.
• Physical therapy can be used to simulate specific job demands so that the worker can eventually resume previous work duties without re-injury during the return-to-work phase.

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 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 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 – 2022 – BGES Group

1. High rates (finding you lower rates is what we are great at)
2. Being cancelled or non renewed
3. Feel like you overpaid for past Worker’s Compensation policies? At NO up front cost to YOU, let us do a review and there were, get you your money back!  Examples of refunds: $50,000, $230,000, $300,000 and $500,000.  We go back seven years so we are talking a lot of money!  We do all the work.  Great WIN WIN!  So easy to do.  Call Gary at 914-806-5853 to discuss.
4. Poor loss experience
5. High Experience Modification
6. Your company’s audits are brutal. They ask for copies of contracts, purchase orders, what you pay vendors, everything!  Looking for a new company because you can’t stand your present one?
7. Policy does not cover you while working out-of-state? State plans usually do not cover you properly when working out of states weeks at a time.  They leave you exposed to huge uncovered financial obligations that can knock you out of business.
8. Payrolls misclassified
9. Paying a fixed monthly installment BUT would like payments to be lower when business is slow?
10. Having to come up with a 15%-25% renewal deposit every year. Would like to get rid of renewal deposit requirements.

If you need help with any of the above give us a call. We can offer you every conceivable option available and get the job done when others can’t. Please note we ONLY cover the states of New York, New Jersey and Connecticut.

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 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 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 – 2022 – BGES Group

Workers Compensation refunds

Workers Compensation quotes

Lower Workers Compensation rates

Funds Transfer Fraud Increasingly Affects Small Firms

While ransomware is making the headlines as the major cyber threat for businesses, small and mid-sized organizations are increasingly being targeted by lower fraud that dupes them into wiring criminals funds, according to a new report.

These funds transfer fraud crimes involve hackers gaining access to a company’s mailbox and extracting payments that go into their accounts through a variety of techniques. Worse, by the time a company realizes they were scammed, the money is long gone and the bank accounts are closed.

It’s imperative that companies have in place proper systems safeguards to combat these attacks, and that includes regularly training staff on how to identify these attempts to steal funds.

Losses from funds transfer fraud increased 69% for U.S. businesses between 2020 and 2021, according to cyber insurance and security firm Coalition’s “2022 Cyber Claims Report.”

But smaller and mid-sized companies saw attacks surge even more. Average initial losses from funds transfer fraud for small firms (those with less than $25 million in annual revenue) more than doubled to $309,000 in the second half of 2021, compared to the same period in 2020.

Additionally, enterprises with between $25 million and $100 million in revenue saw a 68% increase in the frequency of funds transfer fraud.

How it works

Criminals will often try to penetrate your servers by sending “spearphishing” e-mails. These messages look like they’re from a trusted sender to trick victims into revealing confidential information. That information lets criminals access company accounts, calendars, and data that gives them the details they need to carry out the scheme.

They may also send malicious e-mails in the hope that an employee clicks on a bogus link. The link then releases malicious software that infiltrates company networks and gains access to legitimate e-mail threads about billing and invoices.

Once the criminals have access to your business mailbox, they can manipulate your contacts and modify payment instructions, sometimes without even triggering any security alerts.

One of the most common ways this is done is a criminal sending e-mails that appear to come from a known source making a legitimate request, like in these examples:

• A vendor your company regularly deals with sends an invoice with an updated mailing address. But it’s a scam and the new address is bogus.
• A vendor sends change-in-payment instructions that purport to come from a customer or vendor via a lookalike e-mail domain (sometimes criminals will compromise a customer or vendor’s e-mail system and send your organization an invoice).
• A company CEO asks their assistant to purchase dozens of gift cards to send out as employee rewards. She asks for the serial numbers so she can e-mail them out right away. But the request is from a fraudster.

Protecting your enterprise

The Federal Bureau of Investigation recommends that all organizations follow these tips to reduce the chances of being hit with wire transfer fraud:

• Don’t click on anything in an unsolicited e-mail or text message asking you to update or verify account information. Look up the company’s phone number on your own (don’t use the one a potential scammer is providing), and call them to ask if the request is legitimate.
• Carefully examine the e-mail address, URL, and spelling used in any correspondence. Scammers use slight differences to trick your employees and gain your trust.
• Be careful what you download. Instruct your staff to never open an e-mail attachment from someone they don’t know, and to be wary of e-mail attachments forwarded to them.
• Set up two-factor (or multi-factor) authentication on your accounts.
• Verify payment and purchase requests in person if possible, or by calling the person to make sure it is legitimate. You should verify any change in account number or payment procedures with the person making the request.
• Be especially wary if the requestor is pressing you to act quickly.

Insurance options

The best option for coverage is a commercial crime insurance policy. Most of these policies cover acts like:

• Employee dishonesty
• Computer and funds transfer fraud
• Forgery or alteration
• Money and securities theft
• Theft of client’s property.

Some policies may exclude funds transfer fraud, or they may have lower sublimits for such acts. In such cases you may need to get a policy extension to cover the risk.

There is also cyber liability insurance, which covers direct losses resulting from cyber crime. But these policies will often exclude coverage for social engineering attacks, which are the kinds that the criminals behind funds transfer fraud use.

You may be able to purchase a rider to your cyber liability policy that would cover these crimes.

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 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 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 – 2022 – BGES Group

Natural Catastrophe Insurance Checklist for Getting Claims Paid

As natural disasters grow in number and intensity, businesses need to understand the scope of the insurance policies they have, identify any coverage deficiencies, and learn how to receive the maximum payout from their insurers.

Affected companies should not only consider filing claims for property damage if there is any, but also business interruption losses due to damaged facilities or equipment, incapacitated suppliers, damaged infrastructure, evacuations, and more.

Most commercial property policies include business interruption coverage, which an affected enterprise should not overlook, but that may not cover all the reasons for a business’s interruption. There may also be additional expenses that you incur as a result of a natural disaster and that your property policy may not cover.

Here’s a look at the various types of insurance that may come into play if your business is affected by a catastrophe:

Your property policy  Look to your property policy for coverage concerning any physical damage to your facilities as well as building contents, machinery and inventory. Policies will usually insure against covered natural disasters, but depending on where you live there may be limitations on coverage, particularly flooding.

Business interruption coverage This is often included as part of a property policy. It reimburses your firm for income losses stemming from interruptions to daily operations caused by damaged machinery or premises that results in lost production and/or sales.

It will typically cover lost sales from the time the covered event damaged the facility until repairs are made and production recommences.

Extended business interruption coverage  This coverage (available as an endorsement to your business interruption coverage) goes beyond the scope of typical business interruption coverage and increases the amount of time that you are covered for lost income.

It will typically reimburse your firm for lost sales starting from the time your property is repaired until the business reaches full production capacity and has returned to the same revenue levels as before the covered event. Each policy is different and may limit the amount of time it will provide coverage.

Contingent business interruption insurance  You can tap this endorsement coverage if your business loses revenue as a result of damage to a supplier’s, vendor’s or customer’s facilities. It pays for ongoing expenses while you search for a new supplier, partner or major customer to restore lost sales.

Your premises does not have to have been damaged to file a business income loss claim, unlike the above types of business interruption coverage.

Other coverages that may come into play after a natural disaster include:

Civil authority coverage  This is triggered when civil authorities restrict access to your premises due to an event that occurred elsewhere in your area. Damage to your property is not necessary to file a claim.

Ingress/egress coverage  This will reimburse you for lost profits due to damage that restricts access to your premises, such as a key road that is damaged, preventing personnel, suppliers and/or customers from reaching your facilities. Damage to your property is not necessary to file a claim.

Extra expense coverage  This valuable coverage will cover costs you incur (except for repairs and rebuilding) after a catastrophe or other covered event damages your facilities. For example, it would cover the cost of moving to a temporary site and outfitting it for production purposes.

The takeaway

After a covered event, it’s important that you calculate all of your physical and business income losses in order to collect the maximum you can from your policies.

Make sure you have complete and detailed documentation of all of your losses. You’ll need receipts and proof of your monthly revenue stream before and after an event to accurately illustrate your business income losses.

The more thorough your documentation, the more likely you’ll receive full payout. It also bolsters your case and makes it more difficult for the insurance company to reject the claim.

While claims for physical damage are pretty straightforward (as long as you have proof of purchase for all of your damaged inventory, equipment and furnishings), disputes may arise over the amount of lost income for a business interruption claim.

Finally, the COVID-19 pandemic has created severe supply chain disruptions and a general shortage of construction materials and labor, which is increasing rebuilding costs.

You should talk to us to make sure that your current policy limits reflect today’s higher construction, repair and replacement costs. They may be significantly higher than when you last renewed your property policy.

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 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 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 – 2022 – BGES Group

Employers complying with wage and hour laws.

With many companies having decided to allow staff to work remotely permanently or split time between working at home and in the office, employers have to be especially careful about timekeeping and complying with wage and hour laws.

That includes requiring staff to show they take meal and rest breaks and are compensated for overtime when they are asked to work extra hours.

The lines between work and home life can often blur for remote workers and it’s not unusual for people to work at unusual times when working from home. But it’s important that you set rules for your employees to ensure they are not working more than they should, particularly for nonexempt employees.

Also, because time can pass quickly when working remotely, it’s easy for employees to work past quitting time because they lack the visual clues of others leaving the office at 5 pm.

If you fail to keep tabs on hours worked, meal breaks and rest breaks, your organization could be sued by employees who feel cheated ­вЂ” or face enforcement action by the state.

To avoid that here are some tips you may want to consider:

Keep a general schedule for workers вЂ” By creating a schedule for employees to follow, it will be easier for managers and supervisors to monitor their hours. Require staff to follow the schedule and take meal and rest breaks as if they were in the office.

Require these employees to record their time worked вЂ” There are a number of time-tracking applications and tools available to employers who have remote workers. An off-the-shelf app can be easily installed on your employees’ computers for them to log into when they start and finish work and take breaks. These apps also help you keep track of any overtime they may work.

Closely monitor employees for overtime worked вЂ” One of the biggest risks in the wage and hour arena is not paying workers for overtime. This mistake is much easier to make when you have staff who work remotely. Don’t run afoul of overtime laws. Carefully monitor any and all overtime your staff logs.

Check in with your workers вЂ” A friendly reminder never hurts. You may want to connect with your employees on occasion to make sure they are taking scheduled paid rest breaks as well as their lunch breaks in accordance with state laws. All your staff should have a copy of your meal and rest break policy, which should be written in clear language to reinforce the importance of taking scheduled breaks.

The takeaway

If you have staff who work from home full-time or a few days a week, inform them that they need to track their time, take required breaks and report any overtime they work.

This is most important for nonexempt staff, whom you are required to pay overtime if they work more than eight hours a day.

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 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 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 – 2022 – BGES Group

Pre-Existing Conditions Weigh Heavily on Workers’ Comp Claims

Your workers’ underlying health can greatly affect the amount of time they are off the job recovering from a workplace injury.

Employees with pre-existing health issues like hypertension, obesity and mental health spend 60% more time recovering from workplace injuries than healthy workers, according to a study by Newport Beach, CA-based Harbor Health Systems.

These underlying health issues affect the cost of claims, increase temporary total disability (TTD) days, recidivism (aggravating of the original injury), and lead to more litigation and surgery, according to the industrial injury clinic’s analysis of 7,000 injured worker cases it handled.

The longer it takes for a worker to recover and return to work, the more expensive the claim becomes, which can affect the employer’s future workers’ comp premiums.

The findings illustrate the importance of trying to keep your employees healthy through wellness programs and access to health insurance to control their conditions.

The study looked at seven comorbidities:

• Obesity
• Diabetes
• Hypertension
• Addiction
• Mental health
• Tobacco use, and
• Multiple comorbidities (more than one of the above)

Shocking outcomes

The two comorbidities that have the greatest impact are multiple comorbidities and obesity, followed by addiction, mental health and hypertension, with diabetes and tobacco having the lowest impact.

Relationships between comorbidities — such as the link between obesity and diabetes – can exacerbate complications and health risks. The age of the injured worker is another factor that is associated with comorbidities and can complicate the management of a claim.

Duration and cost

• For claims involving multiple comorbidities, claim duration increased by 76%.
• For claims involving addiction, duration increased 67%.
• For claims involving obese individuals, duration increased 55%.
• For claims with multiple comorbidities, total incurred costs rose by 341%.
• Claims in all the comorbidity groups had significantly higher TTD days compared to the control group.
• TTD days increased by 285% for multiple comorbidities claims, and 274% for addiction-related claims.

Litigation

• Litigation rates for claims with multiple comorbidities are 147% higher compared to claims with no comorbidities.
• Litigation rates for claims of injured workers with an addiction are 224% higher.
• Litigation rates for claims of injured workers with mental health issues are 248% higher.

The takeaway

You can encourage your employees to improve their health through company wellness plans and ensure that they have access to health insurance to treat their medical issues.

Claims management experts say that insurance company adjusters need to intervene early in cases for injured workers with these comorbidities.

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

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 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 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 – 2022 – BGES Group

Employee dishonesty that leads to some type of theft or embezzlement, be that of company funds, assets or vital company data, can be a serious threat to your bottom line.

There are ways you can mitigate the risk by sticking to proven hiring principles, and putting in place procedures and safeguards to reduce the likelihood of employee theft. Your strategy should also include securing employee dishonesty insurance coverage, just in case.

Small and mid-sized businesses suffer disproportionate losses from employee dishonesty because they typically have limited resources to devote to detecting fraud or theft, according to the Association of Certified Fraud Examiners. It recommends the following:

Hire wisely вЂ” Conduct pre-employment background checks of job applicants that include the following:

• Criminal history for crimes involving violence, theft and fraud.
• Civil history collections, restraining orders or fraud lawsuits.
• Driver’s license check for numerous or serious violations.
• Education verification of any degrees the applicant claims.
• Calling former employers to verify the positions the applicant held, length of employment, and reasons for leaving.

Checks and balances вЂ” No employee should be responsible for both recording and processing transactions. Separate responsibility for these functions.

Control access вЂ” Restrict access to physical and financial assets and information to authorized employees only.

Authorization controls вЂ” Develop policies to determine how financial transactions are initiated, authorized, recorded and reviewed.

Keep staff posted вЂ” Educate employees on your policies and procedures related to fraud, the internal controls you have set in place, as well as your company’s ethics policy and how you will mete out discipline for violations. Have all of your employees sign a form verifying that they have read and understand your policy.

Hold an annual training session on fraud and theft prevention.

Anonymous reporting вЂ” To ensure that your staff can feel protected if they become aware of employee theft or other dishonest behavior, provide for a reporting system for employees, vendors and customers to anonymously report any violations of policies and procedures.

Take reports seriously and investigate thoroughly.

Audits вЂ” You should already be conducting regular audits. But you should also conduct unannounced audits, that give employees no time to cover their tracks if they’ve been stealing.

By conducting audits, you also convey to your staff that you are serious about fraud prevention. Audits can also kill any temptation on the part of an employee to engage in theft by making them uncomfortable about engaging in fraudulent behavior.

Probe reports вЂ” Investigate every incident and report, no matter how small. A thorough and prompt investigation of policy and procedure violations, allegations of fraud, or warning signs of fraud will give you the facts you need to make informed decisions and reduce potential losses.

Analyze bank statements вЂ” Review bank statements prior to passing them to the bookkeeper.

Expense procedures вЂ” Have a strict documentation policy for expense reports and audit the reports prior to payment.

Check inventories вЂ” Conduct physical inventories frequently and reconcile the inventory to sales.

Check rules вЂ” Limit the number of check signatories to a few trusted staff, and keep blank checks in a secure location.

Lock the cash вЂ” Allow a limited number of employees the ability to disburse petty cash. Require a receipt for all petty cash disbursements.

Anti-theft devices вЂ” Buy security and fraud-resistant products such as special cash drawers that limit the ability to pilfer, tamper-resistant bank deposit bags, and clear-view employee bags that allow you to see the contents, to avoid staff slipping company assets into their purses or bags.

Insurance

Finally, you can consider purchasing employee dishonesty insurance. A typical policy includes:

• Coverage for a loss involving money, securities and other property committed by the fraudulent act of any employee.
• Coverage of a client’s property. Your business office package policy may not provide coverage if the theft is of your client’s funds, or if it is by a third party (non-employee).
• Coverage for workers while working off-premises at a client.
• Automatic credit-card forgery coverage.
• Automatic Employee Retirement Income Security Act bond coverage is included on most policies, eliminating the need to maintain a stand-alone ERISA bond.

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 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 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 – 2022 – BGES Group

1. At no up front cost to you, no hassle on your part, we can review your past 7 year Worker’s Compensation policies and if we find mistakes get you refunds!  It is our opinion 30%+ of policyholders have mistakes in their past 7 year premium calculations.  Saved one contractor $230,000. Saved a manufacturer $500,000!  We cover NY, NJ and CT.  Call Gary at 914-806-5853.

Article Which Explains How:

https://bgesgroup.com/new-york-contractor-gets-refund-of-230000-from-their-past-workers-compensation-carriers-you-can-be-next

2. Unhappy with what you pay for your Worker’s Compensation Policy?   Let us market your account to our network of 20+ insurance companies and find you better!  Call Gary at 914-806-5853.

Article on What We Can Do:

https://bgesgroup.com/unhappy-with-your-workers-compensation-rates-company-audits-or-brokers-service

3. Unhappy with what you pay for your General Liability and/or Umbrella Liability Policies?  As one of tri-states leading construction insurance experts lets us market your account to our network of 60 companies and find you better!  We represent probably all the best programs for New York contractors so if you have any concerns about your pricing or coverage come to us!  Call Gary at 914-806-5853.

Article on What We Can Do:

https://bgesgroup.com/contractors-unhappy-with-your-liability-auto-umbrella-workers-comp-or-health-insurance-pricing-coverage-or-brokers-services

4. Unhappy with what you pay for your Group Health insurance? We have plans tied into payroll programs that can offer you better coverage at lower rates. It’s a bit of work on both our parts but in the end may be worth your benefit!  Call Gary at 914-806-5853.                                                                                                                                              

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 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 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 – 2022 – BGES Group

We want to share with YOU a way to get thousands, tens of thousands even hundreds of thousands of dollars back from your past Worker’s Compensation carriers!

YES it can be done!  YES the refunds can go into the hundreds of thousands!

At NO up front cost to you, NO hassle on your part (you sign 3 pieces of paper, we do all the work), us working on a contingency fee basis, we will do a comprehensive review of your past seven year policies and if we find mistakes, get you refunds from those companies.

Just a Few Examples of Mistakes We Find – There are Plenty More:

1. Large claims that get closed out are not recorded properly in employers EMR.
2. Payroll caps not applied. This happens with contractors.
3. Misclassifying of payrolls. There’s a special rule that contractors miss out on.
4. Failure to apply for NYCPAP credit. Contractors are a good example of missing out on this credit.
5. Overtime credits.
6. Subcontractor charges are miscalculated
7. OCIP Payroll not subtracted

Examples of What We Saved Business Owners:

1. Large kitchen manufacture in NJ $500,000
2. Elevator company in NY $230,000
3. Structural steel in NY $150,000
4. Electrical contractor in NY $190,000
5. HVAC contractor in NJ $40,000
6. Plumbing contractor in NY $50,000
7. General contractor in NJ $300,000
8. Painter in NY $15,000

Lets us find YOU refunds in your policies.  Again we work on a contingency basis.  Again we do all the work.

Wouldn’t it be nice to get a refund of $50,000?  Who wants to overpay an insurance company for Worker’s Compensation?

You know the saying, nothing ventured, nothing gained!

If a red light is flashing in your head because you feel you’ve overpaid, give us a call and let us do that FREE review!

By the way, if you’re looking for a NEW Worker’s Compensation Policy, let us find you one.  We represent 25 plans, specialize at Worker’s Compensation (doing so for 41 years) and are Encyclopedias of Knowledge when it comes to rates, coverage, audits, claims and day to day service.  Unlike other agencies that charge $500, $1,000, $2,500 policy fees or up to 10% service fees, we DON’T CHARGE ANYTHING!  Another way you save by using us!

With food, gas, rent, health insurance escalating, WE ARE LOOKING TO SAVE YOU AS MUCH MONEY AS POSSIBLE!  When it comes to YOUR MONEY we are going to fight like heck to get you every dollar back of overpayment!

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, 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 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 – 2022 – BGES Group

Workers Compensation Premium Recovery