Author Archive: BGESGroup

Pandemic Brings Voluntary Benefits to Fore

Posted on by

One major repercussion of the COVID-19 pandemic is that employees are embracing the voluntary benefits their employers are offering them, but they’d like to see more choices and issues such as mental health and voluntary benefits have risen to the fore.

The Hartford’s “2021 Future of Benefits Study” found that before the pandemic, benefits were mainly viewed as a means of attracting and retaining talent. But the pandemic changed all that due to the stress of having our work and personal lives upended, as well as the widespread suffering and grief that the coronavirus has caused.

The most significant shift that The Hartford noted has been in what employees value most and they would like to see employee benefits cover better:

Solid voluntary benefits

Most everyone has felt the personal effects of the pandemic, either contracting COVID-19 and being hospitalized or seeing family or friends get sick and check in for treatment. Many have had loved ones die from the disease.

As a result, voluntary benefits have become a larger priority for many workers.

In addition, employees are expressing more interest in supplemental benefits such as critical illness insurance, hospital indemnity insurance and accident insurance. Employers listened and during the last year:

  • 36% of companies surveyed added accident insurance, half of them due to the pandemic.
  • 32% added hospital indemnity insurance, nearly two-thirds of them adding the coverage in response to the pandemic.
  • 29% added critical illness insurance, 84% of which did so due to the pandemic.
  • 27% added life insurance, three-fourths of which did so due to the pandemic.
  • 21 added long-term disability, nearly two-thirds of them doing so due to the pandemic.

A new focus on mental health

Besides the physical toll that the COVID-19 pandemic took on people who contracted the disease, many have been dealing with mental health and work-balance issues, particularly if they were suddenly thrust into working from home.

That coupled with the overall stress that the pandemic has had on people, has prompted a greater demand for employers to prioritize mental health for their staff. The study found that:

  • 59% of workers said their company’s culture has been more accepting of mental health challenges this past year.
  • 27% of employees said they struggle with depression or anxiety most days or a few times a week (up from 20% in March 2020).
  • 70% of employers now recognize that employee mental health is a significant workplace issue, up from 59% in June 2020.

While the pandemic has brought greater attention to the mental health challenges many workers face, it has also shed light on the opportunities for employers to support their team.

This can be done by ensuring that your health plans include a mental health component, offering your workers an employee assistance program and providing staff with resources, help and education that address wellness and mental health.

Engagement and tech

There was a quantum shift in 2020 to virtual benefits enrollment due to the logistics and danger of turning open enrollment meetings into super-spreader events.

Employers were left having to figure out how to conduct open enrollment and provide benefits education most effectively if a significant portion of their staff was now working remotely. Most employers opted for remote educational and open enrollment events that include teleconferencing and online portals for choosing or renewing health plans.

The survey predicts that the reliance on technology will only increase, with 75% of employers saying their company’s open enrollment strategy will depend more strongly on online resources this year.

The Hartford said that personalization would be key to the success of any employee benefits program:

  • 58% of workers surveyed said they would like a personalized recommendation for what insurance benefits they should be buying.
  • 76% of employers said that they are offering personalized benefit recommendations during open enrollment, up from 71% in June 2020.
  • Story-driven enrollment tools can offer an employee context. Presenting the material in a relatable way and tailoring the message based on an understanding of an individual’s benefits needs, influences and life stage, can help someone better evaluate whether a certain benefit is right for them.

Paid time off

Paid time off has become a much hotter topic since the pandemic started. COVID-19 prompted a number of states as well as the federal government to support paid time away from work through new laws and regulations.

Employers also took note, and 75% of them ended up increasing the types of paid time away from work they provided, beyond state and federal requirements.

Here’s what happened:

  • 46% of employers expanded their paid medical leave.
  • 46% expanded their paid sick time.
  • 39% expanded paid family leave.
  • 30% expanded paid parental leave.
  • 30% expanded paid time off or vacation time.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group

In-House Inspections Crucial to a Safe Workplace

Posted on by

When was the last time you or the person responsible for safety walked around your facility, warehouse, office or workplace and did an inspection? Your Injury and Illness Prevention Program states that the owner, supervisor or person with authority and responsibility shall conduct periodic workplace safety inspections.

To maintain a safe and healthful workplace, OSHA requires that you use the safety standard to help identify hazards that currently exist or could develop over time, and that includes period inspections. These walk-throughs are not trivial and should be taken seriously, as one oversight can have deadly consequences.

Besides regular, scheduled inspections, you will want to conduct inspections whenever new substances, processes, procedures or equipment are introduced into the workplace as they can represent a new occupational safety and health hazard.

Getting started

You should always be on the lookout for possible hazards, but a complete facility check should be done monthly.

With a busy workplace, employers and employees tend to overlook hazards — but with monthly inspections and corrections, accidents can be prevented.

These inspections can help you ferret out issues that may have just come up, or carelessness by an employee that would otherwise go unnoticed.

Use your own experience to develop a hazard inspection checklist for your facility. Every facility is unique and your managers and workers are the most qualified to understand the main safety hazards in the workplace.

The items should be specific and clear enough so that anyone in your workplace can check the items listed. Make copies, so a new list does not have to be made each time.

What should you be looking for when doing a workplace walk-around inspection? You can start with these items:

  • Are telephone numbers, safety data sheets, first aid kits, exits and warning signs posted in their appropriate places?
  • Are all workstations clean, sanitary and orderly? Are changes in elevation indicated by signs or painted areas?
  • Are electrical panels clear of obstructions, breakers marked in relation to what they serve, and panel doors closed?
  • Are first aid kits easily accessible to each work area, with necessary supplies available and replenished?
  • Are fire extinguishers mounted, unobstructed, signs posted and an adequate number for the workplace?
  • Are exits marked with an exit sign, and non-exits marked accordingly?
  • Are exits free of obstructions, and unlocked during business hours?
  • Are employer postings in a prominent place, so all employees are likely to see them, and are the posters the latest revisions?

This list is by no means exhaustive. As mentioned, you will best know what to look out for at your workplace as you should be following OSHA regulations for your industry.

Don’t forget: If your inspection finds hazards, correct them immediately.

Once you have done your inspection and noted anything untoward, cite it in your safety meetings. Involve your employees to let them know your concerns for their health and well-being. Ask for safety suggestions or concerns from front-line workers.

Record-keeping is key

The key to a regular inspection program is also to include detailed records of them.

You need to keep records of:

  • Notes from every inspection you conduct and any findings and recommendations for abatement of hazards.
  • Records from inspections after accidents.

All of these findings need to be communicated with your staff so that you can make them aware of these hazards and what you are doing to minimize them. This also helps in getting the team involved and building in them a sense of workplace safety awareness.

You are also required to indicate the frequency of inspections and identify the person responsible for conducting the inspections and correcting unsafe conditions in all work areas.

Keep these records for a minimum of three years.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group

Preparing for a Workers’ Compensation Audit

Posted on by

Just the mention of a workers’ compensation audit can stir up the butterflies in your stomach and add a serious dose of stress to your existence.

But, if you are scheduled for an audit, there is no need to dread it. A small amount of preparation and common sense can save you a lot of aggravation and money.

Timing
Devoting a few hours of effort now can save you a lot of time in the future. Give your full attention to the auditor and remain with them throughout the entire process. The process may take a couple of hours to complete, so make sure that the time and date of the scheduled audit are convenient for you. Call to reschedule the audit if it has been scheduled at an inopportune time.

Documentation

As soon as you learn about the audit, begin to collect and organize:

  • Payroll records,
  • Overtime payroll records,
  • Classification divisions, and
  • Insurance certificates.

This should give you plenty of time to compose a summary of each, which will help you to better communicate important data during the audit process. Information that is well organized will also expedite the process. If you can reconcile your calculations to payroll records, such as W2s and payroll stubs, the auditor might be more comfortable trusting your data.

You will also want to make any needed adjustment to payrolls; for example, subtracting bonus pay from overtime pay.

If applicable, you will need to apply the maximum and minimum payrolls to the calculations. This part may take a little research, since the minimum and maximum will vary based on state, career, and even among sole proprietors, partners and executive officers.

 

Classification and subcontractors

Before the audit, review the different employee job classifications and make sure that each person is correctly classified.

This is a key element to ensure that the audit flows smoothly. If there’s any question about how to classify an employee, call us. The auditor is most likely going to ask you about the classification and job duties for multiple different employees, so be prepared and armed with knowledge.

One last important preparation concerns subcontractors. Payments issued to subcontractors can go against your workers’ compensation in the event that the subcontractor did not have a certificate of workers’ compensation.

You can get a copy of the certificate, but make sure that it is current and shows coverage during the time the subcontractor worked for you.

 

D-day

Once the audit arrives, you’ll be glad that you took a little time collecting, organizing and summarizing your information. You will also find that the auditor is not a nemesis, especially when you provide honest answers and organized paperwork.

At the conclusion of the audit, ask the auditor for the audit worksheet. Then ask us to review the accuracy of the final audit.

You have a legal right to ask for a corrected audit anytime you think there were any errors. If any overpayment was made under the last three preceding audits, you also have a legal right to recover it.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group

workers comp insurance

The Devil’s in the Details of an OCIP

Posted on by

With increasing regularity, construction project owners are creating Owner Controlled Insurance Programs to cover many of their loss exposures during projects. These programs, also known as “wrap ups,” are insurance policies that cover all construction and contractors working on the site. They allow owners to control the insurance program instead of relying on the contractors to purchase adequate insurance. In theory, owners pay less for the coverage “in bulk” than the individual contractors would pay on their own. Also, OCIPs often include an integrated owner-contractor safety program designed to reduce the frequency and severity of losses. Finally, with everyone covered under one program, questions over which contractor may have been responsible for a loss become irrelevant.

Contractors who have contracts for jobs involving OCIPs need to consider several factors. What firms, operations and locations will the OCIP cover? OCIPs often do not cover truckers, vendors, suppliers, and contractors doing high-hazard work like demolition. They may also exclude coverage for contractors below a certain number of employees or payroll. Does coverage extend to locations off the primary job site, such as storage facilities, fabrication sites, and staging areas? Does it cover contractors’ employees when they must travel off the site to obtain supplies, tools or documents?

Another consideration is when the program’s coverage ceases. If it provides completed operations coverage, how long will it last? Some OCIPs may provide coverage for up to three years after the completion date, but state law or contract indemnification clauses may extend a contractor’s potential liability beyond that. The contractor should verify that its own liability policy will supplement the OCIP.

A major issue is the scope of the OCIP’s coverage. It might provide liability coverage only, liability and workers’ compensation, or coverages in addition to those two. It will probably not cover automobile liability, so the contractors will need full coverage for this risk. Does it cover damage to the work and pollution liability? The contractors will need individual builders risk or installation floater policies and pollution liability coverage otherwise.

The adequacy of the insurance limits is another important consideration. The combination of the primary and excess limits should be high enough to fund any catastrophic losses. Do the limits apply separately to each location or to all locations collectively? Does the policy reinstate them annually or do they apply in aggregate to the whole project? How many parties (owner, contractors) are sharing the limits?

Because each contractor will continue to carry individual coverages for other work, it is important to determine how the OCIP will coordinate with them. The contractor should obtain assurance that the OCIP coverage will be primary and that its own policies will be excess. The contractor may also need difference in conditions coverage to fill in gaps left by the OCIP, such as property losses from flood or earthquake. The contractor’s insurance company should reduce its premium in recognition of the OCIP’s primary coverage.

The contractor also needs to consider whether the OCIP makes it responsible for any deductibles or penalties. Will the contractor be responsible for deductibles from all losses or only those for which it is liable? If it’s the latter, how will the owner determine which contractor is responsible? Will the liability question extend to “no fault” coverages like workers’ compensation?

Whenever an OCIP is involved in a project, the contractor should review the requirements very carefully and ask these and many other questions. The contractor should work closely with its insurance agent to ensure that any coverage gaps are filled and that the limits are adequate. OCIPs are an inevitable part of the construction industry today. Contractors who handle them properly can limit the financial risk they present.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group

Builder’s Risk and Umbrella Insurance Pricing Climbing Fast

Posted on by

Insurance rates are rising rapidly for contractors, particularly for builder’s risk and excess liability policies as the cost of claims continues to increase dramatically.

While rates for builders’ risk have been averaging 10 to 20%, pricing for excess liability and umbrella coverage have in some cases doubled from the year prior.

Both lines of insurance have seen steep and unexpected losses in recent years, resulting in some insurers leaving the market and others becoming stricter in their underwriting and choosier about which builders they are willing to extend coverage to.

If you’ve been in the market for these lines of insurance, you know that it’s become more difficult to secure similar policies to those you may have had in years past. Here’s a look at what’s going on.

Builder’s risk

According to Construction Executive magazine, rates are going up between 10% and 20% for builder’s risk policies. There are a number of factors affecting rates:

  • The cost of claims has increased, primarily because of the cost of rebuilding after a loss event due to rapidly rising costs of materials, in particular lumber, the prices of which have tripled in the last year.
  • The increasing cost and frequency of natural disasters. Projects that are near areas at high risk for natural catastrophes like brush fires, hurricanes, tornadoes or flooding, are all seeing higher rates and/or difficulty in securing coverage.
  • Some insurers have also left the market, leaving fewer players willing to write this risk, which has driven up pricing.

Insurers are tightening eligibility guidelines and restricting how much they will cover. Some companies are getting more selective and demanding that their insureds take extra precautions before they are willing to bind a policy. Some of the more common demands include requiring:

  • Video surveillance systems on worksites.
  • Guards to patrol worksites at night.
  • The installation of fencing and lighting.

One of the biggest pinch points is policy extensions, which are needed when projects go beyond the time expected to complete them.

Due to the issues mentioned in the bullet points above, policy extensions for ongoing projects have been difficult to secure, according to a report by Willis Towers Watson.

The problem has been exacerbated by the COVID-19 pandemic, which disrupted many construction projects across the country and required more companies to seek out extensions for their builder’s risk policies.

Excess liability

Renewals for excess liability and umbrella insurance have been running 50 to 100% higher than in 2020, according to a recent report by Marsh LLC. Excess liability and umbrella coverage kicks in after a claim breaches the limits of a primary general liability policy or auto liability.

The driver: Increasingly large jury awards and the spiraling cost of liability claims, particularly for commercial vehicle accidents. Juries are being more generous with awards and many cases never reach trial but end up costing builders and their contractors when they settle out of court.

Those settlements are covered by general liability insurers, and excess carriers cover the rest if the settlement or award breaches the primary policy limits.

Like in the builder’s risk segment, this has resulted in fewer insurers willing to write new polices. Those that are willing to write new business or renew polices have imposed stricter underwriting terms on the policies they are prepared to accept.

Additionally, according to Marsh, primary and excess insurers are limiting the overall capacity extended to an individual buyer by capping per-project aggregate limits.

The takeaway

With the volatility in the marketplace, we recommend that you reach out to us early ― and months before your policy is coming up for renewal ― so we can work with you to make sure we can secure the coverage you need.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group

As Workplace Violence Increases, a New Policy Covers Associated Costs

Posted on by

As violence and mass shootings in American workplaces increasingly make the news, more and more businesses are taking added precautions to prevent acts of violence at their facilities, but they also face substantial costs if violence does erupt.

The Occupational Safety and Health Administration reports nearly 2 million people suffer from workplace violence every year, and the National Institute for Occupational Safety and Health estimates those incidents cost employers more than $120 billion.

While your workers’ compensation policy would cover treatment for any injuries your staff sustain during an event, it does not cover other risks, such as being sued for inadequate safety measures and any lost income you suffer from having to close your operations as police investigate. In the wake of any violence, a business owner may also consider hiring security, which also costs money.

Traditional property and casualty insurance policies very rarely cover acts of violence, active shooters or terrorism in the workplace.

Some of the costs that your existing policies wouldn’t cover include:

  • Legal liability. If you are sued for negligence for not doing enough to prevent violence in the workplace, your company’s general liability policy would not cover any legal costs and judgments, as acts of violence are typically excluded from coverage. While employers usually prevail in these types of lawsuits because they often cannot have predicted what was going to happen, the company will still incur legal costs that can quickly run into the hundreds of thousands of dollars, which would have to be paid out of pocket.
  • Psychiatric care for affected workers. Your workers’ compensation policy would cover any physical injuries that an employee sustains in a workplace violence episode, but what about the trauma suffered by any witnesses? Depending on the state, workers’ comp may or may not cover psychiatric injuries of being witness to violence.
  • Business interruption. Often a business will be forced to close after an act of violence in the workplace as police conduct an investigation and employees are unable to work because they are shaken by the event. The business interruption portion of your business property insurance policy will not cover lost income during that time.

The answer

Fortunately, more and more carriers are introducing policies that do cover costs associated with these types of incidents: workplace violence insurance.

These types of policies are growing in number and they are usually purchased as an endorsement to an existing general liability policy, but there are also stand-alone policies.

While policies vary from carrier to carrier, they typically have these coverages in common:

  • Legal liability coverage for expenses from lawsuits that may result from a covered event.
  • Public relations counseling costs.
  • Costs of psychiatric care for traumatized employees.
  • Medical or dental care costs.
  • Costs for temporary security measures the business may put in place after an event.
  • Death benefits for victims’ families.
  • Rehabilitation expenses for any injured parties.
  • Business interruption expenses for an act of workplace violence or a stalking threat that results in the business shutting down afterwards due to a police investigation and if employees are too traumatized to work. It will usually cover ongoing operating expenses until the business can resume operations.

The takeaway

Be warned: workplace violence policies vary widely with regard to exclusions, terms and conditions. Also, some are narrowly written policies that exclude certain types of violent acts, the use of vehicles, and limited coverage of employees.

Comprehensive policies will cover everything from the human costs associated with injured people, to the intangible costs of restoring business operations and reputational damage.

Coverage limits can range from $1 million to $100 million on both primary and excess liability.  Premiums start at around $1,800 annually.

Employers can often qualify for lower premiums if they have certain safeguards in place, such as on-site security measures and conducting employee drills and training so staff can know how to respond in case of an incident at work.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group

 

 

 

 

 

Fudging Workers’ Comp Payroll Records Can Cause Major Problems, Even Jail Time

Posted on by

The owners of a California flooring installation company allegedly underreported their payroll amounts to workers’ compensation insurers to the tune of $30 million, costing the insurance company almost $4 million in premiums. The men are each facing three felony charges.

These are the potential consequences for those who deliberately falsify their payroll records and reports to the companies providing their workers’ compensation insurance. To avoid this pitfall and the fallout, it’s important that employers understand the vital role accurate payroll reporting and records play in determining premiums.

The importance of payroll records

Workers’ comp premiums reflect the amount of a business’s payroll and the riskiness of its operations. Carpenters suffer more frequent and severe injuries than do architects, so the premium rates for construction firms are higher than those for architecture firms.

Monthly, quarterly or after each policy term, the insurer audits the employer’s payroll records to determine the accurate amount of payroll and the proper classification of the work performed.

The carrier applies the reported payroll to the premium rates, calculates the premium and compares it to the deposit the employer paid at the start of the period. The insurer then returns premium to the employer if the deposit was too high or bills them if it was too low.

If an employer’s records are incomplete or not up to date, the insurer may estimate the classification and payroll based on the information available. Those estimates do not often favor the employer.

Avoiding temptation

While some may be tempted to provide artificially low payroll amounts to insurers (by, for example, labeling some workers as “independent contractors” rather than employees), the consequences can be serious.  An insurance company that determines its customer was untruthful will cancel its coverage at the first opportunity.

Also, the insurance contract gives them the right to pursue the employer for the shortfall in premiums. The employer could end up on the wrong side of a court judgment.

Deliberately concealing information about workers to reduce premiums is also a crime in many states.

A New York construction labor supply broker conspired with his insurance broker to mislead five insurers about the size of his operation and work performed by his employees. Their actions cost one insurer $1 million in reduced premiums and left injured workers without workers’ comp claims payments for more than a year.

The insurance broker pleaded guilty to two felony charges. The labor supply broker is awaiting trial.

Depending on the state and the amounts involved, a conviction for workers’ comp fraud can carry lengthy prison sentences and hefty fines. In Minnesota, someone convicted of insurance fraud for more than $35,000 faces up to 20 years in prison and a fine of up to $100,000. Two people in California received 10-year sentences.

The lesson: Keep accurate and honest payroll records for your insurance company and pay the premiums you owe. It will be better for you and your business in the long run.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group

 

 

 

 

 

 

 

 

Seven Steps to Estate Planning Peace of Mind

Posted on by

Most of us don’t want to think about or discuss what will happen after we die. Because estate planning forces us to do just that, we tend to avoid it.

However, if you want to protect your family and your assets, creating an estate plan is a necessary task. And if you take the right steps, you can ensure that your assets are properly divided among your heirs, and that the plan protects your family from taxes, court costs and attorney fees.

If you want to protect your loved ones from these heavy financial burdens, take the following seven steps for estate planning peace of mind:

Step One: Act now — and keep acting

Commit to creating an estate plan as soon as possible — otherwise, your family will pay the price. If you don’t have an estate plan, federal and state tax laws will determine how your estate is settled, who will receive your assets and how much they’ll have to pay in taxes.

Additionally, your estate plan should not remain static over the years. As your personal or family situation changes over time, you should make the appropriate updates to reflect these changes.

Step Two: Figure out what you want

Although much of estate planning involves reducing taxes and avoiding probate, it’s mostly about leaving your assets to loved ones. Consequently, one of the most challenging aspects of estate planning is deciding who gets what.

Before you meet with an advisor, sit down and make these decisions on your own. The key here is to decide what you really want. Don’t try to make choices based on what you think your heirs want. It’s impossible to please everyone, so don’t even try.

Step Three: Get expert help

Once you commit to creating a plan and decide how you want to distribute your assets, you’ll need the help of experts. Estate planning involves many different components, including property law, probate law, taxes, wills and trusts, and investments.

Don’t try to handle this complicated process on your own. You’ll need to hire an experienced advisor like us to help you build your plan. Tell us what it is that you want to do with your estate plan, and we can get to work figuring out how to achieve those goals.

Step Four: Steer clear of federal estate taxes

Make sure that your estate planning advisors do everything in their power to help you avoid federal estate taxes. For example, when property passes directly to the surviving spouse, this can lead to hundreds of thousands of unnecessary federal estate taxes for your ultimate heirs.

That’s why it’s important to tap into tax strategies such as annual gift tax exclusions, lifetime exemptions and gift-splitting to reduce your overall estate taxes. Make sure that your advisors use these tax-saving methods wherever possible.

Step Five: Get in synch

Because there are various components to an estate plan, it’s important to keep everything well synchronized.

We can work with you to coordinate your ownership of property, trust agreements, beneficiary designations and terms of your will to ensure that your estate is properly transferred to your heirs. Otherwise, mistakes could be made after your death, and your estate won’t be handled in the way you intended.

Step Six: Don’t discuss it with family

Although you’ll be discussing your estate plan in great detail with your advisors, you should probably avoid this topic of discussion with your family. If you share the details of your plan with family members, you may create false expectations.

Creating and maintaining an estate plan is a lifetime process, and the details may change as your circumstances, goals and plans change. So, don’t make any promises to your family members. Try to reserve estate plan discussions for meetings with your advisors.

Step Seven: Keep accurate records

Because you’ll need to continually review and update your estate plan, it’s important to maintain current financial records. Hold on to all your estate planning and financial documents and store them in a secure place, such as a fireproof safe.

Keep everything together so that your files can easily be found if anything were to happen to you. You may want to put together an inventory list of your assets and update it every year or so. Keep this list along with your other estate planning records.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group

Why Liquor Liability Insurance Can Save You from Financial Doom

Posted on by

If you’re running a restaurant and have alcohol on the menu, you will need to have secured a liquor license, but there are many things to consider, including insurance.

Every business that sells alcohol needs to have liquor liability insurance to ensure the owners can relax and focus on running the business, and to be covered in case you are sued by a customer who drank at your establishment, later crashed their car and sued you for not cutting them off when they had had enough.

What is liquor liability insurance?

Liquor liability coverage protects you from financial liability if you sell alcohol in your business. It is different from general liability insurance.

General liability insurance covers you and your business when claims are made due to personal injury, bodily injury and property damage. Host liquor liability is part of your general liability insurance policy, but it will only cover you when you cater an event outside your normal place of business.

Liquor liability insurance covers you and your business if you serve, sell or manufacture alcoholic products. The policy provides coverage for legal fees, settlements and medical costs associated with bodily injury or property damage caused by an intoxicated person, who was served or sold liquor by the policyholder. Most states require that restaurants purchase liquor liability insurance if they deal in alcohol.

Some business owners may pass on securing this type of insurance to avoid the added cost. However, that could be a decision that could end up sinking their business in case they are ever sued over an issue with alcohol.

Why you need it

There are various situations where you need liquor liability in restaurants. For instance, if you serve a customer alcohol and they die or are injured driving under the influence, you and your business could become a target for a lawsuit. Their lawyers are likely to argue that you continued serving alcohol to a customer who had had enough.

The victim or their family has grounds to sue you for damages. This law, called the Dram Shop law, may seem unfair, but is used in 38 of the nation’s 50 states. Liquor liability insurance covers legal fees, penalties, court costs and damages.

This type of insurance is similar to having a homeowner’s insurance policy. It is better to have one than to be sued personally by people injured in your building. It helps reduce costs and shield your business from losses if a customer is injured or involved in an accident after leaving your premises.

 

What else liquor liability insurance covers

Apart from lawsuits when a patron leaves and gets into an accident, liquor liability insurance can protect you in the following situations:

Assault and battery claims ― Restaurants and bars are often sued due to fights that break out among customers who have been drinking. Liquor liability policies cover this, and chances are you will need this cover when running a bar or a restaurant.

Defense cost coverage ― Defense costs are expensive. It is, therefore, essential to have legal fees covered outside the policy, which leaves enough money to deal with damages.

Employees as patrons ― Whether you allow it or not, your employees may drink while working. It is, therefore, essential that you make sure that your policy covers your employees as patrons.

Mental injuries ― A claim may cite stress, mental anguish or anxiety as a form of psychological damage due to events at your establishment. Most liquor liability policies do not cover this, so review your policy and ensure that it does.

The takeaway

It’s important that you maintain your liquor liability insurance as long as you have a liquor license. Letting it lapse can result in your license being revoked.

But critically, when alcohol is in the picture, problems can occur particularly when people become intoxicated. It’s important that you protect what you’ve built by ensuring that you keep your policy current.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group

Identify, Eliminate Slip, Trip and Fall Hazards

Posted on by

While big-ticket and dramatic workers’ comp claims make headlines, the reality is that the more run-of-the-mill injuries are the ones that end up costing employers the most.

That is especially true for slips, trips and falls and related injuries, which can often turn out to be the most expensive workers’ compensation claim an employer experiences.

Slip, trip and fall claims account for nearly one-quarter of all workers’ comp claims and some 300,000 workplace injuries every year, according to the National Council on Compensation Insurance. Slips, trips and falls also account for nearly 1,000 workplace deaths annually.

While the average cost of a slip, trip and fall claim was $47,516 in 2018, according to the most recent statistics available from the National Safety Council, there are a number of hidden costs to employers as well.

These include lost productivity, the cost of additional overtime for workers that cover for their injured colleague, and hiring and training a replacement for when the worker is mending.  Also, the cost of one claim can send your company’s X-Mod higher.

With these grim statistics in mind, it should be a priority for your company to do all it can to minimize these expensive and easily avoidable claims.

High-risk areas for slips, trips and falls include:

  • Where floors can become wet or oily
  • Slippery or uneven external grounds
  • Sloping surfaces
  • Work areas where lifting and carrying, pushing and pulling tasks are performed
  • Areas where the pace of work causes people to walk quickly
  • High pedestrian traffic areas
  • Constantly changing worksites, such as building projects
  • Unfamiliar locations, client sites
  • Accident locations that have not been secured and cleaned up.

To minimize the likelihood of a slip, trip or fall in your workplace, follow these important tips:

  • Immediately clean up any water or grease — the leading causes of slips — on floors.
  • Install slip-resistant flooring (with a 0.50 or greater coefficient of friction) with deep profiles for draining wet areas.
  • Require staff to wear slip-resistant shoes in areas where conditions increase the slipperiness of floors, such as kitchens.
  • Make sure that you keep floors clean and uncluttered of items that people can trip over.
  • Fix damaged or uneven floors and steps.
  • Pay attention to your cords, leads and cables and make sure they are not in any area where someone would walk.
  • Ensure that there is adequate lighting in work areas, stairs and passageways, as well as in sidewalk and parking areas.
  • Prepare for adverse weather conditions such as ice, snow and rain by using walk-off mats at all entrances and a good supply of walkway cleaning supplies.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  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 – 2021 – BGES Group