Author Archive: BGESGroup

Seven Steps to Estate Planning Peace of Mind

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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

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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

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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

As Employees Come Back to Workplace, Experts Fear Lawsuit Tsunami

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As more Americans are returning to the workplace, employers are now faced with the difficult issue of transitioning reluctant staff back as well as complaints and legal action from the most reluctant of workers.

Already some returning workers have started to sue their employers, often accusing them of not adequately protecting their workers against COVID-19 in the workplace or disability discrimination for failure to accommodate workers who have conditions that put them at heightened risk of severe symptoms. Insurers are bracing for an avalanche of litigation.

These lawsuits have been going on since the start of the pandemic, but they have been picking up steam since the start of 2021. Since the start of the health emergency, there have been 2,294 employment COVID-19-related lawsuits filed throughout the country, according to Jackson Lewis, an employment and labor law firm that has set up a pandemic litigation tracker on its website.

Here’s the breakdown of cases as of May 20:

  • Disability, leave and accommodation: 915 complaints
  • Retaliation/whistleblower: 554 complaints
  • Discrimination and harassment: 405 complaints
  • Workplace safety and conditions: 151 complaints
  • Wage and hour: 135 complaints
  • Other: 134 complaints 

There are a few points that employers should consider as they bring staff back to the workplace: 

Deciding who should return

Transitioning workers back to the workplace will require delicate discussions, particularly with staff who may be reluctant about working indoors in close or relatively close quarters to others. It will require empathy on the part of the employer, particularly as some workers may be afraid.

For employers who are afraid, talk to them about how you can alleviate their concerns and work with them so they can feel comfortable about coming back.

Also make sure that decisions on who can continue working remotely and who will need to physically come to work are not discriminatory.

You need to be especially mindful of possibly discriminating against protected classes. You’ll need to establish protocols that are based on the employee’s work function. You may get into trouble if you offer remote work to only some workers who perform specific tasks, and require others who do the same work to come back to the office.

Ensuring a safe workplace

Keep in mind that many of your staff may be reluctant or downright afraid to go back to the workplace and working near others.

Employers need to make decisions on what protocols they will keep in place, such as requiring masks, physical distancing and other engineering solutions like barriers.

One of the best ways to reduce the chances of COVID-19 spreading in your workplace is to have employees who are vaccinated. There’s a lot of debate right now about whether companies should require workers to get vaccinated.

While employers who want to require their workers to get inoculated against the coronavirus have received some cover under April 2021 guidance from the U.S. Equal Employment Opportunity Commission, they should tread carefully.

The guidance states that an employer can establish a mandatory vaccination policy if the need for it is job-related or if remaining unvaccinated would pose a direct threat to other employees, customers or themselves.

Still, many employers are wary of taking the extra step of requiring vaccinations, particularly as the vaccines currently authorized for use are under an emergency authorization (it’s expected soon that the Food and Drug Administration will give final approval to the Pfizer and Moderna vaccines).

There are also other issues that employers have to consider, including religious objections. Some employers, instead of requiring vaccination, are providing incentives to workers who get the vaccine.

Requests for accommodation

With disability, leave and accommodation cases accounting for nearly half of all COVID-19 workplace cases filed to date, it’s imperative that employers take requests for accommodation seriously.

If one of your employees asks to continue working from home because they have medical issues that put them at heightened risk of suffering a serious case of COVID-19, you will need to enter into negotiations with them to vet the request. If you deny the request, they may sue for failure to provide that accommodation.

This situation could also arise if an employee says they can’t take the vaccine because of an allergy. If the employer mandates it anyway, the individual may say their employer discriminated against them because of it.

The takeaway

While the pandemic has been fraught with a number of risks and challenges for employers and workers alike, transitioning back to normal operations will require planning and attention to workers who are reluctant.

Also make sure your firm has employment practices liability coverage, which would help cover the costs of any litigation you may find yourself suddenly embroiled in. It can cover your legal costs and any awards or settlements.

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

What is Your Plan to Cover Your Bills if You Become Disabled?

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A study by the International Communications Research found  that more than 55% of working adults would not be able to cover their living expenses if they became disabled and could not work for more than a year. The study was prepared for the National Association of Insurance Commissioners (NAIC).

But, about 45% of the survey participants said that they had long-term disability insurance. From that group, about 70% said that their insurance was offered through their employers. This meant that they would face the financial difficulties of paying their own living expenses if they became unemployed.

Slightly more than 10% of the survey’s participants believed that they may become disabled at some point.

Unfortunately, most  people did not understand the full financial impact should they become disabled.

When people become disabled, they may receive a portion of their prior income from government benefits.

And, a loss of income is not the only financial fallout from a disability. If the disability stems from a long-term illness, there may be additional medical expenses that insurance does not fully cover.

There may also be expensive medications. People who have limited mobility may need to hire people to help with tasks such as child care, household chores, grocery shopping and transportation.

Recent data from the Council for Disability Awareness shows that:

  • About 25% of people who are 20 years of age or older will suffer from a disability at some point before retirement.
  • 12% of Americans are living with a disability today
  • Half of disabled Americans are under the age of 65.

It is important to be proactive about protecting your financial future from disability limitations. Employers can help their workers do this by adding disability coverage to their benefits packages.

Some tips

If you do not have access to employer-sponsored coverage should seek private insurance. To help you do this, the NAIC provides some useful guidelines.

Make a list of current and future expenses. Decide how much money you need to make mortgage payments, cover utilities and cover other necessary monthly expenses. If investments and savings cannot cover your lifestyle for more than a few years, long-term disability insurance is a must.

Research qualification criteria. For most individual long-term disability insurance policies, you must meet qualification criteria relating to your medical history.

Insurers may charge more or deny applicants who have chronic and permanent health issues.

It is never too early to start shopping. Young workers in their 20s and 30s often think that disabilities are only possible as they near retirement age. But, disabilities can happen to anyone regardless of age.

Buying a non-cancelable disability policy at a younger age means paying a lower premium. There are also guaranteed renewable plans. These plans must be renewed despite health status but may come with increased premiums.

Understand the waiting period. Many policies come with waiting periods. This is the amount of time that you must wait before benefits are paid. If you file a claim before the waiting period is over, the benefits are not payable.

Longer waiting periods often come with considerably lower premiums.

If a policyholder is unable to work and is deemed disabled, he or she must file a claim and provide the supporting documentation required to start receiving payments. Insurers require supporting documentation that verifies a disability.

This is usually something a physician must assist with and is an essential part of being approved after filing a claim against the disability policy. To learn more about disability coverage for the workplace or for an individual, call us.

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

What to Do When Your Term Life Insurance Is About to Expire

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The biggest advantage of term life insurance is that it’s affordable. It provides the greatest possible protection for the lowest monthly premium — for a while.

Most people buy term life insurance to protect their families for 20 years or so, or until the children are grown. Term life is often the most cost-efficient solution for these temporary protection needs.

But what happens when your term policy is about to expire — and you still need life insurance protection?

The answer depends on your situation and health. Most people fall into one of these categories:

1. You just need term protection for a few more years.

You may be able to keep your existing policy in force, though at a higher premium. Look at your policy documents. Most policies are guaranteed renewable, which means that as long as you pay premiums, you cannot be turned down, regardless of your medical condition or history. 

Your premiums will go up to reflect your age, but you won’t need another medical exam. Term premiums usually remain very affordable for most people well into their 40s and even 50s.

The disadvantage of simply extending a term policy is that premiums continue to increase as you get older. Extending your original term policy is usually workable for a few years. But eventually, term insurance premiums become unaffordable.

You may be able to reduce premiums by lowering the face amount.

Tip: If you smoke, consider quitting the habit at least a year before your policy comes up for renewal. This way, you may qualify for lower non-smoker rates.

2. You need protection for a longer period of time.

Many people want or need life insurance much later in life, or even permanently. This can happen for many reasons, including:

  • Children later in life
  • Custody of grandchildren
  • Final expenses
  • Estate tax liability
  • Savings are insufficient to protect survivors
  • Desire for cash value to supplement savings.

If you think you may need life insurance for longer than a few years after your current term policy expires, consider a permanent policy, such as whole life or universal life insurance. These policies are designed to last as long as you do — provided you can keep up the premiums.

They also build cash value, which you can use to supplement retirement savings, help with college savings for a family member, or for any other purpose.

3. You are in poor health.
If your health is poor, you might not be able to buy a new life insurance policy at affordable prices. If you have a guaranteed renewable term policy, you may want to consider keeping it in force as long as you can.

If that’s not possible, some carriers allow you to convert your term policy to a smaller permanent policy, suitable for final expenses.

Note: There’s usually a limited window of time to exercise your conversion. Check the language in your policy.

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

Term vs. Permanent Life Insurance

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You hear a lot on TV and the radio debating the merits of term insurance versus the merits of permanent life insurance policies, including whole life and universal life insurance.

Anyone who advocates 100% for or against any kind of life insurance structure is missing the point: The best kind of insurance to own is the kind that is in place when the insured dies.

And here’s the corollary to that law: The best amount of life insurance to buy is the amount you can easily afford. There is definitely a place for term insurance, and definitely a place for permanent insurance. The most important principles to bear in mind are these: Purchase the policy that:

1.) You can afford,

2.) Best fits your need, and

3.) Is most likely to be in force when you pass.

Focus on these three things, and it’s tough to go wrong.

 

Term insurance

Term insurance is designed to be very affordable, with a large death benefit.

The trade-off is that term insurance, as the name implies, is temporary. It is valid for a set number of years — typically 10, 15, 20 or 30 — paying during the set time period as long as you’ve kept current on your premiums.

The younger you are when you purchase term insurance the better, because the rates are locked in. But the older you are when you first buy the policy, the more expensive the premiums will be. Your health condition will also be considered when they set premiums.

For younger families who need a large death benefit at an affordable cost to protect them against the potentially catastrophic loss of a breadwinner at the beginning of his or her career, for example, term insurance is just the ticket.

 

Permanent insurance

Permanent insurance is designed to pay a death benefit even if you live to a ripe old age, and it does not expire as long as you keep paying the premiums. There are two basic varieties: whole life and universal life.

Whole life policies feature a guaranteed death benefit for life, guaranteed-level premiums for life, and guaranteed growth in cash value. In other words, it has a death benefit and the savings component has a fixed interest rate that builds cash value over time.

Universal life policies feature a guaranteed death benefit, along with a cash-value component as well. They sometimes offer more flexibility than a whole life policy. For example, universal life policies allow you to increase or decrease your death benefit and the policy’s cash value can eventually grow and result in a zero-cost policy, in which all premiums are paid from the cash value you’ve amassed.

Also, the interest rate on the cash value component is not fixed. Instead, it has a guaranteed minimum interest rate, but the rate can change over time based on market conditions.

Considerations

Term life insurance is the most affordable protection for young people. But at the same time, term policies are actuarially designed to lapse. Only about 2% to 5% ever pay a claim.

So, while term provides the most protection for new policy purchasers per dollar of premium, if you secure it later in life, it can be very expensive.

With permanent policies, it’s quite the opposite: Whole life policies, in particular, require a pretty big commitment for the same amount of death benefit.

Very few young families can afford permanent insurance for the total amount of death benefit they need. Term works well here, on a limited budget — at least until the kids are grown, in most instances.

A universal life policy costs more out of pocket, but if the policy owner contributes enough premium into the policy, they can build cash value very quickly. But in the long run, if you live to your actuarial life expectancy, you will get far more out of a whole life policy than you ever put into it — either via cash value or via the death benefit.

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 Ransomware Attacks Mount, the Feds Offer Sound Advice

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With the recent news of Colonial Pipeline paying nearly $5 million to hackers after the criminals had made the largest fuel pipeline network in the nation inoperable, many businesses are concerned that their operations could be next.

While most firms aren’t operating sprawling fuel pipelines that millions of drivers rely on, ransomware criminals are happy to attack companies large and small, crippling their operations and demanding a ransom to unlock them. And as attacks mount, the U.S. government is taking notice. As a result, the National Institute of Standards and Technology (NIST), an agency within the U.S. Department of Commerce, has issued advice to the nation’s businesses to help them avoid falling victim to ransomware attacks.

In the past five years, the average ransom demand has shot up from $15,000 to $175,000 — an almost twelve-fold increase, according to the NetDiligence “2021 Ransomware Spotlight Report.”

If you have a database and have computers connected to the internet, you may want to heed the institute’s advice and beef up your defenses.

The ransomware threat

First, you should know that small and mid-sized firms — not larger businesses — are the main targets of ransomware criminals as they usually do not have the same safeguards in place to thwart them as larger operations with more resources. Experts have said that small and medium-sized organizations that fail to take adequate security measures are particular targets of ransomware criminals.

Hackers are becoming increasingly sophisticated in their ransomware attacks, sometimes quietly penetrating and assessing businesses’ computers, including backup plans, long before they even make their presence known.

Usually, ransomware is unleashed when an employee clicks on a link in a bogus e-mail that is aimed at tricking them into clicking. The e-mail may be disguised to look like it came from the company president, or an important client, but the method is always the same: getting someone to click on the link, which in turns unleashes code into the company’s computer systems.

After that, the criminals will freeze the company’s computers and/or any parts of their operations that rely on computers, grinding operations to a halt. That’s when they demand that a ransom be paid to “unlock” the system, usually payable in bitcoin. Once the victim pays, they will receive a code to unlock their systems again.

The advice

NIST recommends:

  • Using antivirus software at all times. Make sure it’s set up to automatically scan your e-mails and removable media (e.g., flash drives) for ransomware and other malware.
  • Keeping all computers fully patched with security updates.
  • Using security products or services that block access to known ransomware sites on the internet.
  • Configuring operating systems or using third party software to allow only authorized applications to run on computers, thus preventing ransomware from working.
  • Restricting or prohibiting use of personally owned devices on your organization’s networks and for telework or remote access unless you’re taking extra steps to assure security.

NIST also advises that employers require that their staff:

  • Use standard user accounts instead of accounts with administrative privileges whenever possible on their work computers.
  • Avoid using personal applications and websites, such as e-mail, chat and social media, on work computers.
  • Avoid opening files, clicking on links from unknown sources without first checking them for suspicious content. For example, they can run an antivirus scan on a file, and inspect links carefully.

Preparations

If your company suffers a ransomware attack, it’s good to be prepared. NIST recommends that organizations follow these steps to accelerate their recovery should they be hit:

  • Develop and implement an incident recovery plan with defined roles and strategies for decision-making.
  • Carefully plan, implement and test a data backup and restoration strategy. It’s important not only to have secure backups of all your important data, but also to make sure that backups are kept isolated so ransomware can’t readily spread to them.
  • Maintain an up-to-date list of internal and external contacts for ransomware attacks, including law enforcement.

A note about cyber insurance

One way to help you recover from a ransomware attack is to purchase cyber insurance in advance. Not all cyber insurance policies will cover ransoms paid to ransomware gangs, but some do. Here’s why cyber coverage is so valuable:

  • Your organization will be insured against catastrophic cyber risks that could severely impact your operations, such as ransomware attacks or data breaches. It will pay costs associated with restoring your systems, including paying a ransom.
  • In the event of a cyber attack, you will have access to experts and resources that may otherwise be difficult to find at the last minute. That’s because cyber insurance carriers are generally more experienced in cyber risks like ransomware and e-mail compromise scams. They will be able to work with you to get systems online and help you sort out notifications to customers and vendors, as well as paying fines levied by regulators.

If you are interested in this type of coverage, we can help you find a policy that best fits your needs.

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 Compensatio n 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

general liability for contractors

Having Problems with Your Contractor’s Liability? We Can Solve Them With You!

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If you’re a contractor who is unhappy with their general & umbrella liability insurance rates or coverage we want you to know there is a way to get HELP!

Questions:

1. Is your liability insurance with a “Main Street” or “Surplus Lines” company? Preferably you want to be with a “Main Street” company but the majority of New York insurance brokers don’t represent all the right ones. We do!                                                                                                                                                                                                                             
2. If your liability insurance is with a “Surplus Lines” company, is YOUR insurance broker a “Construction Insurance Specialist” or “Generalist?” They can be the nicest people in the world, friendly, issue certificates timely but if they do not understand (95% DO NOT) policy contract wording they are hazardous to your financial well being!                                                                                                                                                                                                                                   
3. It’s hard to comprehend, actually mind boggling but contractor liability rates are expected to increase 10%+ in 2021. Is your insurance broker shopping your insurance for this year’s renewals?                                                                                                                                                                                                                                                                                   
4. “Surplus Line” companies have more exclusions and restrictions than ever. Examples: “Labor Law” “Height” “Subcontractor Hammer Clause.” The list goes on. Most insurance brokers are “Order Takers.” They have no real understanding of policy contract wording. You can no longer risk being with a “Generalist Broker.” “Surplus Line” policies are tailored designed for “What You Tell Them You Do.” Take a job that goes outside your scope and you’re exposed to an “Uncovered Claim.”                                                                                                                                                                                                                                                                                                                                                 
5. When it comes to “Client Insurance Requirements” do you really understand what you are signing? When clients request coverage for 5, 10, 15 “Additional Insured’s”, think they’re ALL covered? Maybe, maybe not. That’s why it’s so important to work with a “Construction Insurance Specialist.”                                                                                                                                                                                                                                                                                                       
6. Use subcontractors? Screen their insurance? Make them sign “Subcontractor Insurance Agreements?” Obtain “Certificates of Insurance with all the right coverages? Know which insurance companies are acceptable and which aren’t? Get copies of your subs policies? Does your broker review them with you? Due to cost, many subcontractors have lousy insurance. A claim caused by their negligence can trigger YOUR insurance company to deny coverage or make you liable for tens of thousands of dollars. BECAUSE WE ARE “CONSTRUCTION INSURANCE SPECIALISTS” WE HAVE A DEPARTMENT SET UP TO SCREEN CLIENT’S SUBCONTRACTOR INSURANCE.                                                                                                                                                                                                                                                                    
7. Does your broker help with client contract reviews? Do they have a risk analysis department that can assist with contract wording? Proper “Risk Transfer strategies?” It’s much better to understand what you’re signing before you sign then learn the hard way after a claim. Do you really want to be faced with a multi million dollar lawsuit your insurance carrier denies coverage for? That’s why it’s so important to deal with a “Construction Insurance Expert!”                                                                                                                                                                                                                                      
8. Let’s take a break from discussing liability insurance. Let’s talk about Workers’ Compensation. Have employees who work out of state weeks at a time? Are you insured through a state plan? If so, there’s a good chance you WILL NOT have proper coverage for a claim occurring out of state that is filed in that state.

Example: You are a contractor who takes a job in New Jersey. Job lasts 5 weeks. You have coverage through your state’s plan. Employee sustains a back injury. He hires an attorney and files claim under New Jersey workers compensation laws. Most likely your plan will deny claim or only pay according to your states benefit laws. Can you afford $50,000, $100,000, $250,000+ out of pocket? Do you want to deal with his attorney for years and the financial drain it will cause?                                                                                                                                                                                               
Note: many contractors who work out of state are faced with this problem and do not even realize it. We have a VERY GOOD solution.

9. Bonding – Is your insurance broker a “Bonding Expert?” Have their own “Bonding” Department? Do they represent the TOP bonding carriers? Do they have relationships with bonding carriers dating back 50+ years? If you need higher limits, better rates, less hassle, better service, it’s important you deal with OUR bonding department.
10. Unhappy with your Business Auto insurance rates? Looking for ways to lower them? We represent all the TOP carriers for construction auto insurance needs.

About Our Agency:
• We are construction insurance specialists.
• Been insuring contractors since 1981.
• Our group does $200+ million in business.
• One of our specialties is Worker’s Compensation. We can help you deal with some real thorny issues.
• We have “Main Street” GL programs for New York City contractors (we cover NY, NJ, CT) that just a handful of agencies have.
• We have purchasing leverage and can get you excellent rates.
• On any given day we have a great pulse on the market place. If there is a new program out there that you can benefit from we will find it.
• We have a program to screen all your subcontractor’s insurance policies so you don’t have to do it.
• We offer Property, General Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Workers’ Compensation, N.Y.S. Disability, and Personal Lines (Homeowners, Personal Auto, Personal Umbrella, Boat, Jewelry, Fine Arts) insurance policies.

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

Your Homeowner’s Policy May Not Cover Jewelry, Other Valuables

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Homeowner’s insurance policies include personal property at a fixed amount based on the replacement cost of your home. However, coverage amounts may be limited for certain types of personal property and if any of those items are stolen or damaged, your policy may not cover the loss fully.

Examples of items that have coverage limitations are:

  • Jewelry
  • Musical Instruments
  • Guns
  • Furs
  • Artwork
  • Cash and coins
  • Stamps
  • Sports cards
  • Other collectibles
  • Silver and gold
  • Business property

These coverage limitations help keep policy premiums affordable. Without these sub-limits, homeowners with less than the included values of the above items would end up paying for more coverage than is needed.

If you have more than a few of any of the above items, other collectibles or items that are of special value to you, discuss them with us. We can tell you how much coverage you have and exactly what is insured. Learning that a treasured possession is only partially covered, or not covered at all after a claim occurs, is most unpleasant.

The ‘floater’

The good news is, there are several options to cover your valuables, and some insurers may even allow you to increase your coverage without an appraisal. Most companies offer what is called a “floater” on an “all-risk” form, which will cover your personal items regardless of the cause of loss (with few exceptions).

Even if your main homeowner’s policy doesn’t cover things like earthquake and flood, scheduling valuables on this all-risk form may include losses caused by these types of incidents. While most companies will require an appraisal when a special schedule floater is added, properly documenting the item is a good practice that will help you out at claim time.

Losing valuables is an unpleasant experience and while insurance may not restore your unique, treasured collectibles, it can give you the comfort of being able to replace those items. If an item was damaged by a covered peril, your coverage will give you the funds to repair the damage.

Don’t make the mistake of assuming your valuables are covered. Discuss your needs with us to make sure your property is properly insured.

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