One of the proven ways to reduce the cost of a workers’ comp claim is to get the injured worker back on the job whenever it is safe to do so.

Preferably, employers should offer some type of modified work duty if they are still recovering from their injury and if that injury impedes them from performing the work they did before the accident.

If workers wait until they are completely healed before returning to work, the cost of a claim with $9,000 in medical expenses, for example, can quickly balloon to tens of thousands of dollars as they draw indemnity benefits to replace their lost wages from not working.

Not only that, but an extended absence can lead to employees becoming disaffected from the workplace and increasingly unmotivated to return.

Fortunately, a strong return-to-work program offers a path back into the workforce through light duty and transitional work. To keep costs in check, no workers’ comp program should be without such a program.

If you have an RTW program or are considering starting one, here are the top 12 things you should consider, courtesy of the Institute of WorkComp Professionals:

• Understand your state laws about returning an injured worker back to the job and the benefits they are entitled to after taking on transitional or light duty.
• Create an RTW program that outlines the steps the company will take to help a worker get back on the job as soon as it’s feasible after a workplace injury. Discuss transitional duty and light duty in the program documentation and distribute copies of it to your staff.
• Be creative in identifying temporary alternative jobs. Appoint an employee-management committee to create temporary alternative jobs. Injured employee jobs should be meaningful, not demeaning or demoralizing — and for sure should not be punitive.
• If you have an injured worker, visit various worksites or departments of your company to identify tasks that are similar to the employee’s existing job.
• Provide the treating physician with job descriptions for any temporary transitional duty and the employee’s regular work.
• Obtain medical restrictions from the medical provider and a release, so that you can put them in a job that will not strain or risk reinjuring them. Be proactive and prepared for the release. Don’t wait to have it in hand before you begin your process — a delay of even a few days costs you money.
• Encourage treating medical providers to approve temporary alternative duty for injured employees.
• Communicate regularly (at least once a week) with injured employees returning to work for a temporary alternative duty position. During this time, therapy and treatment may still continue.
• Inform the worker’s supervisors about the injured individual’s physical limitations from the injury and make sure they don’t push them too hard. Closely follow the restrictions outlined by the doctor, or you risk upsetting the worker, or worse, reinjuring them.
• Continue to pay the injured employee at their regular rate of pay. Consider doing so even if the employee is working partial hours. This will help you avoid paying lost-wage benefits and, in many states, reduce future settlements. It also builds employee morale.
• Keep the employee engaged by asking them on a weekly basis about the transitional duty, to identify obstacles or ascertain if they feel they can do more.
• Provide feedback to the physician regarding the progress the injured employee is making at the temporary alternative duty position, to make sure the physician is getting both sides of the story. It also conveys the concern you have for your injured employees.

The takeaway

If done correctly, an RTW program can help your worker get back on the job faster, help them feel like they are still part of the team, improve morale — and reduce your workers’ comp premiums.

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

We would all love to pass on a decent-sized legacy to our heirs. But too many estates are all but entirely consumed by the high costs of medical care, especially as we get older.

Yes, we have Medicare to cover the major medical expenses of those Americans over age 65. But many people fail to realize that long-term and nursing home care is not covered under Medicare.

Meanwhile, Medicaid can help with basic expenses — but generally only after you have impoverished yourself by spending your assets down to less than $2,000, depending on your state.

Until then, you’re going to have to either fund long-term care costs out of your own savings and pension income, or have long-term care insurance in place.

Consider these sobering statistics:

• One in three individuals who buy a long-term care policy at age 60 with a 90-day elimination period (benefits kick in after 90 days of chronic disability) will need those benefits before they die.
• Half of everyone over 60 will have a need for nursing home/custodial care at some point.
• The average woman who needs long term care spends 2.6 years in a facility. The average man spends 2.3 years.
• Ten percent of those who enter a nursing home will stay there five years or more.

The cost of long-term care

The median rate for a semi-private room in a nursing home was $8,669 per month in 2023 — $104,000 per year — according to the latest “Cost of Care Study” by Genworth. The median price of an assisted living facility was $5,350 per month, or $64,200 per year.

That’s easily enough to consume most or all of a private pension, and/or your Social Security income — leaving you and your family little or nothing left over in retirement for living expenses and savings of your own.

If you don’t have a lot of income coming in, it’s also enough to quickly eat away at most peoples’ retirement savings nest eggs.

Medicaid requirements have teeth

If you have assets like a home, and you receive Medicaid benefits, the state may place a lien on your home. When you pass away, the state may seize your home out from under your heirs and sell it to recover any Medicaid benefits that were paid to you, under a state Medicaid Recovery Program.

What you can do

Get long-term care insurance in place, if you qualify. Even a small amount of coverage can make a big financial difference for you and your family, should you ever have a claim.

Consider the Long-Term Care Partnership Program. If your state participates in this program, purchasing a qualified long-term care insurance plan may help you shelter a certain amount of your estate from any Medicaid recovery program.

That is, if you purchase $250,000 of long-term care protection, you may be able to exempt that amount from Medicaid collectors, thereby ensuring that you will be able to pass your family home and/or other assets on to heirs.

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

Are you a New York business owner looking for new Workers’ Compensation insurance? 

BGES Group offers programs for:

• Auto services
• Contractors including asbestos, demolition and roofers
• Limousine services
• Manufactures
• Moving and storage agents
• Truckers
• We can help any company

BGES Group prides ourselves on our ability to obtain competitive rates for clients while providing coverage that is tailored to their specific needs.  For example, we have a program that’s been around for 24 years that can cover a lot of New York contractors from low risk such as an electrician and plumber to high risk such as interior demolition and roofer. Regardless of the industry you are in, we can find you a policy.

Tell us your concerns.  Whether they’re finding lower rates or replacing coverage, we have 40+ insurance companies to market your account too. 

By the way, when you call we answer the phone. No more dealing with answering systems, being placed on hold, with people who are nice but don’t know much about insurance.  Our service is fantastic…go read our “Google Reviews” to see what others think.  Call or text Gary Wallach at 914-806-5853 day or evening, whenever it’s most convenient for you!

We offer programs that:

1. Require just a $200 deposit to bind coverage.
2. Where you go on line every month and report payroll and pay based on past month’s payroll.  When payrolls are less you pay less, when they are more you pay more.
3. Offer policies where you pay in monthly installments.
4. Offer payroll/workers’ compensation programs that can insure contractors, limousine services, movers, truckers just about any type company.
5. Offer payroll, workers’ compensation and even group health coverage.
6. Offer coverage for business owners who have had a run of bad luck loss wise.  We’ve been able to obtain coverage for accounts that have had $1 million plus in losses at competitive rates.
7. Offer state and assigned risk plans that ensure no business is left without coverage.
8. Tell us what you are looking for and we can go and get it for you.

To learn more about how we can help you secure the right workers’ compensation policy for your business, contact Gary Wallach today. You can reach him by calling or texting 914-806-5853, or by emailing bgesgroup@gmail.com.

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

The president of an Orange County, California cleaning company was convicted and sentenced recently for under-reporting his payroll by more than $8 million, which brought a premium loss of almost $900,000. He plead guilty to all of the felony charges, which were aggravated white-collar sentencing enhancement, three counts of misrepresentation of facts to the Workers’ Compensation Insurance program and six counts of misrepresentation of facts to the State Compensation Insurance Fund. In addition to the restitution fee of almost $900,000 and a $250,000 fine, the business owner received a stayed five-year state prison sentence pending the successful completion of a 10-year probation period.

California’s state law requires all employers to pay workers’ compensation insurance for their employees. The EDD and the Workers’ Compensation Insurance program both require records to be submitted ever year to ensure payroll taxes are paid. A specific formula is used to calculate the workers’ compensation insurance rates. A company’s injury claims history, the type of employees hired and the number of people in the workforce determine an employer’s rate. Premium insurance fraud occurs when a company deliberately falsifies loss history, payroll numbers, employee numbers or the type of duties the workers perform to pay less for insurance. In many cases, employers try to hide their workers under other uninsured businesses. If a worker under that entity is injured, he or she will be transferred to the insured entity.

Insurance companies are then liable for the injured workers. Illegally misrepresenting workforce facts allows employers to pay lower premiums or avoid buying insurance coverage. This puts competitors at a major disadvantage by forcing them to work against a company with much lower but fraudulent operating costs. When this happens, the cost of insurance goes up for legitimate companies due to fraud. In addition to this, employees who are injured may not be able to collect the workers’ compensation funds they need to recover from work-related injuries.

The convicted company president referenced at the beginning of this article had been in business since 1998. His company distributed and manufactured commercial and household cleaning products to sell throughout the United States. The business owner received the SCIF policy in 2001, but he did not report the majority of his workforce, which he leased from one of the multiple leasing companies he owned. In 2008, the owner insured those leasing companies but did not disclose his policy to SCIF. From that time until 2010, he under-reported his payroll. After one of the employees working for one of the labor leasing companies filed a workers’ compensation claim, SCIF started investigating. While the injured worker was employed by a leasing company, the individual also worked at the cleaning product company. SCIF reported the incident to the Bureau of Investigation of the Orange County District Attorney. The DA then took over investigating the case and filing charges.

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

Some business owners think they can hide or under-report payroll data as a way to save money on taxes and workers’ compensation premiums. There are several different ways they can hide payroll data, but it is still a crime that very few prosecutors will turn down. Although this is done to save money, the price of self defense in criminal court and the repercussions of having a criminal record are both costly. In addition to this, the risk of ending a business career can compromise a person’s long-term income. The following is a case where a business lost about $100,000 by trying to dodge workers’ comp premium obligations.

The owner of a building company was convicted of workers’ compensation insurance premium fraud for not reporting some of his employees to his insurer or the Employment Development Department. The owner’s daughter was convicted of misdemeanor insurance fraud. Another member of the owner’s family who worked there was convicted of felony insurance fraud.

Experts say fraud is an enterprise that brings in billions of dollars, but it provides artificial inflation costs to insurance companies and consumers. In a collaborative effort by the local district attorney’s office and the Department of Insurance, the investigation on the business owner started after an employee was injured. The owner paid his workers in cash in order to avoid paying insurance premiums. However, the investigators found evidence that all three of the convicted parties had worked together to convince workers to take cash payments.

The employee who was injured required surgery, but the business owner tried to dispute the worker’s claim. Instead, the owner offered the injured worker a disability application form for state assistance, and he instructed the worker to claim the injury occurred at home. The company was ordered to pay more than $45,000 in premium restitution, about $30,000 in EDD back taxes and more than $35,000 in restitution to the injured worker.

It is not easy to hide payroll information, and employees will be vocal if they are injured. In addition to this, there are other ways to track this type of fraud. If an employee is injured, employers should remember that any under-the-table agreements will likely be exposed. Injured employees must look out for themselves and their families. Many other cases are worse. Employees may accumulate higher bills for hospital stays and rehabilitative services. The cost of paying their bills could be much higher than $100,000, and the cost of business disruptions and legal fees would run into the hundreds of thousands. Recovering from an incident such as this is also difficult, and most business owners have to start over from scratch. In comparison with the cost of such a mess, the cost of workers’ compensation insurance premiums is minimal. Every employer should remember that it is not worth the risk.

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

Many people wonder why it is necessary to use experience rating to predict future losses if workers’ compensation rates are designed for this purpose. Experience rating can benefit employers. The prospects of both bad credits and debits are implicit in the majority of risk-specific programs dealing with experience rating. Since it gives an employer some influence in how much the final premium will be, this gives an incentive for them to develop their loss prevention strategies. It is also good for them to form incentives that encourage injured employees to return to work as soon as they are able. When this happens, experience rating can be beneficial to employers by increasing occupational safety and health.

Experience rating shows a refinement in processes of premium determination. It creates a net premium cost for employers, which means their costs will be appropriate for the provided coverage. Experience rating shares or spreads the cost of a loss with all group members who are likely to go through similar losses. Although the probability and cost of injuries for an entire group as a whole may not be accurately predictable, it is not possible to decide which member of the group will ultimately be responsible for costs.

This is why there is insurance. If it were possible or easy to predict, group members who do not experience loss would not have any incentive to purchase coverage. Meanwhile, the premium charge for members experiencing losses would need to include the loss costs. Serious injuries to individuals are usually rare, but the totals can be minor amounts or reach well into the millions. For workers’ compensation, the easiest rating method is manual rating. With this system, employers are categorized according to business classifications or operations. Group losses are estimated and then added as an average.

Employers are assigned to specific classifications to make sure the rates they receive are reflective of the costs all similar employers have. While each classification comes with similar risks, individual ones are different in some ways. However, experience rating is designed to reflect individual differences. Insurance providers would be able to look for employers with lower costs and avoid ones with higher costs if the rating system were only manual. The system needs to be refined to avoid such a scenario, and experience rating falls under that category.

With workers’ compensation experience rating, individual employers’ loss and payroll data are analyzed over time. The most recent three years of data is reviewed against similar groups’ risks to determine the experience modification. An employer that has better experience ratings will be given credits, but those with less will be given debit ratings.

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

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

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

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

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

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

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

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

Best Practices

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

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

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

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

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

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

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

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

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

About Voluntary Benefits

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

Common voluntary benefits programs include:

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

                        …And many more.

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

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

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

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

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

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

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

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

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

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

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

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

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

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

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

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

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

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

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

The disconnect

The study found that:

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

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

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

Nipping fraud in the bud

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

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

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

What to do if you suspect fraud

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

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

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you into their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group