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

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

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

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

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

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

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

Here’s is What People Think About BGES Group:

Sarah S.

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

Nick S.

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

Steve S.

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

SANJA C.

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

George K.

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

Elena E.

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

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

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

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

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

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

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

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

Rationale for active business owners

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

Rationale for the disabled business owner

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

Definition of disability

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

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

Have questions? Call us to put protection in place.

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

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

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

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

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

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

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

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

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

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

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

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

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

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

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

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

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

Here’s How We Can Help You 

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

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

Problems We Can Help You Solve 

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

Types of Plans Available

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

Here’s is What People Think About Us:

Sarah S.

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

Nick S.

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

Steve S.

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

SANJA C.

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

George K.

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

Elena E.

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

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

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

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

Some examples of possible hazards:

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

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

Check the Basics 

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

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

11 Mistakes People Make When Renovating Property

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

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

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

Builders’ policies are not totally comprehensive, though. While specific policies vary, the vast majority of construction coverage policies are written based on a regulator-approved standard form. So for the most part, you can expect your policy to cover the buildings and structures on the property, including the systems directly installed thereto.  Usually, your standard policy will cover such items as heaters, electrical systems, HVAC systems and boilers. Policies will also usually provide coverage for temporary structures, as well as construction materials that are stored on the premises for use on site. But sometimes property owners and contractors alike are taken by surprise when a policy doesn’t cover something:

Not Covered

Unless you buy specific extensions or rider most policies will not cover items that are external to the structures, such as fencing, walkways, roads, swimming pools, and other external items not intrinsic to the main enclosed structures.

Landscaping is also not covered under this particular policy, though it may be covered under a flood or fire insurance or wind insurance policy, depending on the hazard that caused the damage and the type of structure.

Items that are normally underground are also not usually covered. Examples include plumbing and irrigation systems, drains and even building foundations.

Water Structures

Is the property adjacent to a body of water? Your standard builders insurance policy probably won’t cover items that interact with the water. For example, it generally won’t cover bridges, docks or wharfs.

All-Risk vs. Specific Peril

All-risk policies provide protection against any risk, while named peril policies only protect against damages from specific hazards. All things being equal, you can expect a higher premium from an all-risk policy versus a named-peril, or specific peril policy. On the other hand, if you have coverage against one type of occurrence already, it may not make sense to pay full price for an all-risk policy, doubling up your coverage. But be careful with this type of planning

Riders and Endorsements

Unlike personal lines of insurance, which are more tightly controlled by regulators to protect unsophisticated consumers, commercial lines of insurance, including builders’ risk insurance, features policies that are readily and easily upgraded to include additional coverages that may make sense for the builder. It is more efficient for an insurance company to cover an unusual risk with a rider than to build the coverage into policies for which it isn’t even relevant. It makes no sense for everyone who isn’t building a home with a swimming pool pay into swimming pool coverage for those few who are.

If you need coverage for a specific item not included in the base policy, your insurance company can probably write up a rider or an endorsement to cover the extra risk. You’ll have to pay an additional premium, and the maximum dollar amount for that particular risk will be clearly defined.

For example: Acts of war and acts of terror are frequently listed as exclusions on standard insurance policies. But if you are building a structure near a nuclear plant, for example, or a high-profile and logical target for terrorist groups or an enemy military, you may want to consider purchasing additional coverage.

When you buy this coverage, the insurance company grants an “extended policy.”

Read Your Policy

It is important to read and understand your policy in detail, paying particular attention to the policy exclusions. If one of the exclusions is a risk you’re concerned about – or if you would suffer a significant loss in the event of damage to or destruction of a specific structure or item on the property that’s excluded, bring it up right away with your agent, and have him or her draw up a rider, which will be attached to the back of the policy. The additional premium required is usually small, but it covers a big loss in the event something goes wrong. 

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

Here’s How We Can Help You

1. BGES Group is one of Tri-State’s Workers’ Compensation specialists.  We are VERY easy to deal with because:
   1. We answer the phone in seconds when you call
   2. We respond to emails in minutes
   3. We respond to texts immediately
   4. We are available to speak to day or evening
   5. You will be dealing with the same person every time you contact us who will make your life easier and who knows what they are talking about                                                                                                                                                      
2. We represent 40+ insurance companies                                                                                  
3. We have programs for:
   1. Auto Services
   2. Contractors especially in New York – We have programs that will insure asbestos, demolition and roofers
   3. Limousine Services
   4. Manufacturers
   5. Moving & Storage Agents
   6. Truckers

Problems We Can Help You Solve

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

Types of Plans Available

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

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

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2024 – BGES Group

One of the keys to instituting a good safety program is to get management and supervisor buy-in.

You need their support and belief in the system if you are to convince your employees to embrace your safety regimen. If your managers don’t believe in the safety plans you have put together, it will show through when they try to sell them to your staff.

If you don’t have buy-in from your managers, the chances are slim to none that your employees will embrace the changes you are proposing. Managers play a crucial role in getting employees on board with safety.

If you are serious about preventing injuries and want to keep your workers’ comp X-Mod low, the role of your management team is crucial.

You will often encounter a few different personality types among your managers and they need to be convinced of the importance of workplace safety in different ways.

• The excuse-makers: They are the ones that blame external factors that are out of their control for safety lapses, and they may pooh-pooh the harm that a high X-Mod has. They may talk the talk on safety, but they don’t walk the walk.
• Half-hearted bosses: These managers may actually buy into the safety program, but they are unable to show their commitment in ways that make an impression on the rank and file.
• Committed: These managers are fully committed and enthusiastically embrace your safety plans and discuss them with staff with exuberance.

You’ll need a different approach with each personality type to get them to embrace the concept. Once they do, they can effectively convey the urgency and importance of workplace safety to the rank and file.

Constructor Magazine recently had these recommendations for getting management buy-in:

Select the right leaders – Choose managers who are firm, yet fair with a passion for the safety of the workforce. They should have a track record of success so that they can be an inspiration to their teams. Also, they should not be afraid to get their hands dirty to make a point or demonstrate how something is done.

Talk about risk management holistically – Every facet of your operation needs to be addressed if you want a comprehensive global risk management culture to exist.

Executives can influence this by extending discussions of risk management beyond the worksite to help managers see the bigger picture of why safety matters.

Assessing the risk associated with every task, purchase order, estimate or piece of equipment used will reinforce the notion that risk management is a company-wide function and not only in the sphere that the manager is responsible for.

Make periodic site visits – Top leadership should make a point to get on the floor and visit various departments to watch the workflow and reinforce the importance of safety to the workers. They should make these visits with the manager who has been put in charge of safety for that department.

At the same time, they should not arrive and start nitpicking and being enforcers of safety policy. Instead, their role should be to start conversations with the workers about safety challenges and asking for advice and ideas to make the operation safer.

They can use these visits to also celebrate successes and challenge the team to do better and always look for issues that could lead to injuries.

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you in, 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 newest cyber and financial fraud threat facing businesses is deepfake technology, which criminals are using to extract money from unsuspecting accounts payable personnel.

A finance worker at a multinational company in Hong Kong was duped into transferring $25 million to criminals who had used deepfake technology to pose as the business’s chief financial officer during a video conference call, according to local police.

A deepfake is an artificial image or video generated by a special kind of machine learning called “deep” learning. The creations have grown increasingly sophisticated and harder to detect.

What happened to this worker is an iteration of the growing threat of wire transfer fraud, where criminals pose as managers, clients or vendors in e-mails to try to dupe accounting staff into wiring funds to scammers’ accounts.

How it happened

The worker received an e-mail from what he thought was the company CFO, inviting him to attend a teleconference with him, other company executives and staff, according to Hong Kong police. The digitally recreated version of the CFO then ordered money transfers during the video conference call.

Based on instructions the employee got during that call, they transferred 200 million Hong Kong dollars ($25.6 million) to various Hong Kong bank accounts in a series of transactions. The employee did not interact with the deepfakes during the video conference, and he later told police that others on the call looked and sounded like people he knew in the organization.

In fact, all of the other people on the teleconference call were fakes of real people in the company. The criminals had used deepfake tech to alter publicly available video and footage found online to create convincing digital versions of the others in the meeting.

It was a week into the scam, when the employee contacted the company’s headquarters, that they realized something was wrong.

Police said that the case was one of several recent incidents in which criminals had used deepfake technology to change publicly available video and other footage to steal from people and companies.

Warning to US businesses

This type of attack is essentially an extension of the wire transfer fraud, a threat that’s been growing in recent years. These scams usually start with e-mails or even phone calls from scammers posing as someone higher up in an organization, a client or vendor. The end goal is to convince an employee with access to the company’s payment systems to transfer funds to the criminals.

Deepfake technology adds a dangerous new arrow to wire-transfer fraud criminals’ quivers, making the scam even easier to fall for.

To ensure your organization doesn’t fall victim, the law firm of Fischer Phillips recommended in a November 2023 blog that businesses:

Provide deepfake training to staff. You should already be training and providing refresher meetings on preventing cyber attacks of all sorts. Consider educating them about the dangers of deepfakes and provide the Hong Kong case as an example. Cover ways to spot deepfakes, including:

• Blurry details,
• Irregular lighting,
• Unnatural eye and facial movements,
• Mismatched audio, and
• Absence of emotion.

Urge staff to be suspicious. Your employees should be able to comfortably question the legitimacy of information and be urged to report suspicious activity.

Ensure strong authentication protocols. Put in place robust authentication measures for accessing sensitive information, systems and accounts. This could include multi-factor authentication and other tools.

Insurance coverage

If your organization has a cyber insurance policy, it might cover a wire transfer fraud loss.

The coverage provided by cyber insurance can vary significantly between insurance companies and policies. Some cyber policies may explicitly cover wire fraud, while others require additional endorsements or riders to provide adequate protection.

A commercial crime policy will cover losses resulting from the use of a computer to fraudulently transfer funds from inside the business premises or the insured’s bank to an outside party.

However, policies may only offer coverage if an employee was fraudulently involved in the wire transfer fraud. This type of funds transfer fraud is basically the only computer-related coverage that a crime policy offers.

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

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors (especially New York), Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you in, 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