Are You a Tri-State Contractor Looking to Avoid Invasive, Proctologist Like Workers Compensation Audits?

Posted on May 26, 2022May 27, 2022 by BGESGroup

Over the years, hundreds of contractors have come to us complaining about their Workers Compensation audits. They ask, “Is There a Way to Avoid Annual Audits?”

Let’s look at the records one company asks for.

Records Required

The following documents are required for us to successfully complete your payroll verification. We may request additional records as needed.

Payroll Book, Payroll Tax Returns (941s, NYS-45s, and NYS-45 ATTs), 1099s, 1096s, W-2s and W-3s

Cash Book (Disbursements and Receipts)/Check Book/Day Book with Cash Expenses

General Ledger/1120 Corporate Income Tax Return, 1065 Partnership Return, 1040 Schedule C Sole

Proprietor Return, 990 Return of Organization Exempt From Income Tax

Certificates of Insurance for Subcontractors Used

Contracts, Bills and Invoices (for labor, services and materials)

Boy that’s a lot of records to look at!

Probably takes hours, days of work!

We actually sat in on an audit where the auditor asks to see what was paid to five subcontractors. They insured these five subs and were checking that the subs were on the up and up! Wow!!!

Do you ever feel your company treats you like a criminal instead of like how normal people treat their customers (where they value them)? Do you not trust your company? Scared of them? Feel they are going to look for any which way to get money out of you?

How many of you have owed tens of thousands of dollars to your company after audit?

I actually sat in on an audit with my client’s underwriter, the branches head auditor and client. The auditor was the biggest ______ I ever saw! He was absolutely horrific! He tried to shove down our throat a $52 rate. My client was close to tears explaining he wasn’t a steel erector and that a $52 rate would make it impossible to stay in business. Did the auditor care? No! The company’s audit was over $100,000! We went to the New York Compensation Rating Board (NYCIRB) and got them to tell the company rate should be $13+! That was the right rate and the auditor knew it! By the way, the auditor works for a company that insures a lot of contractors!

Would you like a much better way to purchase Workers Compensation coverage? Without invasive annual audits or if required by your state, where the company is in and out in less than15 minutes?

Would you like to not owe money at the end of your policy period?

Would you like to not have to spend thousands of dollars on accountant bills?

Would you like to avoid all the above headaches and pay less for coverage?

If you are having problems with your Workers Compensation coverage, contact us, tell us your concerns. We can help you get away from time consuming, aggravating audits and make your life much easier!

We are “Workers Compensation Specialists” covering New York, New Jersey and Connecticut. We have been doing so since 1981.

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.

Here is what customers have to say about us:

In the middle of the busy season we received a letter from our old carrier that they no longer service NY, only NJ. We had only 60 days to find a new company. We got in touch with Gary who is very knowledgeable, friendly and experienced, assured us that he will take care of our insurance and he did. It has been now more than 5 years without an issue. Glad we found them and looking forward continuing working with Gary and the group.

We have used BGES Group for our insurances for over 20 years and had an amazing relationship with Gary Wallach. Gary is always looking for the lowest cost insurance, the highest quality, and his speed at providing certificates cannot be matched by anyone.

I’ve known Garry Wallach for many years and he’s always been very Professional each time we’ve worked together. He’s always willing to take that extra step to help me resolve any of the insurance issue’s that …More

Gary from BGES Group is by far the most responsive insurance broker i have ever met. He does an outstanding job with advising our small plumbing company on all the ins and outs of big insurance companies and he personally handles getting …More

I’ve worked with Gary for a few years now for workers comp and I would recommend him to anyone needing a new agent. He is very easy to speak to, responsive and always provided great advice and customer service.

I have been working with Gary for over 10 years and find him to be one of the most professional, responsive, knowledgeable and hard working people in the business. You are making a mistake if you do not give BGES a shot at your business. You will not be disappointed!

Gary and his team are phenomenal, they care about every single client as if they would be the only client!

Gary Wallach is the best insurance broker out there. He has been in the business his entire life. I trust Gary completely. He is reliable knowledgeable courteous and responsive to any questions I have. I get my certificates of insurance within minutes after requesting them. Go with Gary and you will see how your business improves.

Gary was a tremendous help in provide information and explaining the details of the worker’s compensation and insurance options for my construction business. Gary is very knowledgeable, I highly recommend BGES Group Insurance. Give Gary a call, I’m confident he will take good care of you insurance needs.

BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits; 9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

New York, New Jersey, Connecticut Business Owners – Sick of The Lousy Service Your Insurance Agency Provides?

Posted on May 26, 2022May 28, 2022 by BGESGroup

Over the past few years many agencies have been acquired. They have become large, impersonal, money making machines lacking in customer service. Making money is their priority, your interests come second.

For example, when it comes to construction accounts, we see agencies charge $500, $1,000, $2,500, $10,000 per policy fees. How they come up with their charges truthfully we feel they pull them out of their ass. It gets down to what they can get away with. To us, that’s greedy considering they get paid a commission from your insurance companies.

Why is working with these agencies “Hazardous to Your Wealth?”

Because:

The people servicing your account can be quite inexperienced
No one really knows your account
You can speak to different people every time you call
There is a constant turnover of CSR’s
It’s hard to get someone on the phone. You can be on hold for 5, 10, 15 minutes or more
Certificates can take hours or days to receive
Again they charge ridiculous fees of $500, $1,000, $2,500,$10,000 per policy

You can have the total opposite experience working with us, BGES Group.

Here’s why:

You deal with the same person every time you call
It takes 3 rings or less before we answer your call
You will be treated like a “Very Important Person V.I.P.” every single time you call. This will never change, ever!
Our people have 42+ years of experience in the insurance industry
We are experts at “Construction Insurance”
You’ll never have to wait for anything
We don’t charge ridiculous policy fees. Usually we don’t charge any fees
Certificates are issued within minutes

Here is what customers have to say about us:

Positive: Professionalism, Quality, Responsiveness, Value

Positive: Professionalism, Responsiveness

I have been working with Gary for years and I highly recommend him. He is very responsive and attentive. I typically use e-mail to communicate with him and I always receive a timely response back, sometimes even at the odd hours that I …More

Positive: Professionalism, Responsiveness

ReplyLike

Gary and his team are phenomenal, they care about every single client as if they would be the only client!

ReplyLike

Positive: Professionalism, Quality, Value

ReplyLike

Positive: Professionalism, Quality, Responsiveness, Value

Coverages Offered:

* Property

* Equipment and Tools

* Contractors General Liability – We represent the top construction programs in the tri-state

area

* Commercial Umbrella

* Business Auto

* Bid & Performance Bonds

* Worker’s Compensation Insurance – We have programs whose rates are up to 30% lower

than standard Workers Compensation companies

* New York State Disability

* Group Health

* All kinds of personal insurance

New York Contractors pay exorbitant amounts for their insurance. You are like “Rock Stars” in how you handle your day to day pressures.

So we want to do one thing for you. Make life easier. Take away your insurance headaches. Make them ours. Give you better service. Charge you less. Treat you like a V.I.P. every single time you call even if it’s on a weekend or late at night.

For what you pay, why deal with the crappy business formula large agencies now offer when you can work with us at BGES Group and be treated with such personal care? Picture us as the doctor that makes house calls or the accountant that comes to your home to go over your records. Best part we are frugal when it comes to spending your money so you get a lot better everything for a lot less money!

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

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

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

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

Contractors: Get To Know These Insurance Phrases

Posted on May 21, 2022May 21, 2022 by BGESGroup

Insurance requirements in construction contracts contain important but confusing phrases. Phrases like “contractual liability” and “primary and noncontributory” have different meanings and impacts on a contractor’s liability insurance coverage. A contractor signing a construction contract can make better decisions by understanding what these concepts mean.

“Contractual liability,” as the name implies, pertains to the insured subcontractor’s contract with the general contractor. Most construction contracts require the sub to “indemnify” and “hold harmless” the GC for liability arising out of the sub’s work on the project. Accordingly, the sub assumes the GC’s liability. The sub tells the GC, “If you get sued because of something related to my work for you, I’ll take care of it.” The ISO Commercial General Liability Coverage Form states that the insurance does not apply to liability the insured business assumes under a contract. However, it gives coverage back for liability assumed under an “insured contract.” A typical construction contract is one of the types of insured contracts. Therefore, the policy will provide contractual liability coverage in this situation. Some insurance policies do not provide this, so it is important to work with an agent who can spot that weakness.

An “additional insured“ is someone other than the insured business who has coverage under the policy. Construction contracts often require the sub to cover the GC as an additional insured under the sub’s policy. The sub must then ask its insurer to cover the GC, though some policies provide this coverage automatically. If the GC is an additional insured, the sub’s insurer covers it for losses that arise out of the sub’s work. The sub’s insurance will also pay for the GC’s legal defense of a covered lawsuit, in addition to the amount of insurance the sub purchased. In contrast, contractual liability coverage alone pays for the GC’s defense out of the available amount of insurance.

“Primary and noncontributory“ means that, when a GC is an additional insured on a sub’s policy, the sub’s insurer pays on the GC’s behalf the maximum amount of insurance the sub bought. Only when that amount is used up will the GC’s insurance will pay anything. The GC wants this because it keeps its own insurance from paying, which holds down the GC’s insurance costs. This arrangement may not be automatic; the sub may have to ask its insurer to do it.

“Subrogation” means that, when an insurance company pays for a claim that it believes was someone else’s fault, it can attempt to recover its money from the responsible party. A “waiver of subrogation” provision in a policy means that the insurer agrees to give up that right. A waiver of subrogation on the sub’s policy means that the GC doesn’t have to worry about the sub’s insurer trying to recover from the GC’s insurer. Again, this helps lower the GC’s costs.

These are important concepts for contractors to understand, but they should get help. A professional insurance agent experienced in working with contractors can explain the nuances and help arrange the proper combination of coverages. With the right advice and coverage, contractors can bid on and accept jobs with confidence.

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

Common Mistakes with Builder’s Risk Coinsurance Clauses

Posted on May 16, 2022May 16, 2022 by BGESGroup

Coinsurance clauses are commonly found in a builder’s risk completed value policy.

A coinsurance clause involves the policyholder becoming a co-insurer of the risk of loss with the insurer. In other words, certain conditions would result in the insurance company not paying the total amount of loss, thereby leaving the policyholder to bear the remainder. The insured and the insurer jointly assume the risk.

The benefit of buying an insurance policy with such a clause is that the policyholder will usually have relatively low premiums compared to other similar policies that don’t contain a coinsurance clause.

That said, anyone considering a coinsurance clause should understand what it entails and requires, so that they aren’t taken by surprise with penalties if a loss should occur.

A typical coinsurance clause found in a builder’s risk completed value policy will say that the insurer will not pay more for any loss than the proportion that the limit of insurance bears to the value of the structure described in the declarations as of the structure’s date of completion.

How it works

The way a coinsurance clause works with the policy limit is often a source of confusion for policyholders.

Take a loss of $20,000 with a policy limit of $100,000, for instance. It would superficially appear as though the insurer would be responsible for the total loss.

But, once the coinsurance clause is figured into the equation, the insurer might not be responsible for paying the total loss amount. This will depend on the policyholder maintaining enough insurance to avoid the coinsurance penalty.

If the coinsurance is applied, it might look something like this:

Still using the $100,000 policy and $20,000 worth of damage from above, the completed value of the project will be determined as $120,000 at the time of loss. The value of the $100,000 policy is only 80% of the $120,000 actual value of the project. So, the insurer is only responsible to pay $16,000, which is 80% of the $20,000 worth of damage.

Anytime the policyholder receives a lesser sum than what the full value of the claim is because of a shortfall between the completed value of the project and the policy limit, it’s termed a coinsurance penalty. The discrepancy between the two numbers can be the result of a number of mistakes made by the policyholder.

Common errors

Policyholders often make the mistake of failing to report when expected costs are surpassed. Any increased completed value must be shown in the policy limit when costs overrun original figures. The best way to make sure the policy limit is updated is by keeping your insurance agent apprised to the overruns so that the appropriate changes can be made.

All too often a policyholder makes the mistake of setting their limit of insurance based on the amount of the construction loan for the structure.

Most of the time, the completed value of the project is greater than the amount of the construction loan. An example would be a significant portion of a building project being funded by cash, but not computing the cash amount when totaling the completed value. If the insurance is only for the financed amount, then the policyholder will suffer a coinsurance penalty for any losses.

Another common mistake occurs when the policyholder doesn’t include profit and overhead in the completed value. These are generally figured at 10% for each. If not accounted for, this can cause a substantial coinsurance penalty.

Sometimes, it’s what shouldn’t be included that may lead to problems. Land value, excavations, and underground work, for example, shouldn’t be included in the completed value. These aren’t covered losses on typical policy forms. So, the policyholder would just be paying additional costs for items that wouldn’t be covered during loss.

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

Reporting Workers’ Comp Claims Late Can Push up Costs Nearly 50%

Posted on May 14, 2022May 14, 2022 by BGESGroup

Reporting Workers Comp Claims Late

One of the keys to keeping the costs of a workers’ compensation claim from spiraling out of control is prompt claims reporting.

Claims are routinely filed late, either by the injured worker who fails to report it to the employer, or the employer dawdling or procrastinating and not reporting the claim to its insurer. Either way, those delays result in delays in treatment, which can exacerbate the injury, leading to additional medical care and higher costs.

In fact, a 2015 study by the National Council on Compensation Insurance (NCCI) found that the average claims for workplace injuries that were reported four weeks after the incident, ended up costing nearly 45% more than claims that were reported in the first week after injury. Waiting to file claims three to four weeks after the injury ended up costing 29% more.

The message for employers is to require prompt reporting of workplace injuries and to immediately report an injury as soon as possible after you are made aware of it. Those added claims costs, while originally borne the insurer, can come back to haunt you in the form of higher premiums during your next policy renewal.

The NCCI, which helps set rates in more than 30 states, found that claims that were reported more than two weeks after an incident were characterized by:

More attorney involvement, and
More use of lump-sum settlement payments.

“These characteristics suggest that claims with a delay of more than two weeks are more complex to settle, take longer to close, and involve a longer period before the injured worker can return to work,” the NCCI wrote in its report.

The fallout

Many employers delay reporting workplace injuries, particularly if they seem minor at the time. A worker may be injured maybe they strained a muscle but does not require medical treatment, so the employer thinks “It’s a small injury and they’ll heal up in the next few days. No big deal.”

Not reporting even minor injuries can end up costing you. Here’s why:

Delaying reporting makes an investigator’s job harder. The longer the time between the accident and reporting leaves the potential for inaccuracies, misstatements and even destroyed evidence in cases where the claim is falsified by the worker.
The chances of litigation increase with delayed reporting. Claims reported on the same day they occur involve an attorney 13% of the time, compared to 32% for claims reported after week four, the NCCI found.
Any delay in medical treatment, even if it’s just a week or two, could end up making injuries worse, resulting in more treatment and medications. It also is likely to extend the life of the claim as the worker’s injuries may take longer to heal and they could be unable to work.
Claims that stay open longer have a lower closure rate at 18 months after injury, according to the NCCI.
By delaying reporting, employers shortchange their workers, which can affect employee morale.

The takeaway

When you become aware of a workplace injury, start the reporting process as soon as possible. The longer you wait, the costlier the claim likely will be and the more chance your injured worker will hire an attorney.

Establish a claims reporting protocol for all employees to follow. They should be required to immediately report any work-related injury, no matter how small. That includes first aid claims.

Put in place protocols to ensure that any injury report gets to your office’s point person so the next step can be determined. Let employees know that it’s in their best interest to report any work injuries and that you won’t retaliate for filing a claim.

If all employees are responsible for reporting injuries to their supervisor, every supervisor needs to know what their own responsibilities are, as well.

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

OSHA Proposes Changes to Injury, Illness Reporting Rules

Posted on May 7, 2022May 7, 2022 by BGESGroup

The Occupational Safety and Health Administration has revived a regulation that would change which employers have to file their injury and illness logs electronically, in particular increasing reporting requirements for companies in high-hazard industries.

The proposed regulations are similar to ones that were implemented during the tail end of the Obama administration, and that were ultimately rescinded after Donald Trump took office in 2017. The proposed regs would require increased reporting for certain employers, but the biggest worry among employers is that injury and illness information would be made public online, which they say could in turn yield public relations problems for some companies.

What’s on tap

The proposed regulations are out for public comment until May 31, 2022, and we are currently in a waiting game to see if the final version will differ much from the proposed rules.

Under current OSHA regulations, all employers with 10 or more workers must report injury and illness data using the agency’s Forms 300, 300A and 301. Additionally, establishments with 250 or more employees must submit information from the Form 300A Injury and Illness Log electronically every year.

The proposed rule would:

Require establishments with 100 or more employees in certain high-hazard industries to electronically submit information from their OSHA Forms 300, 301 and 300A to OSHA once a year.
Update the classification system used to determine the list of industries covered by the electronic submission requirement.
Remove the current requirement for establishments with 250 or more employees not in a designated industry to electronically submit information from their Form 300A to OSHA annually.
Require establishments to include their company name when making electronic submissions to OSHA.

The proposal doesn’t change existing requirements for establishments with 20 to 99 employees in certain industries to submit information electronically from their OSHA Form 300A annual summary once a year.

OSHA intends to post the data from the proposed annual electronic submission requirement on a public website after identifying and removing information that reasonably identifies individuals directly, such as their names and contact information. That means that employers’ injury and illness histories will become a matter of public record, searchable by anyone.

OSHA says changes will:

Allow it to better to identify workplaces where workers are at greatest risk from specific hazards, and to target its compliance assistance and enforcement efforts accordingly;
Improve the ability of employers to compare their own injury and illness data on hazards with the data from similar companies in the same industry; and
Improve the ability of stakeholders to make more informed decisions using recent establishment-specific, case-specific injury/illness information.

The takeaway

These proposed changes have yet to become permanent. Once they do, there is likely going to be a ramping up period before they take effect. OSHA needs to give affected employers time to adjust their reporting to comply with the new rules, so any compliance deadline will not take effect immediately.

After the public comment period on the proposed rules ends on May 31, OSHA will have to sift through the comments and make any changes.

The best thing you can do is to start reassessing and improving your incident management practices today. You’ll need reliable methods to ensure that you’re capturing and documenting all OSHA recordable injuries and illnesses, and maintaining accurate injury and illness records.

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 are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits; 9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

Spiking Materials Costs Imperil Apartment, Commercial Projects

Posted on May 7, 2022May 7, 2022 by BGESGroup

Construction firms are reeling from snowballing costs of building materials due to spiking demand and supply chain snarls that are resulting in massive budget cost overruns.

This is especially affecting construction businesses that are managing apartment or commercial projects. These cost overruns are imperiling profits вЂ” and risking red ink вЂ” on the projects after the contractors won carefully constructed bids.

Building materials and labor costs are going through the roof. According to the U.S. Census Bureau, construction costs spiked 17.5% year-over-year from 2020 to 2021, the largest increase in this data from year to year since 1970. And 2021’s costs were more than 23% higher than pre-COVID-19 pandemic 2019.

Many of the materials used in the construction of apartment and commercial buildings, including concrete, flat glass and steel products, are affected by volatile prices, with steel seeing a more than 123% increase in costs in the past year.

On top of that, labor costs have also risen due to a skilled labor shortage in the construction industry.

The fallout

With the prices of materials climbing rapidly, it’s easy for project costs to quickly exceed expectations and sink a project if those costs break the profit margin and force a loss.

To avoid this fate, construction firms need to be proactive and put in place procedures for dealing with materials cost increases, supply chain disruptions and a shortage of capable manpower. It could mean the difference between turning a modest profit or losing their shirt.

There are steps that contractors can take to avoid that fate. In an article on the website Construction Dive, Ripley Bickerstaff related what Hoar Construction, where he works as director of business development in Nashville, is doing to reduce the risks of price shocks and materials shortages so that builders can keep projects on track and in the black.

Verify materials

Bickerstaff recommends that for large orders, like 700 bathroom washbasins or 500 kitchen countertops, the orders are visually verified in person before they ship. That way, the builder can make sure that all of the items are built to specifications and that they aren’t faulty.

Inspecting orders well in advance of shipment can reduce the chance of faulty or improperly sized items and having to reorder new product. With the woeful state of supply chains, that could mean having to wait months for a replacement order.

Bickerstaff said that Hoar Construction, during a recent project for a 500-unit project, sent its employees to warehouses locally and in far-flung regions to verify various materials, including “light fixtures, flooring materials and drapes in Atlanta, countertops and balcony railings in Florida and balcony doors in Tennessee.”

“You have to walk in and actually make sure supplies work for the job and then have face-to-face conversations with production teams to ensure adjustments can be made in real time,” he wrote.

Don’t delay

Bickerstaff also recommends ordering items as early as possible, not just when needed. Due to supply chain issues, some items require a year lead time from order to delivery.

This way, you can lock in the price ahead of time. Even if it’s an item you’ll need for later in the project, considering the rapid pace of price increases, it’s best to order in advance so you avoid being hit with higher prices later. This can protect your profit margin.

Additionally, the general contractor should work with architects and designers of the project to identify which materials they should order and which ones make sense in the current cost environment. This can also give the builder time to shop around and find deals on similar or comparable items made of different materials to save money.

Contractors that order materials early will have to arrange for storage as well. So securing warehouse space should be a priority.

Secure your workforce, subs early

With demand for construction workers and contractors exceeding supply, general contractors have to get in line and book them early.

For example, in some markets, electrical contractors are booking projects as far as a year out. Builders should secure subcontractors in advance to give them time to book their crews and order the materials they’ll need.

“Many builders are now shooting to lock in 70% of costs prior to construction documents, which should minimize the chances of double-digit material price hikes after a developer closes their loan,” Bickerstaff writes.

The takeaway

Working on a large construction project now requires greater foresight and planning. You’ll need to price in factors you normally may not consider to ensure that you can meet your project budget and turn a profit.

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

The Types of Insurance a Small Business Needs

Posted on May 2, 2022May 2, 2022 by BGESGroup

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

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

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

Property insurance

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

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

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

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

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

Workers’ compensation

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

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

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

Commercial auto insurance

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

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

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

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

Liability insurance

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

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

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

The takeaway

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

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

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

Return to Work Not Just for Workers’ Compensation Claimants

Posted on March 19, 2022March 19, 2022 by BGESGroup

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

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

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

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

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

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

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

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

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

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

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

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

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

Setting up a return-to-work program

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

Having any of the Following Issues with Your Worker’s Compensation Policy? We Can Help You Solve Them!

Posted on March 8, 2022March 8, 2022 by BGESGroup

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

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

Workers Compensation refunds

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