Cyber Insurance Policy

With reports of cyber criminals increasingly focusing on smaller companies for targeted attacks, now more than ever businesses that store sensitive data need to consider how they protect their information systems.

And while you can install firewalls and take other precautionary measures, should an attack occur, you will be left facing untold costs and possible fines and lawsuits by those whose data may have been exposed. One way to protect your company is by securing a cyber liability policy.

But what does a cyber policy cover, and why should you get one? You may think an attack may never target your firm, but if it does and you are without insurance coverage, you may be sorry you didn’t act.

The following are the top 10 reasons for buying a cyber liability policy:

1. Data is a very valuable asset

Your data is almost certainly worth many times more than the physical equipment that it is stored upon.

Yet most business owners do not realize that a standard property policy would not respond in the event that this data is damaged or destroyed. A cyber policy can provide comprehensive cover for data restoration and rectification in the event of a loss, no matter how it was caused and up to the full policy limits.

2. Systems downtime is not covered by a business interruption policy

If a cyber attack, computer virus or malicious employee brings down electronic point-of-sales software or other important electronic functions, a traditional business interruption policy would not respond.

Cyber insurance can provide coverage for loss of profits associated with a systems outage that is caused by a computer virus or denial-of-service attack.

3. Cyber crime is the fastest-growing type of crime

Thanks to the internet, your business is now exposed to the world’s criminals and is vulnerable to attack at any time of the day or night.

Phishing scams, ransomware, identity theft and telephone hacking are all crimes that traditional insurance policies do not address. Cyber insurance can provide comprehensive crime cover for a wide range of electronic perils that threaten your financial resources.

4. Your company can be held liable if it loses third party information

Non-disclosure agreements and commercial contracts often contain warranties and indemnities in relation to data security that can trigger expensive damages claims if a breach occurs.

Also, consumers file suit after businesses lose their data. You can also be subject to fines for not acting quickly and notifying clients whose data may have been breached.

A cyber liability policy can help protect against these various costs.

5. Businesses face severe penalties if they lose customer credit card data

Global credit card crime is worth over $7.5 billion a year, and increasingly this risk is being transferred to the retailers whose customers’ credit card data is breached.

Under merchant service agreements, compromised businesses can be held liable for forensic investigation costs, credit card reissuance costs and the actual fraud conducted on stolen cards.

These losses can run into hundreds of thousands of dollars for even a small retailer. Cyber insurance can help protect against all of these costs.

6. Complying with breach notification laws costs time and money

Breach notification laws generally require businesses that lose personal data to notify individuals that were potentially affected.

Customers who have had their data compromised expect openness and transparency from the businesses they entrusted it with. Cyber policies can cover costs associated with providing a breach notice, even if it is not legally required.

7. Your reputation is your top asset, so why not insure it?

Although there are certain reputational risks that can’t be insured, you can insure your reputation in the event of a security breach. When your systems have been compromised, you run a risk of losing the trust of your loyal customers, which can harm your business far more than the immediate financial loss.

Cyber insurance can not only help pay for the costs of engaging a PR firm to help restore this, but also for the loss of future sales that arises as a direct result of customers switching to your competitors.

8. Social media claims are on the rise

What employees say on behalf of the company on social media can be a liability if posted carelessly. A cyber policy can cover claims arising from leaked information, defamatory statements or copyright infringement.

9. Portable device loss or theft can expose your firm

A laptop left on a plane, a smartphone stolen in a restaurant or a USB stick going missing are all examples of risks that can open your company up to data theft or stolen intellectual property.

Also, the devices themselves are being targeted, with a growing number of viruses being built just for them.

Cyber insurance can help cover the costs associated with a data breach should a portable device be lost, stolen or fall victim to a virus.

10. Small firms are increasingly being targeted
While the large-scale attacks in the news often involve big companies, small firms are also at risk and often don’t have the financial resources to get back on track after a cyber attack or other kinds of data loss.

According to Symantec’s “The Threat Landscape in 2021” report, the fastest growth area for targeted attacks is on businesses with fewer than 250 employees, accounting for 31% of all attacks.

A cyber liability policy can help protect smaller companies against the potentially crippling financial effects of a privacy breach or data loss.

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, Workers’ Compensation, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group

The Monday morning surprise the term for when an employee approaches you on the first morning of the working week to report an injury he or she sustained at work on Friday can be a dreaded situation for an employer.

Nearly all organizations face this at some point and the injury report is likely to trigger an agonizing chain of events, according to a report by the Society of Human Resource Management.

The Monday morning surprise comes with several questions. Is the injury truly work-related?

Could it be a case of cumulative effects? Was this an injury sustained over the weekend, on the employee’s personal time? Do you have evidence to prove it?

The injury could be legitimate (especially if it involves the musculoskeletal system) or due to cumulative exposure, but employers should be wary of instances where an employee clocks out of a shift on Friday with no reported injury and returns on Monday with an injury.

That’s a red flag for workers’ comp fraud.

What not to do

Workers’ compensation fraud experts recommend that you do not:

• Spy on employees If the employer plays investigator and creates a Big Brother atmosphere of spying on workers, especially when they’re injured, a huge divide in trust is created between employees and managers. When a supervisor functions as a spy, employees are quick to notice and feel devalued.
• Have employees sign a no-injury pledge While the intent may be positive, to eliminate work-related injuries and illnesses, such an agreement discourages early reporting and could deter a worker from reporting an actual injury that gets worse over time.
• Restrict employees’ personal activities The range of activities outside of work that could be deemed too risky for employees is impossible to define, and is not legally defensible. An employer who tries to dictate employees’ personal lives will end up with disgruntled workers.

What you can do

First you should put a policy in place that all workplace injuries should be reported to management on the day they occur. That way, the employer can investigate immediately and talk to other staff that may have witnessed the event.

The more time that goes by, the less likely that witnesses will remember anything pertinent to the claim investigation.

As you gather the facts on your injured worker, be sure to address how and when the injury occurred. Did they cite a very specific incident, or was it a gradual onset that worsened over time? If it was gradual, how long ago did the symptoms start? Did the pain stay in the same location, or is it moving around into extremities? Is it worse now after some rest or is it feeling better?

You should ask the employee why they are only reporting it on Monday, instead of Friday when the injury occurred. Often it could be an honest mistake.

Perhaps they told a supervisor who didn’t kick the information to management. Or perhaps they didn’t report it because they didn’t want to go to a clinic and thought they’d feel better after the weekend.

But the biggest violation may not be the employee’s fault, it could be yours. If they did not know they were supposed to tell you about a near-miss or incident-only injury, that’s due to poor communication on your part. Workers need to know that should any incident happen, they are required to report it.

End-of-week employee injury statement

One way to address the Monday morning surprise is to develop an “End-of-Week Employee Injury Statement.”

Your accounting department can attach something like the following statement to each employee’s paycheck:

I have not received or witnessed any injury during the course of this week’s work with [Employer Name Here.]

Employees would be required to complete the form, sign it and return it to their supervisor.

The benefits of such a reporting program include:

• Employees reporting workplace injuries in a timely manner.
• Improved management-worker communications.
• Strengthened accident prevention and employee safety.
• The ability to reconcile injuries that have occurred and to alert supervisors and management of hazardous conditions and unreported injuries.
• The identification of witnesses who should be interviewed during accident investigations.

It should be noted, however, that the use of an end-of-week statement would not be defensible against a claim for benefits at the Workers’ Compensation Appeals Board, but it could be used to establish the condition of the employee leading up to the at-work injury.

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, Workers Compensation Insurance, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group

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Looking for a New Workers’ Compensation &/or Payroll/Workers Compensation Company That Offers “Great Coverage,” “Better Rates,” “Great Expertise” and “Great Service?”  We Offer Quality Programs for Auto Service, Construction, Limousine Services, Truckers Just About all Industries!  Call Gary Wallach at 914-806-5853 for Help Today! 

P.S. With Some of Our Plans You Can Purchase Your Group Health Coverage!  Doing So Affords You Lower Rates, Better Coverage Access To Larger Provider Networks!  Call Gary Wallach at 914-806-5853 for Help Today! 

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The Pros and Cons of Professional Employer Organizations (PEOs)

Professional Employer Organizations (PEOs) earned over $20 billion in gross revenues in 2022.  Their clients, primarily small businesses with fewer than 20 employees, outsource to the PEOs the responsibilities for payroll administration, employee benefits, workers’ compensation, human resource management, and related operations. Businesses trying to reduce costs and focus on growth may find PEO’s to be an attractive option. It is an option, however, that comes with advantages and disadvantages for both employer and employee.

The National Association of Professional Employer Organizations (NAPEO) cites a number of benefits from PEOs. The benefits for employers include:

• Access to professionals with expertise in human resources, payroll, risk management, and employee benefits.
• Assistance with labor law compliance.
• Professional claim management.
• Reduced and controlled administrative costs.
• Professionally written employee handbooks, policies, and procedures.
• Relief from some employment-related liabilities.
• Reduced workers’ compensation costs resulting from improved workplace safety.
• Reduced health insurance costs, better coverage, larger provider networks due to group purchasing power.

Employees may also benefit from PEOs in several ways.

• Access to benefits that might not have otherwise been available, such as 401(k) plans, cafeteria plans, insurance, and credit union membership.
• Timely and accurate paychecks.
• Protection under federal labor laws.
• Improved communication among and between employees.
• Employees who move from one PEO to another do not necessarily lose eligibility for benefits.
• Efficient and timely claim processing.
• Assistance with employment-related issues.

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We Specialize at Offering Payroll/WC Through Professional Employer Organizations!  Looking for a New Company That Offers “Great Coverage,” “Better Rates,” “Great Expertise” and “Great Service?”  We Offer Quality Programs for Auto Service, Construction, Limousine Services, Truckers Just About all Industries!  Call Gary Wallach at 914-806-5853 for Help Today! 

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PEOs carry some risks. A poorly managed PEO firm may mishandle payroll and benefits or may go out of business, leaving the client with its obligations. The employer may also be legally liable for the actions or inactions of the PEO.  For example, if the PEO firm fails to comply with regulations, it may be the employer who bears ultimate responsibility. Also, the employer has a co-employer relationship with PEO. The PEO has say over who gets hired.  To date, we rarely if ever have seen this to be an issue.

Employers who decide to use PEOs should carefully evaluate the firms it considers. The financial stability of the firm and of the insurance companies providing its benefits are a major consideration, as the failure of either may leave the employer with unfunded obligations. The firm’s experience in the employer’s industry, track record of success, and safety record are also important. Another consideration is the range of benefits the firm offers; a plan that does not meet the employer’s needs will not be worth the expense of hiring the leasing firm.

PEOs is a big step and not one to be taken lightly. Employers must weigh the upsides and downsides of leasing and make decisions that is best for their employees and their businesses.

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, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group

Save on Workers’ Compensation Costs by Keeping Losses Low

In 2008, U.S. employers reported 3.7 million nonfatal occupational injuries and illnesses, according to the U.S. Bureau of Labor Statistics. While this number was down from the prior year, it still shows that workplace safety must be a priority for employers. When workers get hurt or sick on the job, productivity suffers, the employer becomes less attractive to the other employees, and managers’ attention shifts away from growing the business. Preventable accidents also hurt the bottom line in another way — they eventually raise workers’ compensation costs by increasing the employer’s experience modification factor.

The experience mod is a number calculated by the workers’ compensation rating bureau in the employer’s state. It’s a reflection of how the employer’s loss history for the prior three years (not including the current year) compares to that of an average employer in the same industry. It takes into account the size of the employer’s payroll for those years, and the number and severity of its losses. The formula penalizes an employer more so for frequent losses than for expensive ones. For example, an employer with 10 losses of $3,000 each will have a higher experience mod than will a similar employer with one loss of $30,000. The insurance company must, by law, multiply the employer’s workers’ compensation insurance premium by the experience mod factor; a factor of less than 1.0 reduces the premium, while a factor greater than 1.0 increases it. Therefore, it makes financial sense for employers to take steps to prevent frequent on-the-job accidents.

There are several things employers can do to improve their accident records and save on their workers’ compensation premiums.

* Management should make workplace safety a top priority. The things that are important to managers become important to workers. Provide continuing training to workers on job site safety and enforce safety requirements.

* Obtain and review publications about the industry from the U.S. Occupational Safety and Health Administration. These publications provide practical recommendations for preventing injuries. For example, the “Construction – Hand and Power Tools” category has a document titled, Safeguarding Equipment and Protecting Employees from Amputations.

* Keep the work environment clean. This reduces the risk of employees contracting airborne illnesses; eliminating clutter makes trip-and-fall accidents less likely.

* Maintain machinery and equipment in good working order. Check it regularly for safe operation.

* Institute programs to keep the workplace drug and alcohol free. Within legal parameters, test employees for drug and alcohol use.

* Review loss information from insurance companies. Look for trends in the types of losses that occur. They could indicate dangerous work procedures, incentives that cause employees to rush, defective tools, or another factor in need of correction.

* Take advantage of the expertise in the insurance company’s loss control department, particularly if the company specializes in insuring businesses in that particular industry. They can recommend measures that have proven to work for similar businesses.

* Monitor employee morale. Unhappy workers can become careless or slipshod in their work. Take steps to improve morale and to deal with employees who may be causing problems.

* Review the experience mod worksheet with the firm’s insurance agent. Ensure that the insurance companies have accurately reported all losses to the rating bureau. Ask to have errors corrected, and follow up with the agent until it happens.

* Require employees to report all injuries, no matter how minor they appear. Make sure that injured employees receive prompt medical attention.

No one benefits when employees get hurt on the job. With focus and effort, employers can make workplace injuries less frequent and less severe. That will make their businesses better places to work and add hard-earned dollars to the bottom line.

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, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group

As Risks Rise, You Need a Commercial Umbrella

As a responsible business owner, you no doubt make sure that you are properly insured for any liabilities resulting from damage to other parties.

But, imagine the following scenarios:

• What if a visitor trips and falls at your business, breaking a leg and is unable to work for a few months while they recover?
• What if a customer suspected of stealing later proves his innocence and sues for defamation of character?
• What if one of your employees, driving a company truck, rams into a passenger car severely injuring some of the occupants?

The costs of a large financial settlement could surpass the primary liability limits of your existing insurance policies, leaving your business responsible for the rest of those costs. And a high-cost accident or lawsuit could potentially put your company out of business.

To avoid any of these scenarios, it’s wise to carry a commercial umbrella policy, which will essentially pick up where your primary insurance leaves off — or runs out.

All of your policies have limits. Once those limits have been breached, the other party can sue and go after your firm’s assets. Breaching those limits is getting easier due to the increasing prices of vehicles as well as health care costs, should the other party suffer physical injuries.

An umbrella policy will also cover you for liability for which there is no primary insurance, or when a primary policy includes an exclusion that the umbrella policy doesn’t.

Unfurling the umbrella

An umbrella policy will kick in after limits are breached for:

• Commercial general liability (bodily injury, property damage, personal injury, defense costs and attorney’s fees, limited contractual liability).
• Business owner’s liability.
• Business auto liability.
• Employer’s liability.

Most umbrella insurers require you to purchase primary insurance coverage before selling you an umbrella policy for example, general liability insurance, auto liability insurance, workers’ compensation or employers’ liability insurance.

Umbrella policy limits may range from $1 million to $10 million, depending on the policy and the insurance company underwriting the policy.

Excess liability

If your company operates in a business area that has potentially higher liabilities, you can secure an excess liability policy that kicks in after the umbrella policy is breached.

This coverage provides extra liability limits over an umbrella policy. It typically follows the terms of the first underlying insurance policy.

Higher limits may be necessary for businesses with high loss potential, high profile, sizable sales, numerous assets, large auto fleets, a worldwide presence, and/or significant public exposure.

The takeaway

Every business is at risk of being sued at some point, and some companies see more litigation than others. It’s important that you carry the appropriate amount of liability coverage to account for the most common risks your business may face.

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, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group

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

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

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

The importance of payroll records

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

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

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

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

Avoiding temptation

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

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

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

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

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

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

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

BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group

Standard auto, homeowner’s and boat insurance policies cover liability a person may have for injuries or property damage suffered by someone else. Insurance companies design them to cover accidents for which the insured person may owe tens or even hundreds of thousands of dollars. However, sometimes the person may be responsible for an accident so catastrophic that the damages are $1,000,000 or more. To cover financially devastating events like these, insurance companies offer personal umbrella policies. These policies provide additional protection when an accident uses up the amounts of insurance provided by the other policies. They may also cover some types of losses these other policies do not cover.

There is not a “standard” umbrella policy; each company’s offering will be different. Therefore, it helps to have a checklist of considerations when evaluating a policy.

First, identify those things that could expose you to a catastrophic loss. How many cars do you own? Do you have inexperienced drivers in your household? Household attractions like swimming pools, trampolines, and swing-sets present an exposure to severe losses. Boats, like cars, can cause serious injuries and damage if the operators are inattentive, intoxicated, or inexperienced.

Next, identify other exposures you may have that do not involve potential physical injury or illness or property damage or that might require different coverage. Do you or any members of your family participate in social media Web sites or online discussion forums? Does anyone coach a youth sports team, belong to the governing board of a non-profit organization, write computer code as a hobby, or give music lessons? These activities present different exposures to legal liability.

Review your insurance policies. How much will your auto insurance pay for injuries to one other person? How much will it pay collectively for injuries to more than one? How much will it pay for property damage? How much will your homeowners policy pay for your personal liability for an accident? Does it cover any business activities? Does it cover family members accused of slander, libel, or defamation of character in online postings? Does it cover you for allegedly causing mental anguish to a kid who didn’t get much playing time on a team you coached, or trouble caused by a computer program you wrote? How much will your boat-owners policy pay for your liability for boating accidents? The answers to these questions will tell you where an umbrella policy can help.

For example, if your auto policy will pay up to $250,000 for injuries to one person and $500,000 for injuries to multiple people, an umbrella with a $1,000,000 limit will give you insurance equaling $1,500,000 for injuries to two or more people. If your homeowners policy will pay up to $300,000 for your liability, the same umbrella will afford $1,300,000 if someone gets seriously hurt at your home. The umbrella limit of insurance also applies on top of the limit on the boat policy.

In addition, the umbrella may cover things like volunteer activities, statements made online, and certain business activities that a homeowner’s or auto policy might not cover. Normally, the insurance company will require you to pay a deductible amount (such as $250 or $500) before it will pay for a loss that one of these other policies does not cover.

A professional insurance agent can help you sort out what your current insurance does and does not cover and what additional coverages an umbrella will provide. It is important to compare all the coverages the policies provide and not just their prices. Fortunately, catastrophic accidents are extremely rare, but having an umbrella policy when they happen can make it easier to get through them.

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, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group

Insurance Checklist for Home Buyers

There are many different issues to consider when looking for the perfect home to purchase. One of the most overlooked issues is insurance coverage. However, it is one of the most important aspects about home ownership. It’s essential for those who are shopping for a home to factor in the cost of insurance. Before going out to look for a home, consider all of the expenses the purchase will incur. There are several other things to do before preparing to sign the final documents.

Get A Credit Report

Everyone is entitled to one free annual credit report. It’s important to review the report for inaccuracies and derogatory information. Dispute any inaccuracies immediately. If a creditor can’t verify a debt, it will be erased from the report. Having good credit makes it much easier to obtain a good interest rate. Good credit also helps individuals qualify for an insurance discount. If a credit report isn’t good, it’s important to take the necessary steps to improve scores and eliminate derogatory information.

Get Renters Insurance

Anyone who is shopping for a home but is currently renting should get renters insurance. It’s important to keep this coverage until a home is purchased. Renters insurance provides protection for renters from the liability of injuries sustained by others while they’re on the property. It also awards compensation if personal belongings are stolen or destroyed.

Research The Nearby Fire Department

One factor affecting insurance that most people don’t think of is the nearby fire department. If the location has permanent staff and has high ratings, the home will cost less to insure. Homes that have nearby fire hydrants also cost less to insure. Adequate water supply, trained firefighters and ample equipment are all important aspects of determining home insurance rates.

Consider Natural Disasters & Bad Weather

Although homes along the coastlines are more desirable, they’re more expensive to insure than inland homes. It’s important to plan on a windstorm or hurricane deductible for a home on a coastline. This amount is not a flat cost. It is a percentage of the estimated cost to rebuild the structure if it is destroyed. These percentage variables usually differ from one state to another. Even if the home is located in a state that doesn’t have a coastal border, it’s important to consider other natural disasters. Flooding and earthquakes are important issues to consider. Be sure to investigate the area’s history of flooding and earthquakes. Keep in mind that these coverage options must be purchased separately.

Know The Home’s Age

While older homes have their own unique beauty, they’re more expensive to insure than newer homes. Since some of the ornate features of older homes are more difficult to replace, the insurance premiums are higher. In addition to this, their plumbing, electrical or gas systems may be old enough that they’re considered risky. If this is the case, they result in a higher insurance premium.

Consider Swimming Pools & Other Features

Homes with swimming pools usually cost more to insure. Since a swimming pool is expensive to replace and poses a safety risk, it is considerably more expensive to insure a home that has one. Hot tubs, saunas and any other features that may pose a liability issue require careful planning for insurance. It may be best to purchase an umbrella policy to ensure liability protection.

There are several other things to consider when looking for a new home. For example, a roof that is new can positively affect insurance rates. However, an older roof that needs repair will cost more to insure. Homes that aren’t up to code also cost more to insure. It’s important to speak with an agent before agreeing to purchase a home. Agents are happy to look over the property’s details to determine how much of a risk the home is. When the time comes to purchase the perfect home, an agent can help arrange ample insurance coverage for the future.

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, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group

Everyone is responsible for the disaster preparedness of their own households. Business owners and executives, however, have additional responsibilities. Not only do they have to get their house in order, but they are also responsible for hardening their own businesses to continue to operate despite a local disaster – and to facilitate the recovery of the business, for the sake of investors, customers, employees and vendors.

Here are some basic tips those in executive positions can take to ensure the survival of a small business in the event of a disaster.

• Create a written disaster preparation and recovery plan. This document should be in hard copy in your office, and emailed to new workers, so that they can access the plan even if your offices don’t exist.
• Inventory on-site first-aid kits and other emergency supplies.
• Secure data offsite. What will happen if your servers are destroyed in a flood or fire at your office? If your business would be damaged, it’s time to arrange to back up your files at a remote location, or on the Internet.
• Designate an alternate meeting site. What happens if your office is suddenly destroyed or inaccessible? Your employees should know where to report for work. Managers should have a roster of phone numbers.
• Arrange for alternate facilities. You may need to arrange new office space or warehouse space in a hurry. Have an alternate location already scoped out.
• Get a generator. Don’t count on waiting until disaster strikes to get one. There will be a run on supplies. Ensure the generator has enough output to power your key equipment, whatever it is – be it computers, printers, and refrigerators (The cost of one generator big enough to power your refrigerator or freezer can pay for itself many times over in preventing food spoilage for those in food service businesses).
• Name responsibilities. Who will come to the office prior to a hurricane to put up storm shutters? Who will be available to come fill and place sandbags? Who can clean up if there is severe damage, and when? Remember that your employees will have conflicting loyalties. Some may be having difficulties preparing their own homes and families. Others may be members of the National Guard, and may be mobilized for disaster response. Take this possibility into account.
• Audit your insurance coverage. Lay out all your policies and make sure they cover the possible hazards, and that the amount of insurance reflects your needs. Double check flood coverage. Most regular insurance coverage doesn’t cover floods.
• Double check key person life insurance and disability insurance coverage. The same disaster that disrupts your business could disable or kill key people, and cause severe disruption to the rest of the business as well.
• Consider business interruption insurance. These policies help companies by providing a cash benefit to keep them going in case of a temporary closure. Can you make your payroll for a month or two while you get your business back on its feet after a disaster? If not, you may need business interruption insurance to avoid going bankrupt, or to retain valued employees while your business has shut down.
• Have a public relations plan. Designate a spokesperson for the company. Reach out to the local media with your recovery story. Don’t let people get the impression your business closed – particularly if you have to relocate. This could be a fatal blow, even if you do everything else right.
• Diversify your telephone systems. Hurricanes and other disasters may knock out Verizon phones but not AT&T service, and vice versa. It can take time before workers can repair towers or reroute signals. By ensuring your workers have different cell providers, you can spread the risk out, so that your ability to communicate by cell is not wiped out by the loss of any one cell tower.
• Make a note of this phone number: 1-800-659-2955. It’s the phone number to the federal Small Business Administration. The SBA provides low-interest loans to qualified small businesses affected by disasters to help them keep running through a disaster and its aftermath.
• Copy your tax returns and other key documents. Keep them online somewhere. Keep hard copies in a fireproof safe or deposit box offsite – preferably 100 miles away or more. If you live on the coast, keep it inland. If you live in a flood plain, keep it up hill. Identify your hazards, and don’t expose your valuable assets and papers to the same hazard in two different locations.

Above all, though, use your judgment, critical thinking skills, and work through the different contingencies that may affect your business. All businesses are different, and one business may have different needs than other business next door. For example, when Hurricane Katrina was menacing New Orleans in 2005, many nursing homes and other health care providers had difficulty evacuating their patients and residents. In some cases, low-paid staff didn’t show up for work – they were busy evacuating themselves or their families. If you rely on low-paid staff that takes the bus to work, don’t expect them to be available immediately prior to a hurricane, for example, unless you make and communicate arrangements in advance. For more information, visit Ready.org/business, which has a variety of tools and planning tips for business owners and executives.

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, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group

Every construction site needs a storm preparedness plan to ensure a safe environment during hazardous weather. It is important to take the necessary time to develop a good plan several months before the storm season begins. Contractors and builders lose millions every year during storm season because of a lack of preparedness. A plan can be executed in just a couple of hours, and the investment is very small. When comparing the invested amount to the possible losses, it is easier for any contractor to get started with making a plan. The following checklist should be completed far before the start of the storm season.

Storm Preparedness Checklist

1. Clean the construction site daily.
2. Take photos of the site daily to record project progress before a storm might hit.
3. Order crew leaders to complete current jobs before starting new ones.
4. Complete regular maintenance for electrical and mechanical equipment.
5. Maintain an adequate number of sandbags or water detention devices.
6. Secure all staging areas and trailers one month before the storm season begins.
7. Small items that could be blown or washed away should be stored in buildings.
8. Include subcontractors’ supplies, property and personnel in the plan.
9. Ensure all electronic devices have battery power supplies.
10. Give the emergency power generator system a checkup and tune-up.
11. Check all of the batteries in emergency exit signals and emergency lights.
12. Stock offices with emergency kits, flashlights and other safety gear.
13. Buy enough bottled water to last all site workers at least five days.
14. Make sure there are always enough office supplies to last several days.
15. Keep important documents in a safe place where water cannot damage them.
16. Educate key workers about what steps they must take if there is an oil spill.
17. Provide employees with phone numbers for all state and local emergency agencies.
18. Give all workers specific assignments to help execute the plan.
19. Develop a system to inform workers about when to come back to the site.
20. Carefully review the building insurance policy for storm damage details.
21. Find out how many extension days the contract allows for weather interruptions.
22. Post the completed plan in a location where it is easy for all workers to see.

Action Plan
After the preparedness plan is in place, it is important to develop the plan of action. Workers should understand the difference between the two plans, and they should know that the action plan is only implemented when a severe storm is imminent.

1. Personnel must assess and clean the site to remove debris or hazardous objects.
2. Dismount and secure all scaffolding.
3. To prevent damage from sand accumulation, protect underground drains and pipes.
4. If there are scheduled deliveries, postpone them for at least two days.
5. Disable all of the power lines, and remove the temporary connections.
6. Any hazardous or contaminating materials should be covered and secured properly.
7. Secure and cover every window or glass feature with storm shutters.
8. If time allows, booms can be laid down, or the load line can be hooked to a low point.
9. If dumpsters cannot be removed from the site, cover and secure them.
10. If there are any open excavations, close them to prevent water from accumulating.
11. Disassemble every temporary structure or fence that might be swept up by the wind.
12. Make sure all catch basins and storm water inlets are free of debris.
13. Secure all of the heavy equipment in a safe area.
14. Designate crews for the shifts, relief, cleaning and standby.

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, Worker’s Compensation Premium Recovery, 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.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2022 – BGES Group