In the 39 years we’ve been in business we come across a lot of different insurance agencies and brokers. Most are caring, well intentioned however quite a few are incompetent, order takers who write policies then forget you.

We want you to know our office offers “Boutique Service” where you deal with one person, the owner, who has 39 years experience, is text book and street smart. When you call in seconds you get him on the phone, your issues are dealt with immediately, he does not fee you to death and offers “IBM” service. In addition, he has 50+ insurance companies to shop your account with so you get excellent coverage at GREAT rates.

Questions:

1. How often does your broker come see and review policies with you? How often do they make coverage recommendations?                                —
2. Does he/she shop your insurance regularly or roll over your policies each year with the same companies?                                                              —
3. Do you like your broker, trust him/her?  The reason we mention this is because we’ve met quite a few brokers over our lifetime they know more than their customers but are idiots dressed in suits.  Hope we made you laugh!                                                                                                                     —
4. Who services the day to day on goings of your account?  Is it one person or do you get a different person each time?  Does your account get bounced from one person to the next?  Do you have to deal with a call center?   Alert: Most Customer Service Personnel are nice people but they have 50, 100, 150+ accounts to service so plenty of mistakes are made.   Our office on the other hand is like a “Rodeo Drive” boutique. You deal with the “Top Person” and never have to wait for anything!                     —                                                                                       
5. Does your broker have the right expertise for your industry?   For example, if you’re a New York Contractor who has their General Liability with a Surplus Lines insurance company, do you believe they know the policy exclusions, restriction, ins and outs of each policy form? Let us assure you these type policies are NOT written to pay claims so it’s very important they be designed by a “Construction Insurance Expert” and this person really knows what they’re doing.                                                                                                —                           
6. How easy is it to get them on the phone? I personally find it so annoying to call, get an answering machine, push buttons and leave a message.  Then with everyone working remotely, not hearing back from them for hours, days, sometimes ever.                                                             —
7. If you require certificates of insurance, how quickly do you get them back? Is it minutes, hours or days?  Do they often have mistakes? Do you have to pay a fee for each certificate?                                                                —
8. Do they fee you for everything?  Hundreds, thousands per policy?  For instance some organizations charge up to a 10% service fee to service your Worker’s Compensation coverage. That is a very high fee to add to a very costly coverage.

Well that’s it for this article! If you’re unhappy with your present agency/broker, please call 914-806-5853 and speak with Gary Wallach.  He is one of the most caring, helpful and knowledgeable brokers we’ve come across in a while. He is responsive, operates like doctors did in the 60’s that made home calls and had very personal relationships with their patients (client’s).

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.

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.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer mechanisms. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

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

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

All states set minimum coverage levels for drivers, but if you are involved in a serious accident, minimal coverage may not get you off the hook for the full extent of damages.

Your state’s goal is to make the required insurance affordable, but in many cases the established minimum coverage is not adequate to cover the liability costs if you are found to be at fault in a costly accident.

Even limits that are several tiers above the minimum may not be adequate for some drivers, because once those limits are exhausted, any remaining damages must be paid out of pocket.

This is important to consider as the cost of automobile claims has been rising rapidly during the past 10 years for a few reasons:

• More distracted driving has caused in increase in deadly accidents.
• The cost of medical care to treat injured people has skyrocketed.
• Modern vehicles have loads of expensive technology, which if damaged, is costly to replace or repair.

Bankruptcy is the first thought that comes to mind for people trying to avoid paying excess damages, but bankruptcy does not come without problems. It will probably hurt or even eliminate your chances of getting credit in the future; even if credit can be obtained, it will cost you a lot more and come with conditions.

Because the costs and lost opportunities that result from bankruptcy are significant, it’s not an option most people want to or should choose. For that reason, let’s instead look at your obligations and how to minimize your risk of having to pay for damages that could be covered by higher liability limits.

Consider the following example: You have an auto policy with a liability limit of $100,000. One afternoon, your cars brakes fail and you rear-end the car in front of you with very high impact, paralyzing the driver.

Once your limit has been paid by the insurance company, it becomes your obligation to pay for any further damages. In the example above, if the injured party is justified in asking for $3 million, your insurance company would pay the $100,000 for which you are covered, and you would then be expected to pay the remaining $2.9 million.

Alternatively, the injured party could take you to court, which could easily cost you hundreds of thousands in legal fees in addition to any judgment granted to the plaintiff. Even if you file bankruptcy at that point, if you have assets, you would have to pay what you have and possibly lose everything. Your wages also may be garnished to pay any judgment.

In any case, not having adequate liability, let alone minimum limits set by the state, is not really a solution.

What you can do

The smart choice is to opt for an auto policy with higher limits. Premiums in most cases are not significantly more for higher liability limits. Another option is an umbrella policy, which is available in increments of a million dollars that would cover liability for all the vehicles in your household for one low premium.

With such options available, why risk damaging your future with a bankruptcy or, worse yet, losing everything you own because you did not plan in advance to set up coverages that would protect you?

It doesn’t cost you anything to discuss the options with us. We can walk you through the various options for increasing your auto policy’s liability or secure an umbrella policy that would cover your entire household ― as well as other non-auto related liability claims, such as someone injuring themselves at your home.

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 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

Are Injuries on Commute or in Parking Lot Covered?

When employees are injured on the job, they are eligible for workers’ compensation benefits, but not if the accident occurs on their commute to or from work — in most cases, at least.

But how about if an employee is injured in your parking lot, or while running an errand for you after work? There are two rules that govern at which point a worker is eligible for benefits if they sustain an injury:

The ‘coming and going’ rule

Typically, workers’ comp benefits won’t be paid for injuries sustained during a daily commute. This is known as the “coming and going” rule.

Exceptions consider whether the worker’s travel was a benefit to the employer, and related to their job duties. There are four main exceptions:

1. No fixed work site — The employee travels to multiple job sites. If a worker travels to multiple sites in one day and gets injured en route even to the first one, injuries would typically be compensable.
2. Off-site work — This could include if the employee is injured while on a business trip. The worker is deemed to be acting in the scope of his or her employment the whole time while away on business, even at the hotel.
3. Special assignment — If during their regular commute the employee also is performing a special errand or “mission” for their employer.
4. Traveling worker — When an employee must travel in order to accomplish their job duties, the coming and going rule does not apply.

The ‘premises’ rule

If an employee is injured on the premises of your place of employment, they are more or less “at work” and should qualify for benefits.

Premises are not limited to areas owned or leased by the employer, and include areas under their control.

Various courts have held that employment starts when an employee arrives at a parking lot owned, maintained or used by the employer.

The takeaway

A recent case dealt with these issues. A worker was injured while driving to work inside an Air Force base, where his private military contractor employer operated multiple worksites. He was on the base, but still 3 to 5 miles away from his worksite.

A California appellate court ruled that he was eligible for benefits under the workers’ comp premises rule.

This and other cases show that there are off-site dangers to workers that employers cannot account for, particularly on public roads.

Still, other dangers on your premises — think icy walkways — can be minimized with proper risk management, by alerting your landlord (if you rent) if there are such dangers, or having it fixed if you own the property.

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

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

When you own a home, you may have extenuating circumstances and/or own property that your insurance may not cover.

There are a number of extra coverage options you can add on to your policy, which are known as endorsements.

They are essentially riders that you purchase separately but tack on to your homeowner’s coverage as a policy extension.

In fact, there may be risks in your home that you never thought of and that won’t be covered by your homeowner’s policy.

Here are five endorsements that you should be aware of, according to the insurance trade publication National Underwriter.

‘Additional Insured Residence Premises’ 

This endorsement is specifically for people who have an ownership interest in a property but don’t live there.

This could come in handy for you if you are helping your adult children out when buying a home and you want to protect your part of the investment should the house be damaged or destroyed in a calamity.

‘Other Members of Your Household’

This coverage is becoming more and more important as more people cohabitate.

While you may own a house and live with a boyfriend or girlfriend (not a spouse) and consider them a member of the household, the insurance company would not consider them insured.

An additional insured cannot be a guest, household employee, tenant or boarder. Whomever you intend to cover must me identified by name on the endorsement.

‘Other Structures Increased Limits’

Maybe you’ve built a new man cave – a small cottage in the back yard outfitted with a giant plasma TV, nice sound system and bar.

However, since it’s a detached structure, your homeowner’s policy will not likely cover the entirety of the loss, should it burn down or suffer some other damage or theft.

Besides sheds and your man cave, “other structures” can also include gazebos, patios, barbeque pits, swing sets and other items in your backyard.

Under the typical homeowner’s policy, other structures are covered at 10% of the policy limits. So if your home is insured for $200,000, your other structures would be insured for 10% of that – $20,000.

If you’ve got pricey stuff in your backyard, you may want extra coverage.

‘Mechanical Breakdown’

This endorsement was only issued for the first time in 2014 and it covers the mechanical failure of household appliances like: central air conditioning, central vacuums, chairlifts and elevators, electric vehicle charging stations, heating systems, including water heaters, home automation and security systems, saunas, hot tubs, therapeutic baths, swimming pool pumps and filtration systems, stoves, wall ovens, refrigerators, well-water pumps, and sump pumps.

The basic limit is $5,000, but you can buy higher limits.

‘Water Back-up, Sump Discharge/Overflow’

While your policy will cover damage from a sump pump back-up or overflow, it won’t cover the cost of a sump pump that breaks down. This endorsement will cover that.

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.

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.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer mechanisms. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

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.

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.

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer mechanisms. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

In the last month of the Trump administration, the Labor Department finalized a regulation to clarify for employers which workers are employees and which are independent contractors.

Because independent contractors are typically ineligible for employee benefits, businesses have an incentive to classify workers that way. The new regulation’s purpose is to make answering the question easier.

The regulation employs an “economic reality test” that courts have developed over the years. It asks “whether, as a matter of economic reality, the workers depend upon someone else’s business for the opportunity to render service or are in business for themselves.” This test considers two “core factors” and three additional “guideposts” to answer this question. The core factors are:

The nature and degree of control over the work—  Who sets the work schedule, the worker or the employer? Can the individual work for the employer’s competitors? Who selects the projects on which the individual works?

How much opportunity the worker has for profit or loss based on initiative and/or investment — Can the worker make more money only by working more hours? Can he or she vary their profit or loss by hiring workers or buying equipment or materials?

If the worker’s status is still unclear after answering those questions, the employer must consider the additional guideposts. These are:

The amount of skill required to do the work — Does the job require “specialized training or skill that the potential employer does not provide?” If so, the worker may be an independent contractor.

How permanent the relationship between the worker and employer is — The worker may be an employee if “the extent (of) the work relationship is … by design indefinite in duration or continuous.”

Whether the work is part of an ‘integrated unit of production’ — Is the individual’s work separate from the employer’s production process? According to one analysis, “this factor will turn on whether the individual works under circumstances analogous to a production line.”

Lastly, the rule states, regardless of what a contract between the two parties or a particular theory may hold, “the actual practice of the parties involved is more relevant …” If there is a conflict between a contract and reality, the Labor Department will emphasize what actually happens.

The takeaway

The new regulation is due to take effect on March 8, 2021. However, some believe that the new Biden administration will delay or even rescind it. One observer predicted that the administration would “look for ways to scrap it.”

Even if the regulation takes effect unchanged, its reach will be limited. Relevant state and local laws still apply. For example, California enacted a law in 2019 that applies a different test to the question of independent contractor status, one that many observers believe will result in more workers being classified as employees.

Whatever the regulation’s ultimate fate, employers should classify workers based on how much control they have over them. That, and not whether the employer gives the worker a 1099 tax form, will determine whether he or she is an independent contractor.

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

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages.  We help contractors set up proper risk transfer.  If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

Most business managers and owners are well aware of the threat of loss from outsiders, and they will install alarms, hire security guards and take other preventative measures.

But, most employers pay less attention to reducing the risk of theft by an insider. No one wants to believe that an employee will purposely defraud the company of money.

Most people want to trust their employees, and rightly so. But it only takes one bad apple to do significant damage.

Depending on the person’s position within the company, and the length of time the theft continues, substantial losses can result.

Business owners often have a tendency to believe that it can’t happen to them. Unfortunately, employee fraud is quite common.  Furthermore, no risk reduction measures can be guaranteed to keep it from ever happening or to detect every instance of fraud or theft.

What you can do

• Institute an anti-fraud policy – Many employers wrongly assume they don’t need to discuss insider theft, since their employees know it is wrong.
  But experts say a strong, written anti-fraud policy, published in the employee handbook and/or posted on employee bulletin boards, helps prevent insider theft.
  The written policy reinforces the employer’s intent to maintain an honest, ethical environment, as opposed to one where it is regarded as common practice to steal from the business.
• Ask employees to report suspected fraud – Honest employees will usually report fraud when there is a good policy for doing so. Provide guidelines and have a system in place for reporting fraud. Explain to your staff how they can report any suspicion of fraud or theft. Take all tips seriously and investigate them.
• Maintain a business climate of loyalty and trust – Expectations influence behavior. When you expect employees to steal, some are more likely to do so, reasoning that there is no point in behaving honestly if you are already suspected of being dishonest.

Maintaining an atmosphere in which employees feel trusted and valued, and are rewarded for loyalty, helps prevent insider theft.

• Encourage ethical business practices – The typical employee thief is often a first-time offender who rationalizes their behavior to avoid having to face up to their criminality.
  Employees who have a weak moral character are more likely to act on it in an environment where they see the business engaging in unethical practices. When the company promotes and rewards ethical business practices, the risk of insider theft goes down.
• Compartmentalize job functions – When the same person both approves and pays invoices, it is especially easy for a dishonest employee to submit bogus invoices and then pay them.  Compartmentalizing duties helps to prevent this type of scheme.
• Accountants should look for red flags – Among the methods accountants often recommend are accounting controls, frequent audits, and reconciliation of records. Make sure that accountants understand that you view the discovery of insider theft as an aspect of their duties and services.

The takeaway

To reduce the risk of insider theft, the employer’s position should be one of trusting employees in general not to steal, while at the same time being proactive about measures to help keep workers honest.

Most employees will never engage in schemes to defraud, but unfortunately, there are always some who will. The dishonest employees are often the very people the employer would be least likely to suspect.

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

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

Workers’ Comp Audit Mistakes: What to Look For

No company owner wants to undergo a workers’ compensation audit, but they are a fact of life if you run a business and have employees.

Unfortunately, many audits don’t go smoothly and sometimes your insurer may make mistakes. Missouri-based Workers’ Compensation Consultants, which helps employers through the workers’ comp audit process, recently listed the 10 most common audit mistakes that insurance companies make.

The list highlights a common problem and how you can detect the mistakes to avoid being stuck with a massive audit bill. Insurance companies allow you to review the audit with your broker. If you notice that you have received an audit bill that is obviously overstated, you should contact us.

Here are the things to look for when reviewing an audit by your insurance company:

Wrong class code – Misapplication of job classifications occurs in many workers’ comp audits. With hundreds of job classes to choose from, mistakes can happen. Talk to us and review your old policies to see if any of your class codes have changed.

X-Mod is changed – After your insurer finishes the audit, it will use the information to calculate your premium. When that happens, it has to include your X-Mod to get the right rate. But sometimes the insurer may use an incorrect X-Mod. Check carefully.

Subcontractors are counted – Sometimes insurers will include subcontractors as employees, which results in a new audit bill to account for the additional “employees.” But if they are genuine subcontractors, they should not be counted. Often, uninsured contractors will be included as employees. Make sure to use insured contractors only.

Disappearing credits – Most policies will have some sort of premium credits or other modifiers. Sometimes during audits, the insurer will remove them when recalculating the premium they think you owe. Watch out for missing credits and other modifiers if you get an audit bill, like:

• Premium discount
• Schedule credits
• Deductible credits
• State-specific credits

Audit worksheets missing – If the auditor fails to provide you with audit worksheets, which are used to compile your payroll and other audit information, you should ask to check their work. They will provide you with the information you need to carry out such a check.

Your rates changed – The rates you are charged at the beginning of your policy period must remain the same for the entire policy period. If your base rates have changed, the insurer may have made a mistake.

Separation of payroll – Depending on your industry, you may or may not be able to split your employees’ payroll between job classifications (like cabinet installers and sheetrock hangers). This is a pinch point when errors can occur. If the auditor says you are not allowed to split job classifications even though you have in the past, your audit may be in error.

Unexpected large premium due – If you get a significant bill for your insurance company after your audit, the auditor may have made mistakes, particularly if you know that your employment has remained relatively stable and you’ve had no significant claims, if any. If it seems out of whack, call us.

Payroll data doesn’t match – If there is a discrepancy between your payroll data and what you see on the audit, a mistake may have been made. Try to match the payroll on the audit with that generated from your accountant. If the insurer made a mistake, you could end up paying for phantom payroll numbers.

No physical audit – There are three types of audits:

• Mail audit
• Phone audit, and
• Physical audit

The mail and phone audits are prone to errors since neither you nor your staff likely have any experience in premium auditing. If you have a big bill after a mail or phone audit, mistakes could have been made.

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

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group

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

Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.

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

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2021 – BGES Group