Questions To Ask…Things To Know:
- Is your liability policy preventing you from getting jobs? Lots of contractors are unaware of how bad their liability policy’s are. There are brokers selling these policies and in our opinion they are doing an incredible disservice to the construction industry. How many of you work with general contractors, owners? Are they asking you to sign contracts? Do you know if your policy covers what they require in their contract? Let’s face it most insurance companies do not want to pay claims and their policies are designed to do just that. Is your policy one of the real lousy ones?
- Is your insurance agency “Construction Specialists” or “Generalists?” Do they insure tens, hundreds of contractors or just a few? Ever ask? Working with a “Generalist” can be hazardous to your wealth. The exclusions, restrictions and special forms included in policies are designed to “PROTECT THE INSURANCE COMPANY.” For example, “Blanket Additional Insured” may not cover all parties you agreed by contract to insure. You find out when there’s a claim. “We” know how to protect YOU!
- Are your liability policies through a “Surplus Lines” or “Main Street” carrier? “Main Street” is better however these type carriers won’t insure most New York contractors. The way you may be able to get insurance thru one of them is by using their “Preferred Agents.” We happen to be “Preferred Agents” for several of them and can get the job done when others can’t. For example, we reduced a Queen’s contractors insurance from $397,000 to $193,000. That’s over a $200,000 savings! —
- For New York contractors there are programs that only a few select agencies represent. These programs offer better pricing and coverage. If you are paying over $75,000 for your liability policies it’s important to have access to these programs. Due to our size, reputation and experience we are appointed with just about all the programs and can give you access to them.
- Use subcontractors? Under your liability policy(s) what are the conditions for your subcontractor insurance? In compliance with them? Most aren’t that is why it’s important your agent help you screen their policies. Because construction is our specialty we have a whole department set up to screen client subcontractors. Very important! —
- You sign plenty of contracts. Does your agency help review contracts to make sure you’re in compliance with their insurance requirements? We have a department set up to help clients with contract review. One missed coverage can cause a payment issue or uncovered claim. Very important!
- Let’s take a break from discussing liability insurance. Let’s talk about Workers’ Compensation. Have employees who work out of state weeks at a time? Are you insured through a state plan? If so, there’s a good chance you WILL NOT have proper coverage for a claim occurring out of state that is filed in that state.
Example: You are a contractor who takes a job in New Jersey. Job lasts 5 weeks. You have coverage through your state’s plan. Employee sustains a back injury. He hires an attorney and files claim under New Jersey workers compensation laws. Most likely your plan will deny claim or only pay according to your states benefit laws. Can you afford $50,000, $100,000, $250,000+ out of pocket? Do you want to deal with his attorney for years and the financial drain it will cause?
Note: many contractors who work out of state are faced with this problem and do not even realize it. We have a GREAT solution.
- Worker’s Compensation Recovery – Would you like to get money back from your past seven (7) year carriers? Could be tens of thousands of dollars! We can review your policies and if we find mistakes, get you money back. We do not charge any up front fees for this service. We work on a contingency fee basis. You just sign three documents and we do all the work! This should be a no brainer. —
- Bonding – Is your insurance agency “Bonding Experts?” Have a “Bonding” Department? Do they represent the TOP bonding carriers? Do they have relationships with bonding carriers dating back 50+ years? If you need higher limits, better rates, less hassle, better service, it’s important you deal with OUR bonding department. —
- Business Auto Policy – Unhappy with your rates? Looking for ways to lower them? We represent all the TOP carriers for construction auto insurance needs.
Okay that’s it for now! Hope we gave you some valuable information. A new avenue you can pursue. We are really good at what we do. In 2021 it’s not a bad idea to be with an organization that specializes in construction. By doing so you will be better protected and save money.
Now read about BGES Group and keep us in mind for ALL your insurance needs.
About Our Agency:
- We are construction insurance specialists.
- Been insuring contractors since 1981.
- Do $200 million in business.
- We have “Main Street” programs for New York City contractors (we cover NY, NJ, CT) that just a handful of agencies have.
- We have purchasing leverage and can get you excellent rates.
- On any given day we have a great pulse on the market place. If there is a new program out there that you can benefit from we will find it.
- We have a program to screen all your subcontractor’s insurance policies so you don’t have to do it.
- We offer Property, General Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Workers’ Compensation, N.Y.S. Disability, Group Health and Personal Lines (Homeowners, Personal Auto, Personal Umbrella, Boat, Jewelry, Fine Arts) insurance policies.
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.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
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