Many New York Contractors pay up to 40% of receipts for their Commercial General and Umbrella Liability Policies!
Many knowingly or unknowingly go without “Labor Law” coverage because it cuts their liability premium by up to 65%!
Larger contractors carry “Labor Law” coverage because if they don’t they won’t be able to bid on certain jobs and their client’s will stop doing business with them.
When you throw in Property, Inland Marine, Bonds, Business Auto, Worker’s Compensation, Professional Liability, Pollution Liability and Group Health coverages, contractors may pay over 50% of receipts to insurance companies!
So what can YOU do to pay less?
The first step is to get organized. It is shocking how many contractors do not have a file with all their past liability policies. We would say 75%+ of contractors can’t find past policies!
Use subcontractors? If so, maintain updated certificates of insurance for each one? Do you have signed “Hold Harmless and Insurance Agreements” for each subcontractor? Are these documents current? If we asked, can you provide this information to us, could you?
Do you obtain loss runs at least once a year? Do you know what claims appear on them? It’s shocking how many contractors are clueless about their claims or the reserves until they receive notice their company is non-renewing them.
Here’s information that can get us disliked by the insurance industry. Most brokers and agency customer service representatives DO NOT know what they’re doing! They will sell you policies with horrific exclusions. All they care about is getting your account and making a commission. The problem is when a claim strikes, it is YOU who gets stuck with the bill! No legal defense, no coverage! How would you like to be sued for $2 million dollars and your company denies coverage?
So How Can YOU Get Better Coverage and Lower Rates
- You need to be organized. Set up folders within your computer and store ALL your insurance policies in them.
- Set up another folder in your computer and store all your subcontractor’s certificates of insurance. Set up a follow up system so you maintain updated certificates for as long as you work with them.
- Obtain loss runs on policies 90 days before they expire. Make sure to review and question amounts and reserves if they don’t make sense. Really mid year would be good for a review. This way if there are mistakes you have time to get them off before insurance company coverage review starts.
- It is VERY important to work with and insurance agency that specializes at insuring contractors. We would like to recommend ourselves BGES Group because:
- We have 42+ years experience insuring New York contractors. Note we can help New Jersey and Connecticut contractors too.
- We represent the TOP New York Construction Insurance Programs. Our carrier network exceeds 60. We have marketing muscle and can negotiate excellent pricing for YOU!
- We represent programs other agencies DO NOT have especially for New York City contractors.
- We have a program that can keep track of and screen subcontractors insurance for you.
- Every year we review your account. If we know of another program where you fit, we send your account to them for a quote.
- We can help you review client insurance agreements so you’re in compliance.
- We have our own unique “Bonding Agency.”
- We have a “Group Health Insurance” expert who really knows the industry and can help you with all sorts of health insurance issues.
- We are available by phone from 6:30am till 10PM. No more playing phone tag. No more waiting for call backs. No more dealing with people who don’t know what they’re talking about. Immediate replies to your emails. We provide “Very Important Person” service to EVERYONE because that’s who we are! We are old school and our word is our bond.
BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.
Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.
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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