How New York Contractors Can Offset Rising Liability Premium Costs in 2025

New York contractors face mounting challenges with escalating liability insurance renewal premiums. For 2025, the situation is no different. Rising costs are squeezing profit margins and threatening the survival of many businesses. It’s no surprise that contractors are searching for creative ways to stay afloat while maintaining the coverage they need to operate safely and legally.

Sometimes, you have to look at other ways to “skin a cat.” One underutilized yet highly effective method for offsetting these rising costs is through workers’ compensation premium recovery. This strategy has helped contractors recoup tens or even hundreds of thousands of dollars in refunds from past workers’ compensation policies. If you’ve been paying premiums for the last seven years, there’s a good chance errors or overcharges have been made—and this is where you can find relief.

Workers’ Compensation Premium Recovery: A Smart Solution

Workers’ compensation insurance is essential for protecting your business and your employees, but it’s also one of your largest expenses. Insurance companies, while vital, often make errors in calculating premiums, classifying employees, and applying experience modifiers. These errors can cost contractors significant amounts of money—money that you have the right to recover.

The good news is that workers’ compensation premium recovery can help you get this money back. Here’s how it works:

1. We review your past seven years of workers’ compensation policies.

2. Our team looks for errors, overcharges, or miscalculations made by your insurance company.

3. If we find recoverable money, we handle the entire refund process on your behalf.

4. If there’s no refund, you pay nothing—it’s a contingency fee basis, so there’s no risk to you.

5 Benefits of Workers’ Compensation Premium Recovery

1. Potential for Substantial Refunds

Insurance companies are not infallible. Mistakes can be made in payroll audits, employee classifications, and even how discounts or surcharges are applied. Recovering these funds could mean tens, or even hundreds, of thousands of dollars back in your pocket.

2. No Upfront Costs

The contingency fee model means you pay nothing unless we find recoverable funds. This makes the process risk-free, as you’re only paying a percentage of what’s actually recovered.

3. Minimal Effort on Your Part

We handle the heavy lifting. From reviewing past policies to negotiating with insurance carriers and ensuring your refunds are processed, you won’t have to take time away from running your business.

4. Improved Financial Health

Refunds from premium recovery can be reinvested into your business—whether it’s upgrading equipment, hiring more employees, or simply cushioning your bottom line.

5. Insight into Future Savings

In addition to recovering past premiums, the process can uncover systemic errors or inefficiencies in your workers’ compensation program, helping you save money in the future.

Why Errors Happen

It’s not uncommon for insurance companies to make mistakes, especially in a high-pressure, high-volume industry like construction insurance. Here are some common issues that lead to overcharges:

Incorrect Employee Classification: Workers may be classified under higher-risk categories than necessary, leading to inflated premiums.

Inaccurate Payroll Reporting: Errors in payroll audits can result in you being charged more than you owe.

Improper Application of Discounts or Credits: Insurance carriers may fail to apply discounts you’re entitled to, such as safety or drug-free workplace credits.

Experience Modifier Mistakes: Your experience modification rate (EMR) is a critical factor in calculating premiums. Errors in its calculation can significantly increase costs.

These are just a few examples of how errors can creep into your premiums—and why it’s worth having an expert review your policies.

Why Work with BGES Group?

At BGES Group, we specialize in New York construction insurance. We understand the unique challenges contractors face, including navigating labor laws, managing subcontractor liability, and controlling insurance costs.

Our team has extensive experience in workers’ compensation premium recovery, and we’ve helped many contractors recover significant refunds. Here’s why you should work with us:

Expertise in Construction Insurance: We know the ins and outs of New York’s complex insurance landscape, making us uniquely qualified to spot errors and recover your funds.

Personalized Service: Unlike large, impersonal agencies, we provide boutique-style service tailored to your needs.

No-Risk Approach: With our contingency fee model, you have nothing to lose and everything to gain.

What’s Next?

If you’re feeling the pinch of rising liability premiums, now is the time to act. Workers’ compensation premium recovery is a proven way to offset costs, improve your cash flow, and strengthen your business.

To get started, contact Gary Wallach at BGES Group today. We’ll review your past workers’ compensation policies, handle the entire process, and help you get back the money you deserve.

Contact Information:

• Phone: 914-806-5853

• Email: bgesgroup@gmail.com

• Website: www.bgesgroup.com

Final Thoughts

Navigating the rising costs of liability insurance is no small feat, but solutions like workers’ compensation premium recovery can make a significant difference. By recovering money from past policies, you can ease the burden of increasing premiums and reinvest in your business.

Don’t wait for costs to climb higher—take action today. Let BGES Group help you uncover savings, recover refunds, and secure the financial stability you need to thrive in 2025 and beyond.

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