New York Contractors – Save Thousands with NYCPAP Credit: A Must-Know for New York Contractors

For New York contractors, managing costs effectively is critical to staying competitive and profitable. One often overlooked opportunity to save significantly on expenses is through the New York Construction Payroll Adjustment Program (NYCPAP) credit. This credit can dramatically reduce workers’ compensation insurance premiums, potentially saving contractors thousands of dollars annually.

What is the NYCPAP Credit?

The NYCPAP credit is a financial relief mechanism designed to adjust payroll calculations for workers’ compensation insurance premiums. By more accurately reflecting a contractor’s actual payroll, the credit ensures that premiums are based on real, not estimated, figures. This adjustment can lead to substantial savings, particularly for contractors with fluctuating payrolls due to project-based work.

Why Many Contractors Miss Out

Despite its benefits, many contractors are unaware of the NYCPAP credit. A significant reason for this is that many insurance agencies do not apply for this credit for their clients. These agencies may lack the specialized knowledge required or simply overlook this adjustment because they are so bogged down with their work load, resulting in contractors paying more than necessary for their workers’ compensation insurance.

Key Criteria for NYCPAP Credit Eligibility

To qualify for the NYCPAP credit, contractors must meet specific criteria. One crucial requirement is that the contractor must pay hourly wages of $23.25 or more under an eligible class code. Additionally, the contractor must be experience-rated, which means their insurance premiums are adjusted based on their past claims history. Meeting these criteria can open the door to significant savings through the NYCPAP credit.

How NYCPAP Credit Works

The credit adjusts payroll calculations based on the actual hours worked by employees rather than a flat payroll figure. This method is particularly beneficial for the construction industry, where payrolls can vary widely due to seasonal work and the nature of project-based employment. By applying the NYCPAP credit, contractors ensure that their workers’ compensation premiums more accurately reflect their true payroll costs, resulting in lower insurance premiums.

Why Choose BGES Group?

BGES Group specializes in New York contractor insurance and has extensive experience helping contractors apply for the NYCPAP credit. We understand the unique challenges and opportunities within the construction industry, ensuring that our clients maximize their savings.

Unlike a lot of agencies that have turned into factories with account excecutives handling too many accounts and therefor unable to service client’s properly, BGES Group offers “Mom and Pop,” boutique personalized service, meticulously analyzing each client’s payroll and working conditions to accurately apply the NYCPAP credit. This thorough approach guarantees that no potential savings are missed.

Real Savings, Real Results

Imagine a New York contractor paying $150,000 annually for workers’ compensation insurance. After a detailed review by BGES Group and the application of the NYCPAP credit, their premium could be reduced to $120,000. This $30,000 annual saving can be reinvested into their business, allowing for increased profitability and the ability to take on more projects.

Take Action Today

If you’re a New York contractor paying hourly wages of $23.25 or more under an eligible class code and are experience-rated, you may qualify for the NYCPAP credit. Don’t leave potential savings on the table. Contact BGES Group today to find out how we can help you apply for this credit and save on your workers’ compensation insurance. Gary Wallach, our veteran insurance specialist, is ready to assist you. With over 44 years of experience, Gary has the expertise to ensure you get the best coverage at the lowest possible cost.

In Summary

The NYCPAP credit is a valuable tool that can save New York contractors thousands of dollars in workers’ compensation insurance. Many contractors miss out on these savings because their insurance agencies do not apply for the credit on their behalf. If you pay hourly wages of $23.25 or more under an eligible class code and are experience-rated, you may qualify for this credit. BGES Group specializes in contractor insurance and can help you apply for the NYCPAP credit.

Contact Gary Wallach at 914-806-5853 today for expert assistance and start saving on your workers’ compensation insurance. Let us help you unlock the savings you deserve and ensure your workers’ compensation premiums are as low as possible. At BGES Group, we’re committed to helping New York contractors thrive in a competitive market.

BGES Group is one of New York, New Jersey, and Connecticut’s Construction Insurance Specialists representing 50+ companies, including all the BEST general & umbrella liability programs. We offer all the coverage needed, including property, builders’ risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability, and group health.  Our commitment to you goes beyond the policies we provide. We are always just a call, text, or email away, ready to assist you, even on weekends. We understand the importance of your business and are here to help you navigate any insurance challenges.

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being canceled, losses causing difficulty getting coverage, in the middle of an audit dispute, misclassified payrolls, or whatever your issue. We can help!  We have special programs for Auto Services, Contractors (especially in New York), Limousine Services, Logistics Companies, Manufacturers, Recyclers, and Truckers; we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that, if we can get you into, their pricing is excellent, offers long-term coverage stability, and can cover multi-state operations. The program takes the hassle out of doing annual audits, too. 

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

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



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