As a business owner in New York, New Jersey, or Connecticut, one of the most important decisions you’ll make is how to secure workers’ compensation coverage for your employees. You have two main options: purchasing coverage through a state-run workers’ compensation program or using a private insurance carrier. While state programs might seem like a convenient option, they may not always be the best choice for your business.
Let’s take a closer look at five reasons why business owners should reconsider getting their workers’ compensation through a state carrier—and why private coverage might be a better option.
5 Reasons Business Owners Should Avoid State-Run Workers’ Compensation Programs
1. Debt or Unpaid Balances Can Prevent Coverage
If you owe money to the state plan due to unpaid premiums or a previous balance, you may not be able to secure new workers’ compensation coverage until that debt is paid off. This situation can become especially difficult if you’ve had an audit where the state applied estimated figures, leaving you with an unreasonable balance to pay. Without clearing that debt, your business might be left without coverage, putting you at risk of penalties and leaving your employees vulnerable.
2. Higher Premiums for All Businesses
State workers’ compensation programs often include higher-risk businesses, spreading that risk—and cost—across all policyholders. This means you could end up paying more for your coverage, even if your business has a good safety record and is in a lower-risk industry. Private carriers can often offer more competitive rates based on your individual business and risk profile.
3. Limited Customization
State-run programs tend to offer one-size-fits-all policies that may not adequately address the unique risks your business faces. Private carriers, however, can tailor policies to meet your specific needs, ensuring that you have the right coverage for your industry, workforce, and operations. This flexibility can help you avoid paying for unnecessary coverage or being improperly insured. i.e. You operate in multiple states.
4. Bureaucratic Claims Processing
Handling workers’ compensation claims through a state-run system could be slow and cumbersome due to government bureaucracy. Delays in claims processing can lead to longer employee recovery times and disruptions to your business. Private carriers typically offer more efficient claims management, helping to resolve issues quickly and minimize downtime.
5. Minimal Risk Management Support
State workers’ compensation plans often do not offer the same level of risk management and safety support as private carriers. Private insurers usually provide risk assessments, safety training, and other services to help reduce workplace accidents and claims. This proactive approach can lead to fewer claims, lower premiums, and a safer work environment for your employees.
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Why BGES Group is the Right Choice for Tri-State Business Owners
If you’re looking for expert guidance and customized workers’ compensation solutions, BGES Group is here to help. We specialize in workers’ compensation insurance for businesses across New York, New Jersey, and Connecticut, offering personalized service and competitive rates. With a deep understanding of the challenges business owners face, Gary Wallach can help you find the best coverage for your needs—whether you’re just starting out or need to move away from state-run programs.
Contact BGES Group today for a free consultation and expert advice on workers’ compensation:
– Call Gary Wallach anytime, Monday through Sunday: 914-806-5853
– Email us at: bgesgroup@gmail.com
– Visit our website: http://www.bgesgroup.com
We’re ready to help your business get the workers’ compensation coverage it deserves!
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 want to speak with us, call Gary Wallach at 914-806-5853, click here to email, or visit our website.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
email: bgesgroup@gmail.com
website: http://www.bgesgroup.com
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