This article focuses on the Construction Industry. Tri-State area in particular.
If you’re a contractor rates can range from $3+ to $50+ per $100 of payroll. Rates can vary drastically by class code by state.
It is our opinion buying insurance from an insurance company is like letting a fox guard your chicken coup.
You may not want to hear this but we feel 2022 company discounted rates, some are financially inadequate. Aggressively pricing Workers Compensation coverage will eventually cause companies to lose money which will cause rates to skyrocket like they’ve done many times over the years.
Yes your company may offer you low rates to get your business but do you really think it’s in their best interests to keep charging low rates?
Think about health insurance. Has your rates gone up or down? For 2022 ours went up 23+%. Workers Compensation is like on the job health insurance then throw in disability coverage too. With the amount of fraudulent claims, their reserves, the number of lawyers per capita and the state of the financial market it is our opinion the system has large rate increases coming. Who is going to give you a heads up? Your insurance company or someone like me, a Workers Compensation Specialists?
There’s much more that goes into Worker’s Compensation pricing. For example payroll caps apply to trade class codes. Failure of your insurance company to apply them which happens plenty can cost YOU thousands, tens of thousands of dollars.
Then there’s the NYCPAP or equivalent NJ and CT credits. We can see a company sending you written notice once, maybe twice but will they stay on top of you until the information is filed? Our guess is 30%+ of contractors miss out on this credit because their company lets it fall thru the cracks.
What about audits? You know how many mistakes are made? How can a company that does your audit help you locate their mistakes? Unless your accountant checks you’ll probably not find them.
What if your operations change? You think a company that services thousands of policies is going to be alert and tell you what needs to be done? Do you even hear from your company annually other than by mail?
Here’s an idea! If you have the slightest concern mistakes were made we can GO BACK UP TO 7 YEARS, review your policies and if we find them get you refunds. We DO ALL THE WORK, you get back overpayments! We work on a contingency basis so there’s no up front cost to you. What a WIN WIN!
We work with contractors who work in multiple states. If you don’t have the right coverage and a claim occurs you can be financially liable for hundreds of thousands of dollars. How are you going to know? It’s not like you have a dedicated person who is in contact with you regularly. Our guess is every time you call you deal with a different person.
There is a great way to get great rates and first class service. That is working with our office who specializes in Contractor Workers Compensation. We offer special programs at competitive rates, the right coverage and you will deal with one person who is available to speak day or evening! They are an encyclopedia of knowledge!
If you have a tax problem would you rather work with a tax lawyer/accountant or a regular accountant? Maybe the regular accountant charges less but costs you more because of what they miss.
That’s what BGES Group can offer you! This is our specialty helping you avoid costly mistakes by not getting the right advice! Best part is our advice saves you money!
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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