• FAQs

    Select a topic below to view frequently asked questions.
  • Business Benefits Consulting

    Do I need to carry workers’ compensation coverage?

    In New York State, workers’ compensation coverage is needed when a company, partnership or individual has people working for wages on their behalf who do not provide certificates of insurance evidencing coverage is provided for them elsewhere.

    If an individual has elected COBRA, are they allowed to participate in an "open enrollment"?

    Yes. COBRA qualified beneficiaries may change coverages during an "open enrollment". They are given the same choices as similarly situated active employees.

    What are the provisions of the Family Medical Leave Act?

    The Family Medical Leave Act (FMLA) requires employers with 50 or more employees to provide 12 work weeks of unpaid leave during any 12 month period for the birth or adoption of a child, to care for a family member with a serious medical condition or because of the employee's own serious medical condition. Employers are required to maintain health coverage during the leave period and, upon return from leave, to place the employee in the same or an equivalent job with equivalent benefits.

    Are all employees eligible for Family Medical Leave?

    Employers with 50 or more employees are required to provide Family Medical Leave to an employee who has worked for the employer for at least 12 months and, during that 12-month period, worked a minimum of 1,250 hours.

    Am I required to offer COBRA?

    If your company has 20 or more employees and you provide a group health plan, you are most likely subject to federal COBRA guidelines. In addition, many states have their own requirements, and in some cases those requirements apply to companies with fewer than 20 employees. Please check with your state’s department of labor to learn more. For more information on federal COBRA law, visit www.dol.gov.

    What is a surety bond?

    A surety bond is a promise to be liable for debt, default or failure of another. A surety bond involves three parties:

    1. The Principal/Contractor — The company that will be performing the obligation per the terms of the contract
    2. The Obligee/Owner — The entity receiving the agreed upon obligation, usually the city, municipality or state who will pay the Principal/Contractor per the contract
    3. The Surety Company — The company that guarantees the Principal’s obligations will be performed. If the Principal/Contractor is unable to fulfill its contractual obligations, the surety company is liable.

    Surety Companies selectively choose the Principals/Contractors they guarantee, carefully considering the “three Cs” — character, capital and capacity.

    How should an accountant prepare a contractor statement using the Generally Accepted Accounting Principles (GAAP)?

    • Accountants Letter indicating the method the statement was done (signed and dated)
    • Balance Sheet (Assets and Liabilities)
    • Income Statement/Statement of Earnings
    • Statement of Changes in Owner's Equity
    • Statement of Cash Flow
    • Notes to the Financial Statement

    What is EPLI?

    EPLI stands for Employment Practices Liability Insurance. Standard general liability policies exclude coverage for discrimination, sexual harassment, wrongful termination and failure to comply with the Americans with Disabilities Act. EPLI policies protect employers from these types of claims.


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