What is business interruption coverage?

In our latest blog series, we’ve been exploring the basics of insurance policies like businessowner’s policies and commercial property insurance. Often included in these policies is something a bit trickier to understand: business interruption insurance. Often considered interchangeable with business income coverage, business interruption insurance is a form of property insurance that covers a loss […]

Form 5500 Small Plan Exemption

Question: When does the Form 5500 small plan exemption apply?  What are the potential penalties for a late Form 5500 filing if the employer did not meet the exemption? Compliance Team Response: Form 5500 Small Plan Exemption The small plan Form 5500 exemption applies for plans with fewer than 100 covered “participants” on the first day […]

What’s commercial property insurance?

If you run a small business or find yourself here because you read our last blog post on businessowner’s  , or BOPs, you’ve likely realized by now that your company may have a lot to learn about commercial property and liability insurance. That’s okay – everyone has to start somewhere, let the experts at ABD […]

Becoming an ALE Subject to the ACA Employer Mandate

Question: An employer with fewer than 50 full-time employees in 2017 has now exceeded 50 full-time employees at some point in 2018.  When is the employer subject to the ACA employer mandate pay or play rules, and when does ACA reporting apply? Compliance Team Response: The ACA employer mandate pay or play rules apply to employers […]

2019 Updates to Paid Family Leave

New York’s Paid Family Leave Law was passed in 2017 and effective January 1, 2018 with a four-year phase in.  For 2019 New York is making the second-year enhancements and changes as proposed in the law.  See our 2017 Alert which details the proposed phase-in. Employees can take paid family leave to bond with a […]

What’s a BOP?

Starting a small business and trying to figure out just what type of insurance coverage you need? You may need a BOP. I can hear you now, “Wait, what’s a BOP?” A BOP is a Businessowners Policy. According to the IRMI Glossary, the holy grail of insurance definitions, BOPs are package policies that provide both […]

Departments Propose Regulations Permitting HRAs for Individual Policies

On Tuesday, the Departments of Health and Human Services, Labor, and the Treasury (the “Departments”) issued proposed regulations revolutionizing the existing ACA landscape with respect to employers and individual health insurance policies. Proposed Regulations: https://www.federalregister.gov/documents/2018/10/29/2018-23183/health-reimbursement-arrangements-and-other-account-based-group-health-plans News Release: https://www.dol.gov/newsroom/releases/ebsa/ebsa20181023 Fact Sheet: https://www.dol.gov/sites/dolgov/files/OPA/factsheets/wh-hra-factsheet.pdf The proposed regulations would be applicable for plan years beginning on or after January 1, 2020. Prior […]

Late Health Plan Payments on FMLA Leave

Question: When can an employer terminate health benefits for an employee on FMLA leave for failure to timely pay the employee-share of the premium?  What are the employee’s COBRA rights? Compliance Team Response: Payment Must Be More Than 30 Days Late Employers can terminate coverage for an employee on FMLA leave if the employee is more […]