Coronavirus Tax Update 3/28/2020

Dear Friends and Clients:

I hope you are enjoying a restful weekend. We are trying to limit the frequency of our updates and only to information we think is important that you know. However the news keeps coming and there are developments that affect many of our clients and friends. The following deals with the CARES Act signed into law by the President yesterday.

FOR INDIVIDUALS:

1. Is the government sending you a check? All US residents who are not dependents of another are eligible for a $1,200 rebate ($2,400 for married couples). There is an additional rebate of $500 per child. The rebate phases out beginning at Adjusted Gross Income (“AGI”) of $75,000 for single taxpayers, $150,000 for married taxpayers, and $112,500 for head of household taxpayers. AGI includes all of a taxpayers income including investment income. The reduction is $5 for each $100 of adjusted gross income (AGI) over the relevant threshold. Married couples who’s AGI exceeds $198,000 and singles who’s AGI exceeds $99,000 will not receive a check. Payments will be based on 2019 tax returns if filed, or 2018 tax returns if 2019 is not filed yet. You do not have to apply to receive your check. They will be sent automatically to those eligible.

2. Withdrawals from retirement accounts. The 10% early withdrawal penalty is waived for distributions on or after 1/1/2020 for coronavirus-related purposes. The distributions are still taxed though and will be taxed over a 3-year period. The amount withdrawn can be recontributed to an eligible retirement plan during that time without regard to the contribution limits at that time.

3. Required distributions from retirement plans. With the hit to the stock market, the value in retirement plans has likely been reduced. The required minimum distribution (RMD) rules for certain defined-benefit contribution plans and IRAs are waived for the 2020 calendar year. You can skip your required distribution this year.

FOR BUSINESSES:

4. There is a new refundable payroll tax credit for 50% of qualified wages paid from 3/13/2020 through 12/31/2020 for employers whose (i) operations were fully or partially suspended due to a COVID-19 related shut-down order, or (ii) gross receipts declined by more than 50% when compared to the same quarter in the prior year. The credit is capped at the first $10K of compensation paid to employees.

5. Employer payment of payroll taxes. Employers and self-employed individuals can defer payment of the employer’s share (6.2%) of the Social Security payroll tax, but the deferred amount must be repaid in equal installments by 12/31/2021 and 12/31/2022.

ASSISTANCE FOR SMALL BUSINESSES:

The CARES Act provides two lending programs for small and medium-size businesses to obtain disaster relief. Both can be used though not for the same purpose.

6. The Paycheck Protection Program (PPP):

Loans will be made by banks and commercial lenders authorized to make SBA loans. The application period ends 6/30/2020. The amount of the loan is limited to the borrower’s average total monthly “payroll costs” for the 1-year period ending on the date the loan is made multiplied by 2.5. Payroll costs generally include employee salaries and tips, retirement benefits, severance payments, state and local taxes on employee compensation, but does not include compensation paid to employees and independent contractors in excess of $100,000/year. Loans cannot be obtained if a taxpayer also receives the employee retention tax credit (#4 above). Maximum repayment term is 10 years and maximum interest rate is 4%. Borrowers may apply for loan forgiveness in an amount equal to the cumulative amount of payroll costs, rent, utilities, and interest paid on mortgages during the 8 weeks after the loan is made. The amount forgiven is limited to the extent compensation and headcount are reduced relative to a base period.

7. the Economic Injury Disaster Loan (EIDL) program.

This program allows for emergency loans of up to $2M to assist companies affected by COVID-19. The bill waives the requirement for personal guarantees on loans under $200K, it waives the requirement that the borrower not be able to obtain credit elsewhere, and provides emergency grants of up to $10K within 3 days of the borrower filing an application, though the amount of the grant would reduce any loan forgiveness under the PPP.

These are just some of the highlights. Please reach out to us if you have questions or need our help in applying for disaster assistance.


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.

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) 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.

Special Contractor Insurance Programs (NY) – We we have 50+ 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 mechanisms. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

New Jersey and Connecticut Contractors: We have a competitively priced (savings up to 50%) General Liability, Umbrella Liability, Business Auto, Workers Compensation program. Want to lower these costs? Get a quote today!

Smart Home Security Systems – Protect and manage what matters most. You’re in control with simple, affordable security, and home automation. Click here to learn more.

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft. This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of. Under our program you can protect yourself, spouse and children. Anyone you know can purchase this protection though our plan! Click here to learn more or sign up.

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

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
e-mail: bgesgroup@gmail.com
website: http://www.bgesgroup.com
© – Copyright – 2019 – BGES Group

How To Receive Financial Help from New Package Passed By Congress

We Received This Email From Congressman Eliot Engel Last Night. Want To Share It With You. It’s Gives You The Information Needed (With Links) To Apply for Financial Help.

As a part of the Coronavirus Aid, Relief, and Economy Security (CARES) Act, hundreds of billions of dollars have been put towards the Small Business Administration to protect and assist our communities’ vital small businesses. These provisions will provide new resources to small businesses, as well as certain non-profits, independent contractors and those in the gig economy.

Unemployment Insurance – For small business employees, the CARES Act Includes numerous provisions to improve unemployment benefits, including providing an additional $600 per week for the next four months, providing an additional 13 weeks of federally funded benefits, and expanding eligibility to include workers in the gig economy and self-employed workers. Click this link for more information on filing for unemployment: https://www.ny.gov/services/get-unemployment-assistance

Payment Protection Program (PPP) Loans– This new program would offer key cash-flow through 100% federally guaranteed loans to employers who maintain their payroll during the COVID-19 crisis. Also, if an employer maintains their payroll, the loan is forgiven. Other help benefits of a PPP loan is that there are no SBA fees and at least 6 months to a full year of deferrals. A PPP loan will help workers get back to work at their place of business and help businesses reopen after the crisis. Those eligible are for a PPP loan are small businesses, 501 (c)(3) non-profits, or a 501 (c)(19) veterans’ organization. These loans are available through June 30, 2020.

Small Business Debt Relief Program– This program will provide relief to small businesses with non-disaster relief loans such as a 7(a), 504 or microloan. The SBA will pay for all loan payments, including principal, interest, and fees for 6 months. These payments will count for new borrowers who have taken out loans within 6 months of the President signing the bill into law. Small businesses should not be punished for having to take out a loan for a disaster that they did not cause. I am pleased to help provide this relief to our community’s small businesses. Link to apply for these loans can be found below:

7(a) Loan: https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a/7a-loan-application-checklist%20
504 Loan: https://www.sba.gov/document/sba-form-1244-application-section-504-loan
Microloan: https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/microloan-program%20

Economic Injury Disaster Loans & Emergency Economic Injury Grants– Once a small business applies for an Economic Injury Disaster Loan (EIDL) the SBA will provide an emergency advance up to $10,000 to a small business and private non-profit impacted by COVID-19 within three days of applying. After applying for an EIDL you must put in a request for the advance. The advance does not need to be repaid, and may be used to keep employees on payroll, pay for sick leave, meet increased production costs, or pay business obligation including debts, rent and mortgage payments. An EIDL are interest rate loans of up to $2 million, with principal and interest deferments available up to 4 years. Eligible small businesses include those with sole proprietorships, with or without employees, independent contractors, cooperatives, employee owned businesses, and private non-profits. If you wish to apply for an EIDL please visithttps://www.sba.gov/funding-programs/disaster-assistance.

Additionally, there has been funding provided to local Small Business Development Centers, Women’s Business Centers, and SCOTE mentorship chapters. There is also a website to find you local resource partner at https://www.sba.gov/local-assistance/find/. Minority Business Development Agency’s Business Centers have also received additional funding in the CARES Act. Please visithttps://www.mbda.gov/businesscenters#4/34.05/-111.95 to find your local business center for assistance.

Government Contractors– If you are a government contractor, agencies will be able to reform the terms and conditions of the contract, and to reimburse contractors at a billing rate of up to 40 hours a week of any paid leave, which would include sick leave as well. Contractors eligible include those whose employees or subcontractors who cannot work on site or telework due to a federal facility closing because of COVID-19.

If you need assistance with any SBA loan, please call my office at 202-225-2464 and we will be happy to help. And for more information in general, check out this small business owners guide to our most recent stimulus package: https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

Sincerely,

Eliot L. Engel
MEMBER OF CONGRESS

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.

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) 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.

Special Contractor Insurance Programs (NY) – We we have 50+ 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 mechanisms. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

New Jersey and Connecticut Contractors: We have a competitively priced (savings up to 50%) General Liability, Umbrella Liability, Business Auto, Workers Compensation program. Want to lower these costs? Get a quote today!

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft. This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of. Under our program you can protect yourself, spouse and children. Anyone you know can purchase this protection though our plan! Click here to learn more or sign up.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2019 – BGES Group

New Law Requires COVID-19 Paid Sick Leave, FMLA Benefits

Legislation signed into law by President Trump will extend sick leave benefits for workers who are sickened by the coronavirus, as well as provide for additional weeks of time off under the Family Medical Leave Act so they can be guaranteed of being able to return to their jobs afterwards.

Public and private employers alike need to pay extra attention to the added paid sick leave and FMLA provisions of this new law. Both sections apply to employers with fewer than 500 employees.

Paid sick leave

Employees are entitled to two weeks (80 hours) of paid sick time for coronavirus-related issues. Eligible workers will receive their regular pay, up to $511 per day and $5,110 total. Those caring for someone subject to quarantine due to COVID-19, and parents of kids who can’t go to school or daycare, will receive two-thirds of their regular pay, up to $200 daily with a $2,000 cap.

The emergency sick leave benefit can be used immediately, regardless of how long the worker has been employed with you. It can be used when they cannot work or telecommute for any one of the following reasons:

The employee is subject to a government quarantine or isolation order related to COVID-19;
The employee has been advised by a health care provider to self-quarantine due to COVID-19;
The employee has symptoms of COVID-19 and is seeking a medical diagnosis;
The employee is caring for an individual subject to quarantine due to COVID-19;
The employee needs to care for a child whose school or place of care is closed or whose childcare provider is unavailable due to coronavirus.

The law does not require certification of an order by government or a health care provider. But employers can require reasonable notice procedures, such as not announcing in the middle of a shift that they take COVID-19 sick leave. But they cannot require the employee to find a replacement worker to cover the shifts they will miss. Employers must post the law’s requirements “in conspicuous places.”

Employers are not allowed to discipline a worker who takes this sick or FMLA leave for coronavirus purposes and, if an employer refuses to provide the leave, they can be ordered to pay both back pay and statutory damages that are equal to the back pay the employee is owed.

This law provides payroll tax credits to offset all costs of providing these paid leaves.

FMLA

The FMLA portion of the law provides for 10 additional weeks of FMLA leave, but only for those who must stay at home to care for a child whose school is closed or their childcare provider is unavailable due to COVID-19-related issues.

These 10 weeks will be paid at two-thirds the employee’s regular rate of pay, up to $200 per day with a cap of $10,000. They will also receive 12 weeks of leave with job protection, though employers of health care or emergency care providers can exclude such employees.

The employee would likely use up their two weeks of paid sick leave before applying for FMLA benefits, which unlike traditional FMLA (which is unpaid), are paid leaves after the first 10 days under the new law.

Employees who have been working for more than 30 days are eligible, and the employer can require them to provide reasonable notice that they are taking leave.

A final word

This law only applies to employers with fewer than 500 workers, so it leaves uncovered those people who work for larger companies.

Also, employers need to make financial plans, as the credit cannot be claimed until after the employer pays their payroll taxes.

A bigger issue is that the law requires that workers be paid the sick leave even if they are not sick, but have been ordered to self-isolate. In states that have ordered workers to self-isolate, such as California, employers could be faced with an avalanche of paid sick leave claims all at once.

This law sunsets on Dec. 31, 2020.

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.

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) 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.

Special Contractor Insurance Programs (NY) – We we have 50+ 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 mechanisms. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

New Jersey and Connecticut Contractors: We have a competitively priced (savings up to 50%) General Liability, Umbrella Liability, Business Auto, Workers Compensation program. Want to lower these costs? Get a quote today!

Smart Home Security Systems – Protect and manage what matters most. You’re in control with simple, affordable security, and home automation. Click here to learn more.

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft. This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of. Under our program you can protect yourself, spouse and children. Anyone you know can purchase this protection though our plan! Click here to learn more or sign up.

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

Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
e-mail: bgesgroup@gmail.com
website: http://www.bgesgroup.com
© – Copyright – 2019 – BGES Group

New York Legislation Impacting N.Y. DBL & PFL Programs – Coronavirus (COVID-19)-related sick leave and changes Current as of March 18, 2020

This is a summary of the enacted legislation implementing a paid sick leave program, as well as other changes, to the current New York State Disability Law (DBL) and New York State Paid Family Leave (PFL) provisions. We understand that this new law raises many questions about administration of these benefit plans. We are here to address your questions. You can call Gary wallach at 914-806-5853 if you have any. We will provide further updates as we learn more.

Overview of COVID-19-related sick leave and additional changes to DBL and PFL programs

Quarantine leave requirements vary by employer size: COVID-19-related paid and unpaid sick leave entitlements vary by employer size. The employer size determination is based on the number of employees in New York on January 1, 2020.

Businesses with 1-10 employees and net income of less than $1 million: Employees must be provided unpaid sick leave until the termination of the quarantine order. In order to receive pay, these employees are eligible for DBL and PFL benefits.

Businesses with 1-10 employees and net income of $1 million or more: Employees must be provided five days of paid sick leave and unpaid sick leave until the termination of the quarantine order. After the five days of paid sick leave are exhausted, employees are eligible for DBL and PFL benefits.

Businesses with 11-99 employees: Employees must be provided five days of paid sick leave and unpaid sick leave until the termination of the quarantine order. After the five days of paid sick leave are exhausted, employees are eligible for DBL and PFL benefits.

Businesses with more than 100 employees: Employees must be provided with at least 14 days of paid sick leave during a mandatory or precautionary quarantine.

Public employers: Employees must be provided with at least 14 days of paid sick leave during a mandatory or precautionary quarantine. Public employers include state/local/county and municipal governments, school boards and districts, state-run college and universities, and police and fire districts.

Job Protections: The bill contains job restoration and non-retaliation provisions.

Adds a new leave reason for quarantine: Quarantine is defined as a mandatory or precautionary order of quarantine or isolation issued by the state of New York, the Department of Health, local board of health, or any governmental entity duly authorized to issue such an order due to COVID-19.

Modification to the definition of Disability: The bill changes the definition of Disability.

➢ Disability is any inability of an employee to perform the regular duties of his or her employment or the duties of any other employment which his or her employer may offer him or her as a result of a mandatory or precautionary order of quarantine or isolation issued by the state, the Department of Health, a local board of health, or any government entity duly authorized to issue such order due to COVID-19 when the employee has exhausted all paid sick leave provided by the employee’s employer under this act.

Waives the Elimination Period for COVID-19-related DBL claims: DBL benefits are payable on first day of disability for COVID-19-related claims.

Modification to the definition of Family Leave: The bill changes the definition of Family Leave.

➢ Family Leave is any leave taken by an employee from work when an employee is subject to a mandatory or precautionary order of quarantine or isolation issued by the state, the Department of Health, a local board of health, or any government entity duly authorized to issue such order due to COVID-19; or

➢ To provide care for a minor dependent child of the employee who is subject to a mandatory or precautionary order of quarantine or isolation issued by the state, the Department of Health, a local board of health, or any government entity duly authorized to issue such order due to COVID-19.

Changes how DBL and PFL benefits are run and how they are paid:

➢ DBL and PFL benefits may run concurrently.

➢ Benefits are payable on the first day of quarantine.

➢ An employee may not collect any benefits that would exceed $840.70 in paid family leave and $2,043.92 in DBL benefits per week.

➢ The maximum weekly benefit for DBL is the difference between the maximum weekly family leave benefit and the employee’s total average weekly wage from each covered employer up to a maximum benefit due pursuant to disability of $2,043.92 per week.

Documentation is required: A mandatory or precautionary order of quarantine or isolation issued by the state, the Department of Health, a local board of health, or any government entity duly authorized to issue such order due to COVID19 is sufficient proof of Disability or proof of need for Family Leave.

Employees excluded from expanded coverage:

➢ Employees who are deemed asymptomatic or have not yet been diagnosed with any medical condition and who are physically able to work while under a mandatory or precautionary order of quarantine or isolation, whether through remote access or other similar means, are not eligible for benefits.

➢ Employees are not eligible to receive paid sick or other benefits in this bill if they are self-quarantining after returning to the United States after non-work-related travel abroad to a Level 2 or 3 country and had notice of travel restrictions prior to the trip. These employees may use other accrued leave. They must be provided unpaid sick time through the duration of precautionary quarantine.

Federal preemption of NY benefits:

➢ To the extent that any federal benefits that may be enacted are more generous that contained in this bill, the federal law will preempt this bill.

➢ However, if the federal benefits are less generous, employees can claim benefits in the amount of the difference between the 2 programs.

Effective Date: Immediate
Expiration of expanded provisions: None provided in bill.
Current as of March 18, 2020

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

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.

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) 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.

Special Contractor Insurance Programs (NY) – We we have 50+ 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 mechanisms. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

New Jersey and Connecticut Contractors: We have a competitively priced (savings up to 50%) General Liability, Umbrella Liability, Business Auto, Workers Compensation program. Want to lower these costs? Get a quote today!

Smart Home Security Systems – Protect and manage what matters most. You’re in control with simple, affordable security, and home automation. Click here to learn more.

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft. This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of. Under our program you can protect yourself, spouse and children. Anyone you know can purchase this protection though our plan! Click here to learn more or sign up.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2019 – BGES Group

Coronavirus Questions about Short Term Disability, Answered.

In the midst of the coronavirus pandemic, business owners in New York and New Jersey may be wondering if short-term disability insurance will cover their absence from work if they are diagnosed with the virus and must stay home from work.

They might also wonder if they can make a disability claim if they have not been diagnosed with the virus but were placed under a precautionary quarantine.

Finally, with schools closing across the country, they might wonder if they can make a Paid Family Leave (PFL) claim to stay home and care for school-age children if they don’t have other childcare arrangements.

These are dilemmas many Americans are facing today. BGES Group is working hard to provide our client’s with the answers they need to give their employee’s guidance about what does, and what does not, constitute a short-term disability claim when it comes to the coronavirus pandemic.

The policies of our carriers do vary, but you can always reach out to Gary at 914-806-5853 if you have urgent questions. You can reach us 24/7 and we will be there to help.

Coronavirus and Short Term Disability Policies: What You Need To Know
In short, a coronavirus diagnosis or a quarantine related to the pandemic does not constitute automatic approval of a short-term disability claim in New York or New Jersey. Some policies from certain carriers, however, may carry quarantine provisions.

Short-term and long-term disability policies typically do not include treatment for a cold or the flu under short-term disability coverage. If an employee is sick and unable to work due to COVID-19, these claims will be determined on a case by case basis, depending on the severity and length of the illness. In some situations, cases requiring hospitalization may qualify for short-term disability in New York and New Jersey.

Claims submitted with a diagnosis of Coronavirus will be evaluated based on all applicable contract provisions. The insured will need to provide proof that they are under the care of a Health Care Provider that can certify the disability and unable to perform their job duties either in the work place or at home via remote access.

PFL and the Coronavirus

Similarly, covered employees cannot make PFL claims to care for children over a year old who are home from school because the school closed as a precautionary measure. Since the virus doesn’t seem to be affecting children severely, it would be unusual for a parent or guardian to require a PFL claim to care for a child who is ill from the virus, unless the child is immune compromised. Again, that would be decided on a individual basis depending on the length and severity of the illness, as with any cold or the flu.

Working from Home During the COVID-19 Pandemic

BGES Group understands that, at this time, many of our client’s may be working from home to limit the spread of the virus. Here at BGES Group, we will remain open and are here to help you in your time of need.

Throughout the pandemic and after, BGES Group will continue to be your back-office staff, answer any questions related to disability coverage and the coronavirus pandemic, and help with coverage questions anytime of the week including Saturdays and Sundays.

A final thought. Standard N.Y.S. disability policies pay only up to $170 a week if you go out on disability. Depending on the carrier, this limit can be increased as high as $800+ a week. Now is a good time to reevaluate your coverage because $170 is not enough to live on and having to tell your worker this is all they can get lets just say we wouldn’t want to be faced with having to do so. The cost to increase your policy limit is usually not alot either.

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

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.

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) 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.

Special Contractor Insurance Programs (NY) – We we have 50+ 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 mechanisms. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

New Jersey and Connecticut Contractors: We have a competitively priced (savings up to 50%) General Liability, Umbrella Liability, Business Auto, Workers Compensation program. Want to lower these costs? Get a quote today!

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft. This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of. Under our program you can protect yourself, spouse and children. Anyone you know can purchase this protection though our plan! Click here to learn more or sign up.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2019 – BGES Group

Coronavirus Could Trigger Multiple Insurance Policies

Coronavirus Could Trigger Multiple Insurance Policies

COVID-19 is forcing businesses to face a number of risks, liability and insurance implications.

Companies could seek coverage for a variety of claims stemming from the outbreak, including workers’ compensation, business interruption, liability and more.

And, now that it is a pandemic, the economic fallout may be expansive – hitting your company’s operations in the form of lower sales or supply chain disruptions.

Now is a good time to understand which of your insurance policies could come into play.

Workers’ compensation

Workers’ compensation policies generally extend insurance benefits to employees for injuries and illnesses “arising out of or in the course of employment.”

That wording makes it difficult for most workers to file a claim if they suspect that they got the coronavirus at work, presumably from another employee, customer or visitor to the workplace. But if an employer knows that the virus is in the workplace, coverage could apply.

Workers’ compensation could come into play in the following instances:

  • Health care personnel who work where there are patients being treated and tested for COVID-19 would have a strong claim if they contracted the virus.
  • Employees who travel overseas for business and contract the illness.
  • Employees who are exposed to the illness at work by an infected co-worker.
  • Employees who are assigned to work in a location with infected parties.

However, workers’ comp insurance would likely not cover employees who are working on assignment abroad for more than a short time.

Business interruption

One major fallout from the spread of COVID-19 is that it has cut into global supply chains, forcing manufacturers around the world to suspend production. This has been especially true for companies that rely on China for their parts and materials.

But now that the virus has exploded in a number of countries, the threat to supply chains will only increase. This has already started affecting companies in the United States. If your company’s operations are affected or stopped due to the virus, you may be wondering if the business interruption coverage in your property policy or business owner policy may pay out.

Business interruption coverage replaces income that was lost due to a disaster, such as a fire on the premises of the company or one of its suppliers, or a hurricane that hinders a company from operating.

However, any hit to your income from coronavirus would not be physical damage, which is a prerequisite for this coverage. Viruses and disease are typically not an insured peril unless added by endorsement. In many cases, the policy may specifically exclude coverage for viruses and disease.

There is potential coverage through communicable disease coverage under proprietary insurance carrier forms if the insured is closed by a “public health authority” order for closure, decontamination, etc. But it’s worth noting that these usually require the order to happen, so the insured cannot voluntarily decide to close and then claim coverage.

General liability

In terms of liability, a third party – customer, vendor or guest – could claim they were sickened on your property and sue your business for negligence for failing to provide a clean facility, which could trigger your commercial general liability policy.

Any company that deals with the public or customers, like a retailer, restaurant, hotel, daycare center or a gym, would be at greatest risk for this type of action.

While the chances of them winning such a case would be small, you could still face legal bills, which your CGL policy would typically cover. If there is coverage, it would come under the policy’s “bodily injury” portion.

Some CGL policies exclude claims arising from a pandemic, virus or bacteria, so read your policy carefully. Many insurers also include broadly worded pollution exclusions that could preclude or limit coverage.

Business travel accident insurance

This insurance could cover employees who travel on business domestically or internationally, foreign employees of U.S.-based businesses and U.S. employees on offshore assignments. The insurance provides:

  • Traditional accidental death & dismemberment coverage.
  • Emergency evacuation, repatriation, and out-of-country medical benefits that cover costs for the treatment and transportation of sick or injured employees.
  • Optional coverage for unexpected medical expenses.

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

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.  

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) 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.

Special Contractor Insurance Programs (NY) – We we have 50+ 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 mechanisms.  If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

New Jersey and Connecticut Contractors:  We have a competitively priced (savings up to 50%)  General Liability, Umbrella Liability, Business Auto, Workers Compensation program.  Want to lower these costs?  Get a quote today!

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft.  This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of.  Under our program you can protect yourself, spouse and children.  Anyone you know can purchase this protection though our plan!  Click here to learn more or sign up.

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

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2019 – BGES Group

 

Train Your Workers in COVID-19 Prevention

As the COVID-19 virus spreads across the world and the number of cases growing in the U.S., there is a lot of hysteria and misinformation about how to protect yourself from this new virus strain.

More and more people are wearing surgical masks when they go outside, thinking it will protect them, and some people have stopped drinking Corona beer because the virus is a coronavirus. This has left plenty of people not sure what they can do to avoid catching it themselves. There are also obvious concerns about workplaces as the virus spreads some employees may be afraid to come to work.

You should consider talking to your staff about how to protect themselves and consider holding a meeting to go over the main points they should follow. To help, we’ve compiled best practices information from the Centers for Disease Control and the World Health Organization to provide you with unfiltered advice so you can protect yourself and your family:

What should I do to protect myself and others?

The most common way for this disease to spread is from a person touching a surface that has been infected through a sneeze or cough from a carrier. And then the person touches their eye, nose or mouth. That’s all it takes.

  • Be mindful of what you touch all day. If you press elevator or ATM buttons, use a knuckle instead of a fingertip, while on escalators or stairs try to avoid touching the handrail.
  • Avoid touching eyes, nose and mouth and if you have touched something in public, do not touch your face at any time until you have a chance to wash your hands or use hand sanitizer.
  • When washing, wet your hands with clean water, lather soap on every surface, scrub your hands together for at least 20 seconds, and rinse before drying. Just how long is 20 seconds? Humming the “Happy Birthday” song from beginning to end twice.
  • Clean “high-touch” surfaces (like doorknobs and counters) in your home every day with a solution or half rubbing alcohol and half water.
  • Clean your mobile phone daily. Most people are touching their phones hundreds of times a day, making it ripe for harboring the coronavirus.
  • Stay away from people you know you are sick and stay away from someone who is coughing or sneezing near you.
  • Stay home when you are sick.
  • If you cough, cover your mouth and nose with a tissue, then throw the tissue in the trash. If none is available, sneeze into your arm or cover it with your hands. Wash your hands as soon as possible after a sneeze.
  • Clean and disinfect frequently touched objects and surfaces using a regular household cleaning spray or wipe. 

Should I wear a mask to protect myself?

Health experts recommend against using a mask. Most people have been using simple surgical masks which do nothing to protect the wearer from airborne viruses expelled through an infected person’s coughs and sneezes. These types of masks are more designed to keep the wearer from spreading whatever they have.

There is one type of mask that is more suitable for protection: The N95 mask, which is named so because it can filter out 95% of airborne particles, but even these are not foolproof and must often be fitted properly to provide the desired protection. The CDC does not recommend wearing an N95 mask if you have not been trained in how to wear it.

Stockpile stuff for your home

Experts suggest stocking at least a 30-day supply of any needed prescriptions, and you should consider doing the same for household items like food staples, laundry detergent, and diapers, if you have small children.

Remember, alcohol is a good disinfectant for coronaviruses so make sure to keep surfaces in your home clean.

What if you get sick?

The WHO recommends that if you feel sick, you should stay home. If you have a fever, cough and difficulty breathing, seek medical attention and call in advance to let them know your symptoms and that you are coming. Follow the directions of your local health authority.

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.         914-806-5853

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) 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.

Special Contractor Insurance Programs (NY) – We we have 50+ 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 mechanisms.  If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer mechanisms, subcontractor screening, ways to lower your insurance costs that lower them.

New Jersey and Connecticut Contractors:  We have a competitively priced (savings up to 50%)  General Liability, Umbrella Liability, Business Auto, Workers Compensation program.  Want to lower these costs?  Get a quote today!

Identity Theft – Over the past year hundreds of thousands of people have had to deal with identity theft.  This has become such a huge problem so we now offer Identity Theft Protection. We heard stories of kids going for car loans and learning they owe $200,000+ to companies they never heard of.  Under our program you can protect yourself, spouse and children.  Anyone you know can purchase this protection though our plan!  Click here to learn more or sign up.

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

 

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

e-mail: bgesgroup@gmail.com

website: http://www.bgesgroup.com

© – Copyright – 2019 – BGES Group