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News
IRS Announces Excepted Benefit HRA Limit for 2025
The IRS has released the inflation-adjusted limit for excepted benefit health reimbursement arrangements (EBHRAs) for plan years beginning on or after Jan. 1, 2025. Effective for 2025 plan years, the maximum annual employer contribution for an EBHRA will increase to $2,150 (up from $2,100 for plan years beginning in 2024).
Casualty Claims Severity Significantly Outpacing Economic Inflation
Claims costs for commercial auto, professional liability, product liability and directors and officers' liability insurance have exceeded economic inflation over the last decade, with social inflation the likely culprit, according to new data from AM Best. Social inflation has been a “thorn in the side of casualty insurers” for some time, with loss severity rising…
Cyber Security Awareness Programs: Benefits and Implementation
Businesses of all sizes are susceptible to cyberattacks such as phishing scams, malware attacks and ransomware schemes, which can create significant financial loss and lead to major reputational damage. Therefore, businesses need to take measures to mitigate cyber risk. Implementing a comprehensive cybersecurity awareness program is one of the most important strategies for recognizing and…
Are You Fully Protected? Review Additional Commercial Property Coverages
Commercial property insurance provides much-needed financial protection if an organization’s property is directly damaged or destroyed by a covered peril (e.g., fire, theft, vandalism, wind and lightning). Specifically, this coverage can help reimburse property repair or replacement expenses in the event of a covered loss. When securing commercial property insurance, organizations may utilize the building…
Lower Your Health Care Costs and Improve Your Well-Being
It can feel like there’s nothing you can do to combat rising health care costs; however, taking control of your overall well-being can greatly lower your expenses. According to the National Institutes of Health, 86% of the nation’s health care costs go to treating chronic conditions. Obesity, heart disease and Type 2 diabetes are some…
ICHRAs: Pros and Cons for Employers
An individual coverage health reimbursement arrangement (ICHRA) is a type of employer-funded health care account that provides an alternative to traditional group health plan coverage. Employers of all sizes may use ICHRAs to reimburse employees’ premiums for individual health insurance policies on a tax-free basis. Depending on their design, ICHRAs can reimburse other out-of-pocket medical…
USVI: AccuWeather Warns of Intense Hurricane Season 2024
Commercial weather forecasting service AccuWeather has released its expectations for the 2024 season, including warnings that hurricanes could wreak destructive havoc on areas along the Atlantic and Gulf coasts this year.
AccuWeather Warns of Intense Hurricane Season in 2024
Commercial weather forecasting service AccuWeather has released its expectations for the 2024 season, including warnings that hurricanes could wreak destructive havoc on areas along the Atlantic and Gulf coasts this year.
Workers Comp Insights: The First 24 Hours After an Injury
The moment an injury occurs, it initiates a sequence of events that can last for weeks or even months. But no matter how prolonged the recovery period, the first 24 hours after an injury are the most crucial. To respond effectively to an incident, the majority of the action items should occur within 24 hours.…
How Employers Can Navigate Attraction & Retention Challenges
Employers of all sizes continue to face attraction and retention challenges. Successful efforts to win over workers can require significant time and carry high costs, but failing to attract talent or losing existing employees is particularly costly for small businesses. Unfortunately, small businesses often don’t have the excess resources to invest in attraction and retention…
Is Your Benefits Package Sustainable? Anxiety Tops List of Mental Health-related Workplace Issues
Mental health provider ComPsych revealed that anxiety is the top mental health issue impacting workers. Nearly one-quarter (24%) of the individuals who contacted ComPsych for mental help assistance in 2023 were looking for help with anxiety. Last year, ComPsych facilitated more than 300,000 cases for American workers.
Understanding the Experience Modification Rating
One important aspect that plays a significant role in determining the cost of workers’ compensation insurance is the experience modification rating (EMR). This article delves into the concept of EMR, its calculation and its implications for employers.