News
One of the best ways to stay ahead of risk? Stay well informed.
News
Health Plan Eligibility: Do's & Don'ts to Avoiding Penalties
Employers sponsoring group health plans have some flexibility when deciding which groups of employees and dependents will be eligible for coverage. However, there are several crucial eligibility requirements employers should adhere to for health coverage. These rules can be categorized into important eligibility “do’s” and “don’ts” for employers to follow.
Car Insurance Terms Every Driver Should Know
We get it, auto insurance can be confusing at times. Policies often contain a variety of terms that can be difficult to understand, especially for someone without a background in insurance. The following is a list of common auto insurance terms to keep in mind the next time you meet with your insurance broker:
Compliance Overview: Independent Contractor Rule
Worker classification directly impacts employee eligibility for benefits, legal protections (such as minimum wage and overtime rights) and taxation. Employee misclassification is a growing concern for the U.S. Department of Labor (DOL). While several tests exist to determine whether a worker is an employee or an independent contractor, the DOL uses the economic reality test…
Legal Update: NYC Requires Employers to Provide Notice of Workers’ Rights
New York City (NYC) has enacted a new law, Local Law 161, that requires every employer in the city to post and provide each of their employees with a “Workers’ Bill of Rights” by July 1, 2024.
Risk Management: Quarterly Compliance Updates
Keeping up with compliance developments can be difficult and time-consuming. This quarterly update highlights recent legal developments to help your organization stay on top of new requirements and minimize its compliance risks. For more information on these topics, please contact Marshall & Sterling
How New Drivers Can Lower Car Insurance Premiums
Car insurance rates typically decrease as drivers get older, with the most significant decrease occurring between 18 and 19. This decline in premiums is due to insurance companies’ perceived risk reduction between these ages.
Preventing Suspension Trauma: Essential Strategies for Construction Sites
The risk of serious injury or death doesn’t end after a construction worker’s fall has been arrested. Although personal protective equipment (PPE) may prevent ground impacts, it may leave workers vulnerable to suspension trauma—also known as orthostatic intolerance or harness hang syndrome—which can lead to serious injury or death. It is crucial for those in…
Mitigating Commercial Risks: Workers Comp and Cyber Attacks
An essential component of workers’ compensation is an effective return-to-work (RTW) program. Eliminating injuries and illnesses is paramount for reducing workers’ compensation costs, but after an incident has occurred, an RTW program can significantly reduce workers’ compensation expenses for employers and improve the lives of employees. Read on for more information on RTW programs and…
The Most Common Hazard in the U.S.: Is Your Business Protected from Flood Risks?
A study published in the Nature Climate Change journal predicts that the annual cost of flood damage in the United States will increase by more than 25% by 2050—from $32 billion to $40.6 billion. The impact of floods on businesses can be devasting, resulting in lost production, sales, income and labor time; transportation costs; decreased…
Controlling Premium Audits to Eliminate Overcharges
Due to the volume of requests they receive, insurance companies have developed a very efficient premium audit process. While they strive to be as accurate as possible, they don’t have the time or resources to investigate and resolve every possible error or ambiguity that presents itself. As a result, your company may experience multiple, unintentional…
Surplus Lines Premiums Hit Nearly $73 Billion in 2023
The excess and surplus lines market saw another banner year of premium growth in 2023, rising 14.6% to reach $72.7 billion, according to new figures released by the Wholesale & Specialty Insurance Association (WSIA).
Personal Injury Protection Coverage
Personal injury protection (PIP) is a type of auto coverage that can help pay for your medical bills and passengers’ medical bills if you’re in a vehicular accident, regardless of fault. In some states, PIP can even offer coverage if you’re injured by a vehicle as a pedestrian, cyclist, or passenger involved in an accident.…