insurance
September 6, 2023
Preparing for the DOL’s Proposed FLSA Overtime Rule
On Aug. 30, 2023, the U.S. Department of Labor (DOL) announced a proposed rule to amend current requirements that executive, administrative and professional employees (EAPs) must satisfy to be exempt from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime requirements. If the rule is finalized and implemented, the overtime protections will extend to approximately 3.6...
September 1, 2023
Captives Address Emerging Risks
Businesses are increasingly looking to captives to address emerging risks as commercial insurance market conditions remain difficult. Demand is growing for innovative insurance programs for cannabis and cryptocurrency risks, among others, panelists said last month at the Vermont Captive Insurance Association’s 2023 annual conference. “The search for capacity doesn’t end when your insurance broker says...
August 31, 2023
4 Trends Shaping the Casualty Market
No. 1: Inflation is changing the game. After peaking at 9.1% in June 2022 following more than two years of pandemic-induced growth, global inflation has trended down slowly for the last few quarters. Still, inflation remains a concern across the entire property and casualty (P&C) value chain. Naturally, rising costs will have a direct impact on insurers...
August 30, 2023
How Voluntary Benefits Help to Expect the Unexpected
In life, we need to expect the unexpected. One could argue that this is an apt description for voluntary benefits, which were long viewed by brokers and employers as a labor-intensive afterthought. Individually underwritten policies like accident, critical illness, hospital indemnity, identity theft, pet protection and numerous other coverages offered through payroll deduction weren’t seen as strategic...
August 29, 2023
7 Factors Driving Commercial Property Insurance Costs
Several cost-driving trends have contributed to the hard commercial property insurance market. This environment has led to continuous rate increases and other challenging conditions. In these circumstances, it’s crucial for businesses to understand why premiums have been rising. This article discusses seven factors currently impacting commercial property insurance costs. Catastrophic losses—Hurricanes, tornadoes, wildfires, winter storms...
August 18, 2023
OSHA’s New National Emphasis Program Aimed at Preventing Warehouse Injury and Heat Hazards and Its Possible Implications on California
On July 13, 2023, the Department of Labor’s Occupational Safety and Health Administration (“OSHA”) announced the launch of a three-year National Emphasis Program meant to prevent workplace hazards in warehouses, processing facilities, distribution centers, and high-risk retail establishments. OSHA’s announcement explains that warehousing and distribution centers have experienced tremendous growth over the past 10 years, with over 1.9 million...
August 16, 2023
The Tech that Could Shape the Future of Workplace Safety
While artificial intelligence, wearable tech and exoskeletons are not yet commonplace at every worksite, it is a very real possibility that these technologies, and a host of other emerging ones, will play critical roles in the future of work safety and workers’ compensation. To find out what technologies are making a difference, or showing the potential to...
August 10, 2023
Navigating the Unpredictable: Key Trends in Catastrophe Claims
Catastrophe (CAT) seasons are increasingly complex to navigate, especially with the surge of non-stop rain and freeze events outside these pivotal periods. What was once a predominately hurricane-focused season has now diversified into more regular, regional weather-related perils, such as windstorms, massive snowfalls and freezing conditions. From the floods in New Zealand this year to the...
August 9, 2023
Closing the Gaps on Cyber Risks
Cyber risks are constantly evolving, and while there had been a lull in the frequency of ransomware attacks, that respite has clearly ended. In an interview last month on NPR, Jackie Burns Koven of Chainalysis, a blockchain data platform that provides insights on cyber risks and attacks, said that 2023 is shaping up to be...
August 8, 2023
2024 Open Enrollment: The Power of Early Preparation
The labor landscape was undoubtedly a roller coaster in the first half of 2023, and employers are still along for the ride. During the past year, the market experienced a record number of employee quits, a jump in talent shortages and increased workplace demands from workers—many of whom had the upper hand in employment negotiations....