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Category: Risk Management
The latest insurance articles, insight, and news from Ollis/Akers/Arney Insurance & Business Advisors.
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DOL Extends Comment Period for Proposed Independent Contractor Rule
November 16, 2022
On Oct. 26, 2022, the U.S Department of Labor (DOL) announced it would extend the comment period for its proposed independent contractor rule after pressure from business groups and lawmakers regarding the original timeline. Originally, the DOL provided 45 days for public comment. Stakeholders will now have until Dec. 13, 2022, to comment. Business groups…
Read MoreKey Differences Between Commercial Excess Liability and Umbrella Insurance Policies
November 15, 2022
Commercial excess liability insurance and umbrella insurance are secondary coverage policies that attach after primary insurance policy limits—such as general liability, employer’s liability and commercial auto insurance—have been exhausted. This additional coverage can protect your business from the financial consequences of large losses that exceed what your primary insurance can cover. While excess liability and…
Read MoreDHS Extends Form I-9 Flexibilities Until July 31, 2023
October 18, 2022
On Oct. 11, 2022, the U.S. Department of Homeland Security (DHS) announced it is extending updated flexibilities for Form I-9 due to the continued safety precautions related to COVID-19 until July 31, 2023. Background Federal law requires every employer that recruits, refers for a fee or hires an individual for employment in the United States…
Read MoreFMCSA Considering Equipping Interstate CMVs With Electronic ID Technology
September 28, 2022
On Sept. 23, 2022, the FMCSA published an advance notice of proposed rulemaking (ANPRM) and requested comments on whether it should amend the Federal Motor Carrier Safety Regulations (FMCSRs) to require every commercial motor vehicle (CMV) operating in interstate commerce to be equipped with electronic identification (ID). This electronic ID would be capable of wirelessly…
Read MorePreventing Repetitive Motion Injuries
August 31, 2022
While repetitive motion injuries (RMIs) are common among athletes, these injuries can occur in the workplace. Also known as repetitive stress injuries or cumulative trauma disorders, RMIs impact a broad range of occupations, including jobs that require heavy lifting and stationary office roles. RMIs occur when continuous physical stress from daily tasks damages nerves, tendons…
Read MoreACA Pay or Play Penalties Will Increase for 2023
August 22, 2022
On Aug. 16, 2022, the IRS updated its frequently asked questions (FAQs) on the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA) to include updated penalty amounts for 2023. For calendar year 2023, the adjusted $2,000 penalty amount is $2,880 and the adjusted $3,000 penalty amount is $4,320. Pay or…
Read MoreWebsite Accessibility Lawsuits on the Rise
July 11, 2022
Website accessibility laws have evolved over the past decade, inundating courts with lawsuits filed by individuals with disabilities—typically those with sight or hearing impairments—claiming that businesses’ websites are not accessible to them. While Title III of the Americans with Disabilities Act does not mention websites or mobile apps, many lawsuits are based on the requirement…
Read MoreEmployers See Increasing Numbers of Lawsuits Over Deficient COBRA Notices
July 5, 2022
Employers are seeing an increase in lawsuits from former employees alleging deficient Consolidated Omnibus Budget Reconciliation Act (COBRA) election notices, with statutory penalties of up $110 per person per day. These lawsuits are generally class actions and can result in significant attorneys’ fee awards for successful ex-employees. The fact employers are struggling to comply with…
Read MoreEnvironmental, Social, and Governance Trends to Watch
December 27, 2021
Environmental, social and governance (ESG) factors are often considered by socially conscious investors when evaluating companies on sustainability and social conscientiousness. While ESG metrics can be hard to measure, the risks surrounding them are increasing. As consumer, investor and shareholder action is increasingly focused on ESG, companies and their directors and officers (D&Os) must proactively…
Read MoreKey Takeaways From OFAC’s Ransomware Guidance
December 21, 2021
To address the epidemic of ransomware attacks against public and private entities, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) updated its advisory on ransomware payments and included the first-ever sanctioning of virtual currency exchange. The Updated Advisory addresses the sanctions risks associated with paying ransomware actors. It also outlines OFAC’s…
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