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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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Preventing 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…
Read MoreOSHA’s Top 10 Most Frequently Cited Standards for Fiscal Year 2021 – Infographic
December 16, 2021
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Read MoreBest Practices for Board Composition
December 5, 2021
Board composition contributes greatly to the overall success of a business. To be effective, boards must reflect the strategic priorities and challenges of the company, the relevant areas of risk and the diversity of stakeholders. The skills and experience of the board should align with the company’s long-term strategy. While stakeholders may not know the…
Read MoreNew Trucking Safety Provisions in the $1 Trillion Infrastructure Bill
December 2, 2021
The White House’s new $1 trillion infrastructure bill was signed into law on Nov. 15, 2021. This bill contains several provisions affecting commercial motor vehicle (CMV) safety and operations. These provisions can be found in the Surface Transportation Act of 2021 part of the bill. This article outlines some of the provisions within the Surface…
Read MoreCyber Update – Ransomware Actors Shifting Away From Big-game Hunting to Smaller Targets: Coveware
November 16, 2021
Ransomware actors shifted to more “mid-game hunting” in the third quarter (Q3) of 2021, resulting in fewer large ransom payments and more lower payments made by middle-market organizations, according to recent data from Coveware, an incident response and ransomware negotiation firm. The average ransom payment amount stayed around the same level between the second quarter…
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