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As cyberthreats evolve, businesses face an increased risk of operational disruptions from digital supply chain failures. Cyber business interruption (BI) insurance protects against financial losses from internal technology failures like data breaches or ransomware attacks. For businesses relying on third-party vendors, cyber contingent business interruption (CBI) insurance goes a step further, covering losses from disruptions…

Highlights On Oct. 17, 2024, the IRS issued Notice 2024-75 (the Notice) to expand the list of preventive care benefits permitted to be provided by a high deductible health plan (HDHP) without a deductible (or with a deductible below the minimum deductible) to include: The Notice also clarifies that the following items and services qualify…

Regardless of industry, small businesses encounter a variety of risks in their everyday operations. These exposures can lead to significant financial losses, making it crucial to secure tailored insurance policies. However, there is no one-size-fits-all solution for all organizations; risk profiles vary widely, and several factors affect insurance costs. Understanding these influences is essential for…

Age discrimination, or ageism, in the workplace involves treating an applicant or employee unfavorably because of their age. The Age Discrimination in Employment Act (ADEA) prohibits age discrimination against those aged 40 or older in all aspects of employment, including hiring, firing, pay, job assignments, promotions, layoffs, training and benefits. Some states also have laws…

In today’s evolving risk landscape, organizations of all sizes and sectors face a wide range of cyberthreats. Amid advancing attack techniques and growing hacker sophistication, cyber events can arise from various avenues and cause considerable damage, often resulting in prolonged operational disruptions and associated losses. With this in mind, it’s crucial for organizations to secure…

On Aug. 19, 2024, the IRS issued Notice 2024-63, providing interim guidance for sponsors of 401(k) and similar retirement plans that provide or wish to provide matching contributions based on qualified student loan payments (QSLPs) made by their participating employees. Background The Consolidated Appropriations Act of 2023 was signed into law in late 2022 and…

In today’s increasingly litigious environment, lawsuits stemming from liability incidents have surged in frequency and severity, leaving many organizations with substantial losses. Due to the complex nature of these losses, they could potentially surpass organizations’ primary liability coverage limits, which refer to the maximum amount that an insurer will pay toward a claim. In these…

Responsible homeownership requires you to take stock of risks and exposures, particularly when allowing others to live in a home you own. When renting out your home, you should generally ensure you have insurance that includes coverage for the following: The right insurance for renting out your home may vary depending on your location, the…

Although most service professionals prioritize taking good care of their clients and providing them with the best possible guidance, mistakes can still happen. When these errors occur, clients could face considerable harm, prompting them to hold service professionals accountable for their wrongdoings and leading to costly lawsuits. Fortunately, that’s where professional liability insurance can help.…

On July 2, 2024, the U.S. Department of Labor’s (DOL) Occupational Safety and Health Administration (OSHA) announced an unofficial version of the proposed standard to protect workers from heat injury and illness. If finalized, the new standard would apply to all employers conducting indoor and outdoor work in all general industry, construction, maritime and agricultural…