Your New Year Insurance Checklist

| posted in Blog, Newsletter

As 2021 gets underway and while you’re making New Year’s resolutions, you should also resolve to review the state of your business’s insurance program and we’ve made that easy with our new year insurance checklist. The best way to do that is to start by reviewing your enterprise’s activities in the past year and how they may affect your insurance policies in the new year. What you find as you go through the following checklist may surprise you. New Year Insurance Checklist Did your operations change last year? Workers’ compensation and commercial general liability (CGL) insurance premiums are based in…
Read More

Law Imposes New COVID-19 Reporting Requirements

| posted in Blog, Newsletter

California employers already have a lot to digest after Cal/OSHA issued sweeping new safety regulations in November that include new COVID-19 reporting requirements, among other changes. Now they face additional requirements starting Jan. 1, 2021, thanks to a new law. AB 685 expands Cal/OSHA’s authority to issue stop-work orders to workplaces it deems a COVID-19 “imminent hazard.” It also requires employers to send notices to a number of parties (state agencies, local authorities, employees, contractors, and more) if they have coronavirus infections in any of their facilities. The law, which comes into effect on January 1, covers a lot of…
Read More

Top 10 Laws and Regulations Affecting Employers in 2021

| posted in Blog, Newsletter

Every year starts with a bevy of new laws and regulations affecting employers and businesses in California, and many of the new rules this time around are an outgrowth of the COVID-19 pandemic and its effects on workers. Employers in California in the year ahead have a number of changes they have to contend with, some of which were enacted near the end of 2020 as emergency regulations or legislation. The following are the top 10 laws and regulations affecting employers in 2021. 1. COVID-19 workers’ compensation rules AB 1159, which took effect in September, is an expansive law requiring…
Read More

Pandemic Puts Spotlight on Financial Employee Benefits

| posted in Blog, Newsletter

With so many people facing challenging circumstances during the COVID-19 pandemic, employees are now looking to their employers for value-added voluntary benefits and financial employee benefits that protect their and their families’ health and finances, a new study has found. According to the study conducted by Prudential Life Insurance, 40% of U.S workers are planning to buy life insurance to cover unexpected life events and provide financial protection. The good news is that there are a variety of employee benefit plans designed to help safeguard employees’ finances and health during this unprecedented time. Beyond the traditional retirement and health care…
Read More

COVID-19 Workers’ Comp Claims Grow, While Overall Claims Plummet

| posted in Blog, Newsletter

While the number of COVID-19 workers’ comp cases filed in California continues to grow, total workplace injury and illness claims in the state have fallen nearly 20% so far in 2020 compared to 2019. Through September, the state had recorded 47,412 COVID-19 workers’ compensation claims, accounting for 11.1% of all claims reported since the start of the year. During that same period, California workers filed 425,280 workers’ compensation claims, down 19% from the first nine months of 2019. COVID-19 case numbers The first COVID-19 cases among California workers were filed in March. They peaked in July and started to decline…
Read More

Don’t Get Caught without a Business Succession Plan

| posted in Blog, Newsletter

Many business owners may be good at running their companies, but many are failing to address essential long-term planning that is critical to sustaining their businesses. The one area that the majority of business owners often neglect is planning for business continuity and a buy-sell agreement if they die or become disabled, according to the “MassMutual Business Owner Perspectives Study.” While the question of your death or disablement is not one that’s fun to ponder, it makes good sense for business owners to put plans in place in case the worst happens. This is especially important now amid the COVID-19…
Read More

Mandatory Employer Sign-ups for CalSavers Have Begun

| posted in Blog, Newsletter

If your company does not offer its staff a 401(k) plan, you need to be aware of deadlines for registering your employees in the CalSavers Retirement Savings Program. The program is designed to help California workers who do not have access to an employer-sponsored retirement plan start socking away money for their retirement. Employers with five or more workers are required to give their employees access to the CalSavers program, which was launched in 2019. CalSavers deadlines Deadlines for when employers have to adopt the program depends on their size: Businesses with more than 100 employees: Sept. 30, 2020 Businesses…
Read More

Protect Your Business from Being Hacked by Employees

| posted in Blog, Newsletter

While hacking by outsiders is posing a larger and more significant threat to companies of all sizes, the threat of insider jobs – particularly being hacked by employees or disgruntled former employees – is often a bigger one. These attacks, carried out with malicious intent to hamstring a company’s operations, can cause serious problems. Recent Examples A former employee of Spellman High Voltage Electronics Corp. is facing charges after employees began reporting that they were unable to process routine transactions and were receiving error messages after he resigned, due to allegedly being passed over for a promotion.The mayhem cost his…
Read More

Trump Issues Executive Orders to Reduce Drug Costs

| posted in Uncategorized

President Trump has issued executive orders aimed at reducing the cost of medications by tying Medicare payment for outpatient drugs to international prices, passing drug-maker rebates to patients and not middlemen, and allowing individuals to import prescription medications. Another executive order aims to force community health centers that receive $340B drug discounts to pass discounts for insulin and injectable epinephrine on to patients. Executive Orders to Reduce Drug Costs Drug importation The Executive Order on Increasing Drug Importation to Lower Prices for American Patients calls for new regulations that would: Allow individual state health plans to import certain drugs. Authorize the reimportation…
Read More

Pay Attention to Policy Milestones, X-Mod to Reduce Workers’ Comp Costs

| posted in Blog, Newsletter

Once they have paid their annual premium, many employers pay scant attention to their workers’ comp policy until the renewal date starts closing in. Unfortunately, that’s not the best time to attempt to control costs. Because workers’ comp is one of the most loss-sensitive insurance policies, and as claims can sometimes be paid out for decades, it’s important that you proactively manage claims. One way to do that is through a quarterly claims review process, the timing of which is in line with the calculation of your company’s Experience Modification Factor (X-Mod). How Is My X-Mod Calculated? It’s important to…
Read More