After two years of massive rate increases, cyber insurance market pricing has been softening and transitioning into a buyers’ market, according to a new report by Aon Plc. In 2021 and 2022, 100% rate increases for cyber liability insurers were common, but a number of factors are finally starting to drive rates lower. Experts recommend…
The Americans with Disabilities Act, now more than 30 years old, requires employers to make reasonable accommodations for employees with disabilities. Many employers may be concerned about the cost of making those accommodations. However, a recent government study shows that the costs are typically minimal or non-existent. The report, from an office of the U.S. Department…
Skyrocketing claims costs and higher accident rates are pressuring the commercial auto insurance market, as insurers impose increasingly larger rate hikes and more are pulling out of the market or restricting who they will cover. While rate increases have been the standard for nearly a decade, since 2022 hikes are growing larger — often in…
Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. Employers said they are looking to manage growing group benefit costs without shifting costs to employees, as they realize that their staff are likely…
Commercial property insurance rates remain stubbornly high in California for businesses with properties that are susceptible to wildfire risks. Coverage is relatively easy to find at reasonable prices in any of California’s larger cities, but in small cities and towns, it’s a different story. Business with facilities in any areas that abut woodlands and other…
More and more insurers are expanding the use of telemedicine, just as a new study shows promising cost savings of up to 25% from virtual care when implemented properly. The latest insurer to announce an expansion of its telemedicine offerings is UnitedHealthcare, which recently said it would eliminate out-of-pocket costs for its 24/7 Virtual Visits…
The Equal Employment Opportunity Commission has released an updated version of the “Know Your Rights: Workplace Discrimination is Illegal” poster to account for upcoming changes to workplace anti-discrimination laws. The Pregnant Workers’ Fairness Act, signed into law last year, comes into effect on June 27, 2023, at which time employers will need to swap out…
The penalties for not offering health insurance to your employees if you have 50 or more full-time or full-time equivalent employees in violation of the Affordable Care Act are set to rise again next year. The IRS has increased the fines for employers that fail to provide health insurance for their workers under the ACA’s…
A surge in demand for pricey, new and highly effective anti-obesity medications could put a financial strain on employers who sponsor their employees’ health plans. Employers have long offered coverage for certain weight loss tools, such as bariatric surgery if employees qualify for the drastic procedure that requires an operation. Other medications that have been…
The California Civil Rights Department (CRD) recently released a detailed set of frequently asked questions about a new bereavement law that requires employers in the state with five or more workers to provide leave for up to five days to a worker who loses an immediate family member. The law, which took effect Jan. 1,…