Last year, most companies cancelled their holiday parties as COVID-19 case rates started surging after the Thanksgiving holidays and as people started spending more time indoors. Cases have once again been rising in the run-up to December, so many businesses are approaching their holiday plans with the safety of their staff top of mind. If…
Businesses are getting better at beating ransomware extortionists and more victims are refusing to pay to unlock their systems, according to a new report. The ratio of ransoms that the cyber criminals demand to ransoms actually paid fell to just 12% in the third quarter of 2021, compared to 44% in the same period in…
One mistake more and more employers are making is failing to file the required Affordable Care Act tax-related forms with the IRS. If you are what’s considered an “applicable large employer” (ALE) under the ACA, you are required to file with the IRS forms 1094 and 1095, often separately and before your annual tax returns…
There could be significant changes coming for a number of construction dual-classification codes that could see the threshold for the higher-wage workers jump by as much as $5 per hour. Currently, 16 of the Workers’ Compensation Insurance Rating Bureau’s construction and erection class codes are divided into two separate classifications based on the hourly wage…
The IRS has announced the 2022 maximum contribution limits for 401(k) plans. Individual employee contributions are capped at $20,500 per year, up from $19,500 for 2021. The $6,500 maximum allowable “catch-up” contribution for those aged 50 or older will stay the same as in 2021. Additionally, the maximum combined employee and employer contribution per employee…
When it’s the rainy time of year, companies with staff that need to drive, delivery drivers or those making sales calls, and all in-beteen need to double down on road safety. A good idea is to hold a training session on “Driving in the Rain”. While it may seem redundant, it’s an important exercise to reinforce the importance…
Thousands of American families have been affected by the tragedy of someone with a substance abuse problem. For many, especially during the COVID-19 pandemic, finding available and affordable treatment has been difficult or impossible. Recently, however, virtual treatment options have become available, and some insurance companies are beginning to pay for them. This is an…
California’s Workers’ Compensation Insurance Rating Bureau has proposed plans to start requiring COVID-19 claims to be included when calculating employer X-Mods, according to a report by an industry trade publication. The proposal, which would have to be approved by the state insurance commissioner, would bring to an end current rules that exclude the impact of…
Employers that plan to or have already introduced incentives or penalties to coax their workers to get vaccinated against COVID-19, have to prepare for likely paperwork and compliance challenges. The Biden administration has made it easier to require employees to get vaccinated after it ordered Fed-OSHA to write regulations mandating that all employers with 100…
Rates for most commercial lines of insurance are likely to continue rising going into 2022, as claims costs mount across the board. A new report from Marketscout notes that rate increases have accelerated across all major lines, but have been most pronounced in liability coverages. The composite rate for commercial insurance pricing in the third…