When it comes to employee benefits, one thing hasn’t changed: people still don’t understand them.
On September 9th, 2024 the Departments of Labor, Treasury, and Health and Human Services released the final rule changes regarding the Mental Health Parity and Addiction Equity Act.
Soft landing… We’ve likely all heard these words with regard to the economy and the monetary policies employed to combat inflation while avoiding a “harder” recession. Bonding strategies in uncertain markets are crucial during these times. One of those economic levers being used is interest rates. The Federal Reserve is now moving carefully as indicated by the rate hold in September, but because jobs and consumer spending data continue to be strong, further adjustments may be on the docket.
Most homeowners and companies know that property insurance rates are rising in this “hard” market over the past few years. Navigating co-insurance challenges shows that hard markets come with increased premiums, increased deductibles, and stricter coverage terms. Catastrophic property losses from weather events are becoming more frequent, and the dollar amounts per loss continue to rise, forcing insurance companies to re-evaluate their property insurance portfolios. At the same time, the cost to rebuild properties has increased dramatically due to rising construction costs for material and labor. Additionally, replacement costs on an insurance policy might be significantly higher than the market/retail value of the property. Now more than ever, property owners need to review their property coverage limits and make sure they are carrying adequate limits to avoid a co-insurance penalty, truly navigating co-insurance challenges.
OSHA recently released an updated recordkeeping guide that details requirements for tracking employee injury and illness in the workplace via forms 300A, 300 and 301. The new guide adds recently incorporated changes to OSHA guidelines.
It also simplifies reporting guidelines by merging the previous four OSHA reporting documents into a single guide.
On Oct. 11, 2022, the U.S. Department of Labor (DOL) announced a proposed rule to rescind and replace its 2021 independent contractor classification rule under the Fair Labor Standards Act (FLSA). The proposal is scheduled for publication in the Federal Register on Oct. 13, 2022. Comments on the proposal must be submitted within 45 days of the publication date.
In today’s fast-paced world, cell phones have almost become an extension of ourselves, bringing a wealth of information and connectivity to our fingertips. However, this constant connection introduces new challenges, especially on the road. The cell phone auto insurance impact is a significant concern for insurers, highlighting how modern communication tools intersect with road safety. This blog post delves into how cell phone usage while driving not only poses risks to personal safety but also affects auto insurance in various ways. Importantly, it is illegal to text and drive in many jurisdictions, emphasizing the legal consequences alongside the safety and insurance implications.
We are very pleased to announce that Tony Perez has joined DSP as a producer in our Employee Benefits Division. Tony has nine years of expertise in the industry, five of which he spent as a Sales Executive with Sun Life Financial representing medical stop loss, dental, vision, life, and disability programs.