Each year, the Occupational Safety and Health Administration (OSHA) collects work-related injury and illness data from employers. This data collection is called the OSHA Data Initiative (ODI).
When it comes to managing healthcare expenses and securing your financial future, it’s essential to explore your options beyond traditional insurance plans. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs) offer innovative ways to navigate the complex world of healthcare costs while enjoying some significant tax advantages. Let’s break down these options and help you make informed decisions for your financial well-being.
In 2023, the U.S. trucking industry faced a series of overwhelming challenges, leading to the closure of nearly 88,000 trucking firms—around 10% of the nation’s total. The primary drivers were rising operational costs, especially as driver salaries and legal expenses soared. These factors, in turn, pushed up trucking insurance costs, creating a difficult cycle of shrinking profit margins and higher costs for goods transported by trucks. As these increased expenses trickled down, the impact was felt in prices for everyday goods, affecting both businesses and consumers alike. (Source: Legal System Abuse Hammers Truck Insurance)
Contractual risk transfer (CRT) is a risk management strategy commonly employed by businesses to shift potential liability to another party through non-insurance contracts or agreements. The objective is to transfer risk to the party (e.g., vendor, supplier, subcontractor) to the at-fault party.
We are pleased to announce the promotion of Jennifer Kostos as our Market Relationship Manager in addition to her role as an Account Executive. In this dual capacity, Jennifer is poised to enhance collaboration between our teams and carrier partners.
In late October 2019, the Federal Reserve announced they would lower the Federal Funds Interest Rate by a quarter of a percent. This was the third such decrease of the year. What impact does this have on the commercial property & casualty insurance market and the annual premium paid by a business? In general, when interest rate falls, insurance premiums tend to rise. The rationale behind this is tied into the two ways that commercial insurance companies typically generate revenue; Underwriting Operations and Investment Activities.
As we near the end of 2024, it’s crucial for employers to reflect on the key 2024 employment law trends that shaped the year. Significant updates at both federal and state levels make it essential to stay informed and proactive. Here’s an overview of the most impactful changes and how they may affect the employee benefit landscape moving forward, emphasizing the need for a more adaptable and inclusive approach to benefits as employers respond to evolving regulations and workforce needs.
Workplace substance abuse is a growing concern across many industries. Supervisors, in particular, are on the front lines when it comes to identifying potential problems and ensuring that safety and productivity are maintained. Recognizing the signs and symptoms of drug or alcohol use is crucial for taking the right action before an issue escalates.
DSP is pleased to announce that our very own Bryan Adams has been appointed to the Board of Directors of the Chicago ASA. We are proud to be part of ASA’s mission in supporting the Chicagoland construction industry.