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Health insurance is often the biggest-ticket item in any company’s benefits package, and the cost of health insurance rises on average each year , historically. Companies spend a lot of money, time and effort to make their benefits competitive and provide quality group health insurance plans to employees.
A business leader can’t eliminate all risks, but insurance can provide some cover should the sky begin to fall. Despite this, insurance is an area where owners often try to skimp on the type of insurance they pay for or the amount of coverage they choose. Property insurance . Workers’ compensation. Professional liability.
Learn more about lawsuits and their legal and financial implications. The post CrowdStrike Faces Lawsuits Over Global Outage, Likely to Drive Up Insurance Costs appeared first on Spiceworks Inc.
Moving beyond standard To really get ahead, companies should consider a shift from only offering the most common benefits – or, at minimum, what’s legally required. Certain benefits are now viewed by prospective employees as standard, meaning that: They assume your company offers them, because they are, in some cases, legally required.
In this article, we will: Provide links to federal guidelines on the topic Consider possible pros and cons of requiring vaccines for employees Outline four common approaches Explore exceptions employees may seek to vaccination mandates Identify five potential legal issues related to the topic. Incentivizing vaccines.
In those cases, from a legal and compliance standpoint, your organization’s role is to gather as many details as you can about how the injury happened, such as: The time and date when the employee was hurt The activity that preceded the injury The nature of the injury. Despite your emphasis on work-from-home safety, injuries may happen.
“The case eventually ended up being thrown out,” Gobel says, “but not before I ended up with a $1,500 legal fee.” As a freelancer or independent contractor, you may think your business is too small to need insurance. Client contracts sometimes even require you to have freelance business insurance.
was accused in a lawsuit filed on Tuesday of mismanaging its employee health insurance plan and forcing tens of thousands of U.S. The company has moved to dismiss the case, arguing that its plan has actually saved participants money and that the named plaintiff lacks legal standing to sue. Wells Fargo & Co.
As a co-employer, the PEO you choose will ultimately take responsibility for payroll processing, providing workers’ compensation insurance coverage, providing an employee benefits package and a host of other sensitive human resources (HR) and administrative tasks. Is the plan fully insured, or self-funded?
And that’s exactly what business insurance does. Nearly every conceivable risk a business might face is covered by a type of business insurance,” says Darrell McGee, program manager at Insperity Insurance Services. Property insurance. Also, it typically covers the legal costs involved in the lawsuit.
The most obvious concerns stem from the legal issues surrounding your current state’s laws and how different the laws are in your new location. Before you start to pack any boxes, obviously, it’s wise to consult legal counsel. Yet HR-related laws and regulations are increasingly complex.
Their benefits include: Healthier employees, which can help companies contain health insurance costs Less absenteeism and, therefore, greater productivity Higher morale A sense among employees that their employer cares about them in a holistic manner – beyond their functional role at work – which can strengthen loyalty and improve retention.
To help you figure out whether your workers are classified correctly, we’ll cover: Basic legal resources and information you need to know Who enforces the law on worker classification, and what happens if you’ve misclassified workers (either intentionally or unintentionally) The most common mistakes you should avoid to stay out of trouble.
Everyone wants less expensive benefits and insurance (and without having to scale back on coverage). These opportunities are examples of soft cost savings that often come with HR outsourcing , and they often help employers more adeptly run their business.
Long ago, child labor was common and legal. At the turn of the last century, workers had few legal protections from wage theft or unsafe working conditions. Some states have legalized only medical use, while others have decriminalized or legalized recreational use. gathered for insurance purposes, for example.
Being proactive in the area of HR, recognizing and rectifying HR mistakes before they become serious problems, can save you countless headaches and protect your business against costly legal claims. HR mistake #1: Outdated employee handbook. Every business, no matter how small, should have an up-to-date employee handbook.
Ensure compliance with all relevant HR documentation and legal requirements. Reduce costs associated with workers’ compensation , disability and medical insurance (if an employee can return to work faster). As you bring an employee back to work, be careful to comply with all relevant federal and state legal requirements: 1.
If your military employee deploys for weeks or even months, your company is legally required to hold their job for them for the duration of the deployment. For example, employees can access counselors, psychologists, psychiatrists and therapists as well as legal and financial experts.
The legal liability for data breaches and failure to comply with data privacy laws can incur prohibitive costs, including fines and penalties. Contact your company’s insurance provider, if you have cyber liability Insurance. Collecting employee data Accessing customer databases Protecting proprietary business information.
Lower health insurance premiums? programs with activity and outcome based requirements) are subject to a host of additional requirements under the Health Insurance Portability and Accountability Act (HIPAA) and the Affordable Care Act (ACA) that can expose you to penalties if not satisfied. Happier employees? Why workplace wellness?
Start by offering a solid benefits package that includes a great portfolio of health insurance options to choose from. This alone can help ease some of your employees’ money concerns because they will have the opportunity to get things like medical insurance, disability, flexible spending accounts, retirement plans and more.
The upside of a severance package is that it affords your organization some legal protections. Work with your legal representatives to ensure your severance agreement language is in full compliance with the states where you operate and where your employees work. The reason to not offer severance pay is usually financial.
Health insurance Health insurance aims to assist employees with the costs of obtaining medical care. Optional dental and vision care are usually offered alongside health insurance for an added fee.) To confirm your company’s legal obligations for these types of insurance, check the laws in your particular state.
The nuances between what legally constitutes a person and an employer aren’t always clear-cut when it comes to FLSA compliance. And if you think insurance can shield you from such expenses, think again. Generally, offering comp (compensatory) time in lieu of paying overtime is not legal for private employers.
However, when your employees are operating a company fleet vehicle or driving on official business, that assumption can open the door to potential safety incidents and legal liability. As times and laws change, you must update your policy to weigh in on the use of substances that may now be legal.).
What are the legal responsibilities for accommodating someone with mental health-related issues? The leave is usually unpaid, although certain states may cover time away with partial disability plans or additional private insurance compensation. How should you handle a request for time off due to mental illness?
For instance: Relationship and marriage issues Parenting and family issues Grief resulting from the loss of a loved one Stress management Emotional distress or trauma Financial issues Legal issues Wellness and nutrition Workplace changes Substance abuse. Legal obligations to watch out for. Employee assistance program benefits.
However, the line between bullying and harassment is sometimes murky, so managing bullies is not only important for morale in the workplace, but also it helps to ensure no legal lines are crossed. She has provided HR support and guidance within various industries, such as retail, technology, insurance and professional services.'
Always review with legal counsel to oversee the process and to answer any questions about foreign national sponsorship and the changing laws that affect employment. Federal law requires all employees complete an I-9 form for legal identification. Comply with insurance requirements. Customs and Immigration Services.
A history of working in these various legal and regulatory environments is ideal. Do you carry employment practices liability insurance (EPLI)? Is the plan fully insured, or self-funded? In contrast, under a self-funded plan, the employer (not the insurer) is responsible for paying the claims.
As the plan sponsor, the PEO will handle the related administrative tasks, such as negotiating with carriers, enrolling employees, providing legal notices and handling COBRA administration. Insurance premiums and claims management – both of these components make workers’ comp costly and time-consuming. Workers’ compensation.
Add in the news stories regarding the increase in opioid abuse and the possibility of legal, medicinal or recreational marijuana use in certain states, and you can quickly find yourself grappling with a complicated, delicate HR issue. Seek outside legal counsel experienced in cases of workplace drug and alcohol abuse.
Once businesses reach the 50-employee threshold , expand into other states and municipalities or hire remote employees who reside elsewhere, they can be subject to more legal and regulatory complexities. How can midsize businesses benefit from PEOs?
In most situations, insurance is optional. You don’t legally need to have insurance in many cases to open or operate your business. The larger your company gets, however, the more it stands to lose. So while you won’t have the law breathing down your neck, you may just put yourself. Click to continue reading
Short-term disability insurance and long-term disability insurance are both designed to provide replacement income to your employees in the event they’re unable to work due to injury or sickness. It could get tricky, and it might be deemed reasonable to provide a leave of absence.
Ensure you check out your legal requirements and get these down. Insurance is key too, employee liability insurance, public liability insurance if members of the public come to your office/workplace and perhaps directors and officers, professional indemnity and contents insurance.
Co-employment is the legal structure that professional employer organizations (PEOs) and their client companies use to share HR responsibilities. the amount of loss that you experience compared to the amount of loss that similar insured companies have) when you join or leave a PEO. Hello, human error.).
You’ll also need to factor in workers’ compensation , should an on-the-job injury occur, or unemployment insurance, if you have to lay off employees. To learn more about the legal considerations of hiring part-time employees compared to full-time employees, download our free e-book, Employment Law: Are you putting your business at risk?
Lower health insurance premiums? Research over the years has offered conflicting reports on whether wellness programs actually reduce insurance and workers’ compensation claims. For these reasons, before implementing a new wellness program, or beefing up an existing one, you should involve your legal counsel.
Some experts contend this data may boost a company’s bottom line , and many insurance providers are promising lower health care premiums in exchange for it. If not designed correctly, these wellness programs can violate federal laws such as the Health Insurance Portability and Accountability Act (HIPAA) and the Affordable Care Act (ACA).
If you run a company with employees, you are legally required to have unemployment insurance. Download a free guide on unemployment insurance to make sure you're staying compliant. We're here to walk you through a crash course about what it is, why you need it, and how it's billed. Read more
While the rules vary from state to state, there’s one consistent underlying theme: To qualify for unemployment insurance, employees must have lost their jobs through no fault of their own. Unemployment claims chip away at your bottom line — racking up charges to your unemployment insurance account and increasing your tax rate. (An
In some cases, they opt to organize family meetings in which everyone can be clear about responsibilities such as who will oversee health and legal decisions for parents, parental wishes for living arrangements, their available resources including various types of insurance, and how inheritances will be apportioned.
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