DOL Announces Change to Overtime Threshold
According to the DOL, the July 1 increase updates the present annual salary threshold of $684/week ($35,568 annually) based on the methodology used by the prior administration in the 2019 overtime rule update. On Jan. 1, 2025, the rule’s new methodology takes effect, resulting in the additional increase.
Why Contractors Need Professional Liability Insurance?
In the past, contractors didn’t need to be concerned about professional liability insurance. It was traditionally carried by architects, engineers and other design professionals for errors and omissions. But these days, construction companies must consider this coverage to complement their general liability insurance.
2024 Salary Projections Remain High
As companies are trimming staff or leaving positions open, fewer employees are searching for new jobs. While workers still expect significant increases in compensation, the marketplace may no longer demand big bumps to retain workers.
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Risk Transfer:
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Transferring risk to your contractors, sub-contractors or clients is tricky, but absolutely critical. Let our experts help.
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Cyber Attacks Happen More Often Than You’d Think
Talk to our team about the insurance and risk management tactics you can use to keep your data safe. Learn More.
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