Time for Spring Cleaning

| March 19, 2024
Happy family spending leisure time in their garden.

The first sign of spring is not the melting snow, the return of robins, the budding trees and bulbs, or even the light jackets replacing heavy winter coats.

The first sign that spring has sprung is the relentless desire to clean with all of that newfound energy.

Storm windows must come down, gutters must be inspected, the house must be power-washed, carpets must be steam-cleaned, the soil must be prepared for gardens and the inside of the house must be refreshed.

Amid this flurry of activity, it’s easy to get overwhelmed. Here are a few tips to stay safe and sane as you clean.

Set realistic expectations and schedules. Remember that you don’t have to do it all in one day. A good rule is not to tear apart what you can’t put back together before nightfall.

Take care to prevent falls. Falling is the leading cause of home injuries. If you need to use a ladder, choose one that allows you to reach what you need without standing on the top rung or support step, or reaching beyond the side rails. Keep the ladder stable, upright and straight by placing it on even ground. And keep stairs and walking areas free of clutter to prevent tripping hazards. If you’re carrying a load, make sure you can see over it. Ask for help if it’s too heavy to carry alone.

Use cleaning solutions cautiously. When using cleaning solutions, wear gloves and don’t stand downwind of the spray. A caustic cleaner can cause permanent vision damage if it comes in contact with your eyes.

Keep your kids and pets away from steam cleaners, power washers and attractive-smelling solvents.

Don’t let your pets drink out of cleaning buckets, and store empty cleaning buckets upside down.

Give your kids age-appropriate tasks. Let your kids help, but give them chores they can do. Dropping a storm window or five-gallon bucket of brick-cleaning acid can cause a permanent injury.

Keep your work area clean. Just as you keep your work area clean and free of hazards at work, keep your work area clean at home. This prevents hazards and helps you work more efficiently. If your tools are well-organized, you can find them more easily.

These are just a few suggestions to make your spring cleaning go more smoothly. But in general, think about what can go wrong before you act. Then, take precautions to protect yourself and your family.

For more information

If you have questions about other ways to protect your belongings, reach out to our Personal Insurance team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2023 Applied Systems, Inc. All rights reserved.

More Problems, More money…

| March 12, 2024
Tower crane and building construction site silhouette at sunrise.

As of January 2024, OSHA released an update to the maximum penalty costs to adjust for the cost-of-living increases over the past few years.

Violations in serious, other than serious, and posting violations categories increased to $16,131 per violation. Failure to abate violations are $16,131 per day (generally limited to 30 days) beyond the abatement date. Willful or repeated violations are $161,323 for each violation. The higher gravity of the violation, the higher the cost of the fine will be.  

Types of OSHA Citations:

  • Serious – Violation of situations in which a hazardous condition could lead to death or serious harm of an employee.
  • Other Than Serious – Violation of situations in which a hazardous condition could lead to a direct and/immediate injury/illness but would not cause death or serious harm to the employee. This category also covers failures in recordkeeping, posting and electronic reporting.
  • Failure to Abate – Violation in which previously cited hazards were not brought into compliance since the previous inspection.
  • Willful – employer intentional disregards OSHA requirements or demonstrates indifference to health and safety of employees.
  • Repeated – Violation of a previously cited hazard. These violations were corrected at one point in time but found again in a new inspection.  

It is important to note that in January of 2023, OSHA issued an expansion on their Instance-by-Instance (IBI) citations which outlines if an employer has multiple violations, those citation fees will be individualized instead of grouped together as they might have been in the past. To give an example, if a company has multiple work sites with the same hazards identified, OSHA will cite each site with the violation, not the company as a whole. This can lead to very hefty fees for a company. 

Should an employer receive citations due to hazardous work conditions, they do have the right to, in good faith, contest the citations. The employer has 15 working days to respond in writing. In these cases, the OSHRC (Review Commission), an independent agency, will assign an administrative law judge who will conduct a hearing in which the employer and employees can participate. The judge may then make changes to the citations and/or penalties.  

An employer may not be able to avoid an OSHA inspection, but there are things that can be done to ensure the process runs as smoothly as possible. Have a plan for event which outlines who should meet with the inspector, how to determine what the inspector needs to see and what information needs to be provided immediately. As always, OneGroup is available to help put a plan together and/or work on safety related programs to ensure employee health and safety is prioritized.

Learn More

To learn more reach out to Megan Coville and Paula DeStefano at MCoville@OneGroup.com and PDeStefano@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2023 Applied Systems, Inc. All rights reserved.

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Accident & Injury Reporting

| March 12, 2024
Wrapping Injured Hand

When accidents happen on the job, your response is everything.

Timely injury and claim reporting is crucial to workers’ compensation and insurance. Reporting injuries promptly helps ensure that employees receive timely medical care, reducing the risk of further complications and promoting a faster recovery. It also allows employers to address potential workplace hazards, making the environment safer for everyone.

From an insurance perspective, reporting claims promptly helps insurance providers investigate the incident while the details are still fresh, increasing the likelihood of accurate and fair compensation for the injured worker. Delayed reporting can lead to increased cost of both the claim and expense, making it harder for the injured employee to receive the benefits they deserve.

Timely claim accident and illness reporting can significantly impact the cost of the claim when it comes to insurance expenses. Reporting a claim promptly allows insurance providers to investigate the incident quickly and accurately assess the situation.

Here’s how it affects the costs:

  1. Faster Resolution: Timely reporting enables insurance companies to respond promptly, facilitating a faster resolution. This can lead to quicker access to medical treatment and benefits, potentially preventing the injury or illness from worsening, and reducing the overall cost of medical expenses.
  2. Preserving Evidence: Early reporting preserves crucial evidence related to the incident, such as witness statements, photographs, and other documentation. This helps insurers in their investigations, ensuring they have all the necessary information to handle the claim fairly. Delayed reporting may lead to missing or incomplete evidence, making it harder to assess the claim accurately.
  3. Preventing Fraud: Timely reporting reduces the opportunity for fraudulent claims. Insurance companies can thoroughly investigate the incident and verify its legitimacy. Delayed reporting may raise suspicions and increase the likelihood of fraudulent claims, which can inflate insurance costs for everyone.
  4. Controlling Costs: With timely reporting, insurance companies can take appropriate measures to manage costs effectively. Early intervention can help prevent unnecessary medical treatments or identify cost-effective alternatives, which can ultimately reduce the overall claim expenses.
  5. Reserving and Budgeting: Prompt reporting allows insurance providers to set aside appropriate reserves and budget for potential claim payouts accurately. This helps them manage their financial stability and avoid unexpected financial burdens.

Timely claim accident and illness reporting allows insurance companies to respond efficiently, mitigate potential risks, and manage expenses effectively, resulting in a smoother claims process and more stable insurance costs for employers and workers, ultimately benefiting all parties involved.

Contact Us

For more information, please contact Risk Management Consultant Todd Goodman at TGoodman@OneGroup.com.

Does your home have flood insurance?

| March 8, 2024
Flood in the Midwest

Flash rains and ice melts can cause flooding when the ground can’t absorb the water fast enough.

Flooding is the most common and costly natural disaster in the U.S. Many homeowners live in flood-prone areas, but even those who don’t live in a flood zone are at risk. 

Just a small amount of floodwater can cause major damage. According to the Federal Emergency Management Agency (FEMA), just four inches of water in a 2,500-square-foot home would likely result in $38,552 in damages!

Uninsured flood victims may qualify for low-interest loans or government grants, but assistance depends on whether the area is officially declared a disaster. Funds usually run out quickly and only cover a fraction of the cost to rebuild or replace your home.

No matter your zone, standard homeowners and renters insurance don’t cover flood damage. You’ll need a flood insurance policy to offset your costs. Otherwise, you might pay out of pocket.

Assessing your flood risk

FEMA’s National Flood Insurance Program (NFIP) can help assess your flood risk. The NFIP runs flood mapping for the entire country and determines where the highest and lowest risks of damage are.

The zones are rated using letters:

  • Zones A and V have the highest risk and generally require flood insurance.
  • Zones B, C and X have a moderate or low risk of flooding.

But don’t be deceived by your flood ranking: One in three insurance claims involve homes in low-risk zones. In January 2023, NFIP paid $26 million to 489 California NFIP policyholders for flooding due to severe winter rainstorms. The average claim was $53,000.

If you live in a flood zone, your mortgage lender will require you to obtain flood insurance. Typically, that coverage must equal at least what you owe on your mortgage and meet specific legal requirements.

NFIP coverage

Policies have a 30-day waiting period before coverage begins. While NFIP sponsors most flood insurance, only those who live in NFIP-participating communities can purchase this coverage. Some communities even qualify for discounts on coverage based on their flood mitigation improvements. Your insurance professional can determine if your city or county participates and show you the types of coverage available for your property.

The maximum NFIP protection for a residential structure is $250,000, and the limits for contents top out at $100,000. NFIP covers your personal property for actual cash value, not replacement value, so your things will be reimbursed with depreciation.

NFIP doesn’t cover the contents of finished basements, swimming pool damage or the cost of living elsewhere while your home is being repaired.

Unlike a private insurer, NFIP cannot drop your policy because of claims or risk. It also has regulations that cap premiums. NFIP is a federally backed policy, so you won’t have to worry if the insurance company goes bankrupt.

You can only buy NFIP coverage through insurance agents, even though the government sponsors it. Call your insurance agent to get a quote.

Excess flood coverage

More insurers are offering excess flood insurance to supplement regular NFIP coverage, especially for high-value homes and waterfront properties.

Excess flood insurance can be expensive. Pricing varies depending on your home’s age and location, whether it is elevated, its distance from the water, which way it faces and the deductible you’re willing to pay.

Excess policies kick in after your NFIP policy limits are exhausted. Since private insurers underwrite excess policies, they have broader coverage options. Your agent can help you decide if excess flood coverage suits you.

Private flood coverage

New datasets and advanced tools like artificial intelligence have made flood coverage more affordable. Private flood insurance is an alternative to NFIP coverage, not in addition to it. Private policies have a shorter waiting period before coverage begins, usually 14 days or less.

Private flood insurance has a few perks that NFIP doesn’t such as:

  • Higher property limits
  • Higher limits for personal belongings
  • Additional living expense reimbursements
  • Pool damage and refill coverage
  • Damage prevention materials like sandbags and barricades

The government doesn’t guarantee private flood coverage. However, many private insurance companies are regulated by their state agencies, with state-level guaranty funds that can help if the company goes bankrupt.

Ask your insurance agent for help finding a reputable company.

NFIP Risk Rating 2.0

FEMA’s Risk Rating 2.0 system is changing the way FEMA prices its coverage. The last time FEMA updated its rating system was in the 1970s. It focused on information like property elevation and antiquated flood maps but didn’t account for variables like flood types, severity or rebuilding costs. As a result, FEMA determined that policyholders with lower-value homes may have been charged too much based on their risk and rebuilding costs, while those with higher-value homes may have paid too little for their risks and costs.

Risk Rating 2.0 incorporates data points to examine how flooding events occur. It uses dynamic data to get a comprehensive picture using information like:

  • Types of flooding in the area (river overflows, storm surges, waves, mudslides, coastal erosion and heavy rainfalls)
  • Weather risks and predictive modeling
  • Characteristics of the residential building (the type of foundation or elevation of the first floor)
  • Property elevation
  • Distance from flooding sources like coasts, rivers and lakes
  • Replacement value of the structure, including the cost to rebuild in the area
  • Ways a building is adapted to withstand floods, such as flood vents
  • Levee performance

Risk Rating 2.0 views risk as dynamic. Communities can decide about development and infrastructure to increase or reduce the flood risk throughout a community. When the risks change, premiums can change.

FEMA will comply with its existing caps on premium increases (no more than 18%) and help transition policyholders who have substantial increases. And policyholders can still transfer their NFIP coverage discounts to new homeowners when they sell their homes.

You can also do a few things to contain your insurance premiums.

Keeping your costs down

Ask these questions when discussing rates:

  • Is your community enrolled in FEMA’s Community Rating System? If so, you may qualify for a discount based on your community’s efforts to reduce the risk of flooding in your area.
  • Have you elevated your home? Owners who elevate their homes 3 feet above the base flood elevation can expect to save 60% or more on premiums, according to FEMA. If your property must comply with local floodplain requirements, you may be eligible for the Increased Cost of Compliance program, which can help pay to elevate a building after a flood. FEMA also has a grant program to help elevate homes.
  • Have you floodproofed your home? Even if you can’t elevate your home, you can make your dwelling more resistant to flood damage. Consider raising the utilities, installing basement infill and flood openings, and placing valuable contents above flood level.

Call your insurance agent for a flood insurance quote. They can help you understand your risk and offer advice about NFIP and private flood solutions. As extreme weather events continue across the U.S., now’s the time to prepare. Having adequate flood coverage is a smart first step.

For more information

If you have questions about flood insurance, reach out to our Personal Insurance team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2023 Applied Systems, Inc. All rights reserved.

WEBINAR: HUMAN RESOURCES 101

| March 6, 2024
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Are you setting good policies and procedures in place now, before you are faced with a risky termination decision?

Do you have a reasonable accommodation policy and procedure in place?

Do you know employer requirements for proper compliance with FMLA and ADA?

Are your supervisors properly documenting performance management conversations and disciplinary actions?

Join OneGroup’s next 101 Series Webinar! Human Resources Consulting Manager Colleen Willams will cover some of the best proactive steps a company can take to reduce your risk of costly employment related claims.

REGISTER HERE
Human Resurces 101 Webinar Invitation

To learn more about OneGroup’s Human Resources Solutions, please visit our Human Resources Solutions page.

HR SOLUTIONS

A Culture of Corporate Social Responsibility Depends on Human Resources.

| March 5, 2024
Corporate Social Responsibility, CSR Strategy

Corporate social responsibility (CSR) is a way for you to create social responsiveness through internal policies and community programs.

It relies on values and principles to dictate how your company relates to the community at large. 

CSR is also a focal point of corporate strategy — helping companies become good corporate citizens and making a positive impact on society. According to the Boston College Center for Corporate Citizenship(BCCCC), 95% of companies have a community involvement strategy. They track participation in employee volunteer programs, offer workplace-giving programs and align the social issues they support with business priorities.

Similarly, a MetLife Employee Benefits Trends study found that more than 80% of employees believe workplace culture is important. Employees want to work for a company that is aligned with their values. They want to engage with their employer and their community in meaningful ways.

HR is uniquely positioned to have the most impact on creating a culture that supports and promotes CSR. Through your relationships with senior management, you can help establish the necessary systems and processes.

Include CSR in your vision, mission and value statements

When employees see their employer doing the right thing, they are likely to follow suit. Be sure to include elements of CSR in your vision, mission and value statements.

  • A mission statement shares the purpose of your company and the impact you want to have on customers and employees. If part of your CSR strategy is limiting your carbon footprint, include that in your statement.
  • A vision statement expresses your intent through uplifting statements that support your goals. If part of your CSR is to value diversity, share that in your statement.
  • A value statement identifies how you do business and shares your perspectives on what behaviors are important to you. If part of your CSR is to behave ethically, state that as one of your core values.
Establish an employee code of conduct and programs that support CSR goals

Educating employees about your commitment to being a good corporate citizen begins before they even walk through your door. CSR initiatives should be included in recruitment materials and on your public website.

Once an employee is on board, they should understand CSR is a strategic element of their success:

  • Include ethical behavior in your employee code of conduct. Ask employees to sign off on the document.
  • Highlight CSR initiatives during orientation. Invite tenured employees to share their experiences.
  • Provide training on business practices that affect the environment like recycling and working remotely.
  • Address policies that tackle social issues like diversity and harassment.

You may also want to hold team-building exercises that reinforce CSR values. Create activities and programs around issues that your employees are passionate about. Be sure to provide a clear link to your goals for community involvement.

Develop policies that encourage CSR

Not everything about CSR has to revolve around volunteer hours and dollars. Many of your policies can address CSR, including: 

Social issues

  • Diversity
  • Sexual harassment
  • Work-life balance
  • Wellness

Environmental issues

  • Transportation
  • Telecommuting
  • Recycling
  • Energy efficiency

You can also adopt policies that support employee endeavors to improve themselves. Encourage self-care, support stress management programs, promote healthy lifestyles and endorse behaviors that uphold your corporate values.

Communicate with employees and promote CSR success

Employees should understand what you are trying to achieve with CSR. Share your objectives and goals with them. Publish information regularly on internal message boards, blogs, wikis, team meetings, webinars, newsletters, emails and voicemails — any way you can get the message out.

Your CEO and other senior managers should echo the corporate message. Encourage them to share the causes they support and why. Is the CEO also the coach of her son’s lacrosse team? Does the chief financial officer serve at a soup kitchen every month?

In addition, actively measure the success of your program. Report the number of hours volunteered and the dollars donated, as well as data such as employee retention rates and satisfaction levels. All of these numbers can help prove the value of your program.

If you need help designing a CSR program or want more information about how it could help your company, talk to your broker or benefits adviser. They can help you create a culture of CSR in your organization that builds up your employees and your community.

For more information

To learn more, reach out to our Human Resources Consulting team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2019 Applied Systems, Inc. All rights reserved.

Multiple Claims and Your Auto Insurance

| March 4, 2024
Inspecting Car Damage After A Crash

Maybe you’ve been unlucky enough to be involved in a small fender-bender – only to be involved in a multiple-car smashup a short time after.

Anything is possible, which is why we have auto insurance in the first place. The problem is, filing multiple claims with your insurance company has consequences — usually in the form of higher insurance rates.

Let’s first define “multiple claims.” As long as the claims have been filed within a three-year period, they are considered “multiple.” The nature of the claims determines whether you’ll face a rate increase only or non-renewal. There are typically two types of claims: at-fault claims and comprehensive claims.

At-fault claims are considered the most damaging. As the name implies, at-fault claims are those that are caused by you, after an investigation. Keep in mind that at-fault claims don’t always involve multiple cars; you can be at fault in a single-car accident as well. In any case, two at-fault claims within three years are grounds for non-renewal with many insurance companies. Since your driving record follows you, your next insurance company will consider you high risk as well, and your insurance rates will reflect it.

Comprehensive claims are a little different. They are the result of events other than collisions and outside of your control, such as vandalism, theft, windshield damage or damage caused by natural events. For many insurance companies, multiple comprehensive claims won’t typically affect your insurance rate unless you file more than three within three years. Other insurance companies charge per comprehensive claim.

Multiple claims also may affect your deductible if they’re filed very close together. For example, you may already have a cracked windshield when a tree limb falls on your car. Both are comprehensive claims but are separate incidents, meaning that you’ll have to pay two deductibles if your policy has a deductible on comprehensive coverage. If, however, your car suffered a cracked windshield and a fallen tree limb as the result of a single storm, your carrier may charge a single deductible.

Driving mistakes and unforeseen accidents do happen. Be prepared for the insurance aftermath by reviewing your policy with your insurance professional. Understand what you’re responsible for in case of multiple accidents or events, as well as how your insurance company will handle them and to what extent they will affect your rates going forward.

For more information

If you have questions about auto insurance, reach out to our Personal Insurance team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2021 Applied Systems, Inc. All rights reserved.

Accountant and Tax Preparer Insurance 

| February 19, 2024
Business partners in meeting.

What is putting your firm at risk?  

As an accountant, CPA or tax preparer, what happens if you miss a filing deadline, or your advice leads to significant financial loss for your client? What if you do everything correctly but your client blames you for a financial loss? 

Tax law is more complex than ever before, and clients have become more sensitive to stakeholder demands for precise and comprehensive accounting and tax filings. The government is on the prowl for failures, and industry regulators are ready to add to the misery if their members are determined to have systemic problems. Reporting errors, conflicts of interest, fudged books and failed oversight are all on the minds of audit committees and government officials. Even personal clients have increasingly complicated financial issues. More than ever, you must protect your accounting and tax preparation business from claims you failed in your duties. 

It isn’t enough to follow risk management best practices. You must also consider ways to transfer some of your financial loss exposure to an insurer. Let’s look at the most important coverages for your company, including some that might seem ancillary but are increasingly crucial. 

  • Cybersecurity/cyber liability. Since you store and transmit considerable amounts of personal and financial information online, cyber insurance is critical. It can help pay expenses resulting from a data loss or cybercrime, including the cost to investigate the breach, recover files or pay damages. You can even use it to cover public relations expenses to repair your reputation. 
  • Employee crime. Because of your day-to-day involvement in finances, your business can be an attractive target for dishonest characters. This type of policy will protect you financially if you have employees and they are involved in (or accused of) theft, embezzlement, forgery, computer fraud or illegal fund transfers. 
  • Umbrella insurance. As suggested by its name, an umbrella policy extends coverage by picking up where your primary insurance leaves off. Once you hit the limit of your primary policy, your umbrella insurance provides additional compensation. It’s a low-cost way to reduce your losses if you are found liable for a very expensive claim. 
  • Business income. If you suffer a covered loss that prevents you from conducting business, business income insurance safeguards you from losing income while your business recovers. A covered loss might include a fire in your office, which would fall under your commercial property policy. 
Essential Coverages 

No accounting firm, CPA or tax preparer should operate without professional liability, general liability or commercial property insurance. And if you have employees, workers’ compensation insurance is worth consideration, even if it isn’t a requirement for your business. 

Professional liability 

The list of professional errors is vast but includes conflict of interest, missed deadlines, calculation errors and accusations of fraud. Even if you follow every legal requirement and offer sound financial advice, clients may sue you. They may claim you failed to carry out your professional responsibilities, provided the wrong advice or were not clear enough with your recommendations. 

The cost of defending yourself against lawsuits and any resulting penalties can be significant. Professional liability insurance, also known as errors and omissions, provides financial protection for your business if you are accused of negligence or error. 

If you are sued, this coverage will help with your defense expenses and legal fees, as well as resulting judgments if you are found at fault. Many policies cover the cost of document production and other preparations or investigations for your defense. Of course, if it is determined that your actions were malicious, dishonest, criminal, or illegal, your insurance will not apply. 

When it comes time to retire, tail coverage will protect you by extending your last policy to cover any claims filed in between the date your policy expired and the date the claim was filed. This protects you in the case that any errors are discovered past your policy expiration. Tail coverage is also used for events like leaving private practice, disability, or death.  

General liability 

General liability insurance, also known as commercial general liability, protects you if a third party blames your business for bodily injury, personal injury (such as slander) or damage/loss of personal possessions. The third party can be a client, visitor, or supplier. 

Even if you operate from your home, you need this insurance if people come to your home for business, even just to drop off paperwork. Remember, a casual comment about a client or their account can result in a claim if it’s perceived as inappropriate or damaging. 

Commercial property 

This type of policy protects any physical assets you own that are used for business. These may include office furniture, computers and other technology, and the building itself. If you rent space, the landlord will carry insurance for the building, but you still need insurance to protect your other business assets. If you work from home, your homeowners policy will not cover your business assets, so you’ll need a commercial policy for full protection. 

Ask your insurance professional if any additional insurance is needed to cover damage that may result from excluded events common in your part of the country or area. Examples include earthquakes, wildfires, windstorms, flooding, and water or sewer backups. 

Workers’ compensation 

Some insurance professionals will group general liability, commercial property and business income into one policy called a business owners policy, or BOP. And in some cases, your agent or broker might suggest program policy designed specifically for accounting firms, CPAs or tax preparers. These are often good ways to compile a solid suite of coverages at an affordable price. 

If you have employees (not independent contractors, who are responsible for their own insurance), you may need workers’ compensation insurance. Your agent or broker can discuss specific guidelines based on your state laws. Workers’ compensation covers medical care and lost wages resulting from workplace injuries. And lest you think financial professionals could never have such a claim, remember that back issues and carpal tunnel are quite common. 

For more information

For more information, please contact Rina Corigliano-Hart, Director of Client Engagement and Outreach, at RHart@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2021 Applied Systems, Inc. All rights reserved.

Department of Labor Revises Independent Contractor Rule: What You Need To Know

| February 16, 2024
Sign outside Department of Labor building, Washington, DC

Does your company have independent contractors? If so, pay attention. On Jan. 10, 2024, the U.S. Department of Labor (DOL) announced a new independent contractor rule (2024 IC Rule). This rule will impact how you classify workers, as either employees or independent contractors, going forward. The 2024 IC Rule is set to take effect on March 11, 2024.

How will the new independent contractor rule affect you?

The new rule will affect a wide range of businesses large and small. It applies to workers in all industries.

According to the rule, employers must consider the following six factors before classifying a worker as an independent contractor: 

  1. The worker’s opportunity for profit or loss 
  2. The resources the worker has invested in the work 
  3. The degree of permanence involved in the working relationship 
  4. The degree of control the employer has over the worker’s activities
  5. The extent to which the work performed is essential to the employer’s business 
  6. The worker’s skill and initiative

No single factor has predetermined weight in the eyes of the DOL, and no single factor can determine whether a worker is properly classified as an employee or an independent contractor. In addition, other factors may be relevant based on the unique circumstances of the worker and the working relationship.

Generally, the key question to consider is whether a worker is economically dependent on the employer, as they would be under the Fair Labor Standards Act (FLSA). If someone is in business for themselves, it tends to support a finding of independent contractor status.

Can a worker waive their right to be classified as an employee?

Whether a worker is an employee or an independent contractor is based on a legal analysis. A worker cannot waive their status, even by the terms of a written agreement with their employer.

How is the 2024 IC Rule different from the previous rule?

The 2024 IC Rule rescinds a prior rule from Jan. 7, 2021. The 2021 IC Rule was a short break from longstanding opinions about classification distinctions. In summary, the 2024 IC Rule changes the interpretation of worker classification in the following ways:

  • It returns to a “totality-of-the-circumstances” analysis of worker classification. This is a moreholistic way of analyzing the economic realities of a worker’s situation.
  • It considers the resources a worker has invested in their services as a separate factor.
  • It considers scheduling, remote supervision and a worker’s ability to set their own prices.

In overturning the 2021 IC Rule, the 2024 IC Rule has reinstated decades-long precedent interpreting theFLSA.

The 2024 IC Rule will bring judicial decisions back into line with case law released before the 2021 IC Rule. As employers and their counsel look to verify that their worker classifications comply with the law, the 2024 IC Rule will provide greater clarity.

When does the 2024 IC Rule take effect?

The 2024 IC Rule is set to take effect on March 11, 2024. The effective date comes after a comment period in which the DOL’s Wage and Hour Division considered feedback from various stakeholders. These include businesses, attorneys and special interest organizations.

Why did the DOL pass a new rule?

Acting Secretary of Labor Julie Su has identified worker misclassification as a serious problem within the labor force. She has stated that misclassifying employees as independent contractors “deprives workers of basic rights and protections.”

The purpose of the new rule is twofold:

  • To provide guidance on proper classification for employers
  • To combat worker misclassification, which negatively impacts workers’ rights to minimum wage, overtime pay, health insurance and other employment benefits
What are the limitations of the new rule?

While the 2024 IC Rule applies to all employers regardless of size, it only applies to worker classification under the FLSA. The Internal Revenue Code (IRC) and National Labor Relations Act (NLRA) maintain different standards and have separate case law regarding the difference between employees and independent contractors. The FLSA is interpreted by the DOL, while the IRC and NLRA are interpreted by separate federal agencies.

You should also keep in mind that your state may offer worker protections beyond the provisions of the FLSA. If a state you operate in has a law that provides greater protection than the FLSA, those standards will prevail in matters of overtime pay, minimum wage or similar worker protections.

Still have questions about the 2024 IC Rule? Contact your OneGroup or your legal counsel.

Businesses of all sizes, in all industries and in all geographic locations in the U.S. must comply with the 2024 IC Rule. If you employ independent contractors or will in the future, keep an eye on the classification process used to designate your workers’ status.

For more information

Contact OneGroup or your legal counsel for guidance. Reach out to our Human Resources Consulting team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2023 Applied Systems, Inc. All rights reserved.

OneSelect Business Spotlight

| February 16, 2024
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ACCESS Global Group

With Dr. Shanelle R. Dawson, Principal Owner

“As a woman who represents a diverse background and situation, I think it is vitally important that stories like mine are told. Because there are not a lot of us.” – Dr. Shanelle Dawson, ACCESS Global Group

ACCESS Global Group is a MWBE certified consulting and coaching firm that specializes in assisting organizations in recognizing the value that stems from embracing diversity.

They offer a range of services tailored to meet the specific needs of each client. From conducting comprehensive interviews and assessments to developing customized presentations, workshops, and training opportunities, they work closely with businesses to identify areas where diversity and inclusion can be strengthened. Whether through educational programs, policy development, or cultural awareness initiatives, they aim to create an environment where every voice is heard and valued. – accessglobalgroup.com

ACCESS Global Group began as an educational consulting firm, focusing on equity for every student and ensuring students have what they needed to be successful in the classroom. From there, the group expanded its focus more broadly on diversity, equity, and inclusion (D.E.I.) while still in the education sector. ACCESS Global Group then began to expand into all spaces, where any type of organization can use their expertise in project based, people based, and product design.

The group is present in many industries such as manufacturing, life sciences, healthcare, media, telecommunications, government, public service, education, and many more.

Access Global Group Logo
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Image Source: www.accessglobalgroup.com

The goal of ACCESS Global Group being present in a variety of industries, is to bring a sometimes-new perspective to those spaces. This new perspective can help companies see blind spots they might not even know exist.

However, not all their services are geared towards D.E.I. For example, ACCESS Global is also a great resource for businesses to ensure company-wide trainings are rolled out correctly and are effective for every employee.

“I had spent the past 20 years telling our company why we didn’t need to do this and now, after these three activities that you and I have done… it’s not what I thought it would be and I regret not doing it sooner.” – Attendee, ACCESS Global Group training

Founder, President, and CEO of ACCESS Global Group, Dr. Shanelle R. Dawson began as an educator from Southern California. Combining her expertise in project planning, policies and procedures, onboarding, offboarding, soft skills training, community engagement, community involvement, and her passion for D.E.I. she founded ACCESS Global Group.

“I really do love the work… If one person says to me, ‘hey can I meet with you after the presentation?’ Then I know I said something that resonated with that one person, that’s important to me.” – Dr. Shanelle R. Dawson, ACCESS Global Group

Dr. Dawson is personally invested in students representing diverse backgrounds and experiences and supporting them in attending universities with programs they are interested in without being limited by cost.

Dr. Dawson is currently in the process of developing a program called W.E.B. This program focuses on women’s wellness, equity, and business development.

“I believe when women are able to take charge of their circumstances, we can actually transform our communities.” – Dr. Shanelle R. Dawson, ACCESS Global Group

Additionally, she is an avid yogi, occasional runner, and a mental health advocate.

ACCESS Global Group is looking forward to growth and expanding the brand in the coming years, one of Dr. Dawson’s biggest goals for the next five years is to, “purchase a five-story building in downtown Syracuse to convert to my office, living space, and other shops.”

“When I think of Upstate, NY, I think of opportunity. I’m not sure I would have opportunity in Southern California. I believe that this area is very welcoming to people willing to bet on themselves and make the world a better place and serve here.” – Dr. Shanelle R. Dawson, ACCESS Global Group

ACCESS Global Group has been a client of OneGroup since 2023.

“OneGroup definitely makes life easy.  The ability to have someone(s) assigned to make sure my business and personal needs are met, guide me, and answer questions… it’s amazing.” – Dr. Shanelle R. Dawson, ACCESS Global Group

OneGroup is proud to support small and emerging businesses through our OneSelect program. Click here to learn more about the program and to connect with one of our experts.

To learn more about ACCESS Global Group and the work they do, click here.

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