Blog

New York City (NYC) has enacted a new law, Local Law 161, that requires every employer in the city to post and provide each of their employees with a “Workers’ Bill of Rights” by July 1, 2024.

Keeping up with compliance developments can be difficult and time-consuming. This quarterly update highlights recent legal developments to help your organization stay on top of new requirements and minimize its compliance risks.

For more information on these topics, please contact Marshall & Sterling

Car insurance rates typically decrease as drivers get older, with the most significant decrease occurring between 18 and 19. This decline in premiums is due to insurance companies’ perceived risk reduction between these ages.

A study published in the Nature Climate Change journal predicts that the annual cost of flood damage in the United States will increase by more than 25% by 2050—from $32 billion to $40.6 billion.

The impact of floods on businesses can be devasting, resulting in lost production, sales, income and labor time; transportation costs; decreased tourist activity; and utility disruptions. In fact, 40% of small businesses never reopen following a natural disaster, according to FEMA and the U.S. Department of Labor.

An essential component of workers’ compensation is an effective return-to-work (RTW) program. Eliminating injuries and illnesses is paramount for reducing workers’ compensation costs, but after an incident has occurred, an RTW program can significantly reduce workers’ compensation expenses for employers and improve the lives of employees. Read on for more information on RTW programs and best practices for establishing and maintaining them.

The risk of serious injury or death doesn’t end after a construction worker’s fall has been arrested. Although personal protective equipment (PPE) may prevent ground impacts, it may leave workers vulnerable to suspension trauma—also known as orthostatic intolerance or harness hang syndrome—which can lead to serious injury or death. It is crucial for those in the construction industry to be familiar with the signs and symptoms of suspension trauma as well as how to help prevent its negative outcomes.

Due to the volume of requests they receive, insurance companies have developed a very efficient premium audit process. While they strive to be as accurate as possible, they don’t have the time or resources to investigate and resolve every possible error or ambiguity that presents itself. As a result, your company may experience multiple, unintentional overcharges. If you know the rules, you can take control of the process by anticipating and preparing the exact information your insurance company needs to prevent inadvertent overcharges, saving your company money in the process.

Insurance experts often examine how outside trends, reforms and movements in the larger economy affect the insurance marketplace, and businesses should follow suit to determine what factors may impact their coverage. For 2024, there are a host of sweeping market developments to consider.

The excess and surplus lines market saw another banner year of premium growth in 2023, rising 14.6% to reach $72.7 billion, according to new figures released by the Wholesale & Specialty Insurance Association (WSIA).

On Feb. 12, 2024, the IRS released updated penalty amounts for 2025 related to the employer shared responsibility (pay-or-play) rules under the Affordable Care Act (ACA). For calendar year 2025, the adjusted $2,000 penalty amount is $2,900, and the adjusted $3,000 penalty amount is $4,350. This is a decrease from the penalty amounts for the 2024 calendar year, which are $2,970 and $4,460, respectively.