The Basics of Business Owner Insurance Policies

by | May 16, 2022

A business owner’s policy (BOP) combines two types of insurance (property and general liability) into one policy, helping you efficiently manage claims resulting from disasters, theft, fires, bodily injury and more.

Who needs a BOP?

A BOP can help your business if you have a physical location, regardless of the type (a home, a rented or owned office, a storefront or even a garage), because those locations are subject to damage.

A BOP can also help your business if you have assets that could get stolen or damaged. These can include physical assets, such as equipment, furniture and inventory. But they can also include digital assets. If someone steals or loses customer data, for example, a BOP can help pay expenses involved in notifying clients.

You could also benefit from a BOP if there is any chance that you could be sued. Say a customer slips and falls in your retail storefront or office. Without the proper coverage, you could face significant medical expenses.

Why consider a BOP?

A BOP is more affordable than buying separate business property and liability policies. You can also tailor a BOP to help meet your business’s specialized needs by adding optional coverages, such as data breaches and business income loss. A BOP policy can also be customized to certain industries.

How can you get a BOP?

Proper insurance coverage is an important part of being prepared. Call or email us today to review your policies and determine if a BOP is a good fit for you.

Protecting Your Business from Employee Litigation

by | Feb 7, 2022

Employment practices liability insurance (EPLI) plays an important role in all types of businesses: serving as a financial safeguard against unexpected workplace exposures. Do you have this critical kind of insurance and in the right amount?

Like virtually all employers, you likely want to do the right thing by your employees: keep them safe, happy and fairly compensated. But however hard you try, employment practices claims can arise, and they can be lodged against a business, its officers, owners, employees and/or managers.

What kinds of claims? Well, under federal law as well as some state and local laws, claims may be made regarding harassment (sexual or otherwise), wrongful termination, hostile work environment, or age, sexual or gender discrimination. But that’s not an exhaustive list.

Sometimes these claims are merited; sometimes they are not. Regardless, defending against them can be a costly proposition, with legal fees alone running tens of thousands of dollars. Then there are any awards to consider if you lose or feel forced to settle.

That’s where ELPI can be critical. After your deductible is met, ELPI covers the cost of your legal defense, along with the costs of judgments and settlements, up to your coverage limit. EPLI typically offers $1 million to $25 million in coverage (but not for criminal conduct; this is civil).

The best way to mitigate employment practices risks is to have solid insurance coverage. Give us a call today to see how we can support you in finding the best policy!

 

 

What Happens After The Pandemic?

by | Oct 14, 2021

In our community, we have seen many businesses struggle to keep staff.  Some of the restaurants are altering their hours because they don’t have enough workers which means that they are forced to pay overtime and this erodes their profit margins during this critical “jump-start” phase.  As we emerge from the restrictions and quarantines,  it’s not just restaurant owners facing these frustrating challenges.

We recognize that the pandemic will impact our clients and partners forever.   While the risk of infection is diminishing due to vaccinations, many of the workflows in the service sector have been forever changed.   Employers will need to carefully navigate through the “new normal”.    Without a doubt, flexibility is imperative.   Also, technology will continue to play an important role by allowing collaboration without the necessity of face-to-face meetings.

While technology is the tool, the most important asset of businesses will continue to be the human element.  Competition for dependable and experienced workers will require a renewed focus on recruiting and employee retention strategies.   As a stimulus to employers and direct payments to employees run out, business growth will only be limited by the employee-supported service capacity.

Our strategy, at Syndicated Resource Group, will be to offer products and services to employers which augment their ability to remain flexible and allow growth supported by a reliable workforce.

New Overtime Requirements

by | Nov 15, 2016

On May 18, 2016, the Obama administration announced new overtime requirements that may affect more than 4 million workers in the United States. According to the new U.S. Department of Labor (DOL) rules, which amend the Fair Labor Standards Act, salaried employees who are paid less than $47,476 per year must be paid overtime – even managers and others in supervisory roles.

Effective December 1, 2016, the new threshold is roughly double the previous amount of $23,660 and may have broad implications for employers across a wide range of industries, including healthcare, advertising, media, manufacturing, hospitality and retail. Under the guidelines, employees making less than $47,476 per year–or $913 per week–must be paid overtime wages if they work more than 40 hours per week.

In addition, the New Rules:

  • Set the minimum salary required to qualify for overtime exemption at the 40th percentile of weekly earnings for full-time salaried workers in the country’s lowest-wage census region (currently the South).
  • Increase the total annual compensation requirement to exempt highly compensated employees (HCEs) from $100,000 to $134,004 (the annualized value of the 90th percentile of earnings of full-time, salaried workers nationally).
  • Automatically update the minimum salary and compensation levels regarding exemption every three years, beginning Jan. 1, 2020. The DOL estimates the first update to the salary threshold will be $984 per week or $51,168 annually.
  • Allow – for the first time –nondiscretionary bonuses, incentives, and commissions to count toward up to 10 percent of the required salary level. To qualify, employers must make these payments on a quarterly or more frequent basis.