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Insight & advice from the experts at Marshall & Sterling

 
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How to Manage Business Risks
A vital aspect of running a small business involves managing its associated risks, as no operations are immune to internal or external threats. A risk management plan involves implementing various techniques that can help mitigate or prevent loss.
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Common Components of a Cyber Insurance Policy
In recent years, organizations of all sizes and sectors have become increasingly reliant on workplace technology and digital systems to conduct their operations. Nevertheless, utilizing such technology carries additional exposures and liabilities. That’s why it’s crucial to secure adequate cyber coverage.
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4 Ways Artificial Intelligence Can Help Reduce Workers’ Compensation Expenses
Artificial intelligence (AI) encompasses machines, computer systems and other devices that can simulate human intelligence processes. This technology has the potential to change many aspects of the workplace, especially as it pertains to preventing and managing occupational injuries. As a result, implementing such technology could significantly impact organizations’ workers’ compensation programs, particularly in the realm of cost-effective claims management.
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ACA Affordability Percentage Drops Significantly for 2024
This E-Alert is of interest to Applicable Large Employers (ALEs) - generally those with 50 or more full-time employees (including full-time equivalent employees). Under the ACA’s employer shared responsibility ("Pay or Play") provisions, large employers may be subject to a penalty if they do not offer affordable coverage that provides minimum value to their full-time employees and their dependent child(ren).
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ACA Premiums Are Expected to Increase in 2024 Due to Rising Health Care Costs
Health care insurers are proposing a median 6% increase for Affordable Care Act (ACA) health plan premiums in 2024, according to a Kaiser Family Foundation (KFF) report. Rising prices for health care services and medications are a key driver for the proposed increase in 2024 ACA Marketplace premiums. While medical inflation tends to lag behind the rest of the economy due to the nature of provider contracts, it appears that inflation is starting to impact the prices of health care services, causing them to increase. As a result, many insurers expect inflation to place upward pressure on health care premiums as well as administrative costs.
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Hurricane Preparation and Safety Tips for Businesses
According to the Congressional Budget Office, hurricane and tropical storm damages account for approximately $9 billion in losses to commercial businesses each year. Keep these tips in mind as we enter Hurricane season this year.
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How Artificial Intelligence Impacts Workplace Safety
Preventing workplace injuries and fatalities is crucial for organizations of all sizes and across sectors. Without safety initiatives in place, organizations could experience increased incident rates, higher workers’ compensation costs, reduced productivity levels and diminished staff morale. Fortunately, various technological solutions can help organizations mitigate potential hazards and protect their employees from harm.
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Understanding General Liability Coverage for Newly Acquired or Formed Organizations
As a business owner, you know the importance of protecting your company from potential risks and liabilities. When your organization acquires or forms new entities, it's essential to take into consideration how General Liability (GL) insurance can safeguard your interests during this transitional period. However, there are some critical nuances to be aware of, especially when dealing with Limited Liability Companies (LLCs) and Joint Ventures.
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Work Comp Insights
Workers’ compensation coverage is not only required in most states but also plays a major role in connecting injured employees to the care they need to return to work as quickly and safely as possible. That’s why it’s crucial for your organization to develop an effective workers’ compensation program.
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SEC Adopts Final Rules for Public Companies’ Cybersecurity Disclosures
On July 26, 2023, the U.S. Securities and Exchange Commission (SEC) published final rules to enhance and standardize how companies disclose cybersecurity risk management, strategy, governance and incidents. The rules apply to public companies that are subject to the reporting requirements of the Securities Exchange Act of 1934. The final rules will become effective 30 days after they are published in the Federal Register.
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