Business Insurance Update
Is your business prepared to undertake new overtime rules that will be set into place on December 1, 2016? If you are fined because of non-compliance, your business insurance will not provide coverage. Business insurance policies are not designed to cover government fines.
The US Department of Labor (DOL) released the final rule that raises the white-collar overtime exemption threshold under the Fair Labor Standards Act (FLSA). The new regulations take effect on Dec. 1, 2016. Your business will need to start tracking hours for exempt salaried employees who make under $47,476.
Businesses that will be most affected will be those in the hospitality industry, nonprofits, retail, manufacturing and any agribusiness.
Options for employers
Here is a link to the Department of Labor’s web page. Click here
As an Independent Insurance Agency we represent many insurance companies to fit your businesses dynamic needs. Whether you're a new business or a small business, we can help. Being an Independent Agent means we are not only your agent, but we are your business insurance broker as well. We understand every business and industry is unique, so we will work with you to find the best business insurance coverage at the lowest rate. Contact us today for a free quote.
Leave a Reply.