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Business Insurance and Elections
With local and federal elections approaching we thought it would be good to identify a number of critical business issues that may have an impact on your Denver business insurance and risk management program. Business insurance can protect your business from many unknown or unforeseen losses like costly litigation, fire, auto accidents, natural disasters and more. We are the leading provider of business and personal insurance in Denver.
Business Insurance Concerns
- The Affordable Care Act- As we move into 2015, heath care will continue to be on the top of the list. There are many provisions that take effect in 2015, including Employer Shared Responsibility (ESR) provisions, ESR reporting requirements, the 90-day waiting period limitation and use of the orientation period within the 90-day waiting period, renewal of non-compliant plans, health insurance marketplaces, and the small business tax credit. (Source Benefits Pro)
- Credit Card Fees- Many businesses use credit cards as part of their daily operations. Credit card fees cost businesses over $50 billion per year. A recent U.S. law (the Durbin Amendment) reduced the cost of some debit card transactions but it didn’t regulate credit card swipe fees. Many believe this may be addressed in 2015.
- Employment Reform- Changes in how businesses manage employees will always be a hot topic. Expect to see changes in how employers manage overtime and how “spouse” is defined under the Family and medical Leave act. There could also be talk of a national minimum wage. Employment practices liability suits can include claims of sexual harassment, racial discrimination, sexual discrimination, breach of employment contracts and even wrongful failure to promote or employ.
- Cyber Liability- With all the breaches in 2013 – 2014 we expect to see increased support for stiffer regulations regarding privacy issues. This highlights the need even more to purchase cyber liability insurance.
- Directors & Officers Fiduciary Duties- The current administration will increase pressure to make owners and directors of small private businesses responsible for more retirement and benefit programs. This is another reason why every business should consider Directors & Officers Liability Insurance.
DCInsurers – Mountain, knows how important it is to have the right kind and amount of insurance coverage for your business. We also know how challenging it can be to sort through the numerous different insurance options to find the right policy.