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Associated Benefits and Risk Consulting - Compliance


The work comp premium audit: Understanding how you can positively impact the outcome

Few employers realize the importance of overseeing the workers’ compensation premium audit, which occurs at the end of each year to ensure you are paying the correct premium. After an audit, you could receive a surprise bill if the remuneration in work comp benefits paid to employees is found to be inaccurate — or you could receive a reimbursement. Auditors are susceptible to error, so be sure to classify benefits and wages appropriately, be prepared for the audit each year, and manage the process as much as possible.

Downtime is the biggest cyber threat to manufacturers

Today’s manufacturers are highly automated and connected. However, with every advancement in technology comes associated risk. IT downtime in a manufacturing plant can cost an average of $5,600 per minute or $300,000 per hour. The bigger the company the greater the risk (and the costs) when a critical process is interrupted. In these situations, a properly designed insurance policy can be the difference between bankruptcy and the ability to restore operations.

While you were out sick: Why you should care about new laws on paid sick and medical leaves

Echoing the movement towards new employee-friendly laws, multiple states and municipalities have started mandating not just sick leave, but paid sick leave as well. For employers with employees in the affected states or municipalities, it is crucial to update their policies and handbooks to reflect the new legislations. Additionally, budgetary concerns must be addressed.