Jump to navigation
RSS

by Michael Bell on Oct 13, 2016

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

  • Pay these employees time and a half for overtime.
  • Increase workers’ compensation above the minimum.
  • Limit work hours to 40 per week.

Fact sheets and other materials to help employers and workers understand how the rule will affect them and the broader economy are available dol.gov/overtime.

Here is a link to the Department of Labor’s web page. Click here

Robert Bell Insurance Brokers Inc. was founded in 1983 by Bob Bell to be the independent leader representing the equipment and party rental industries. Over the next decade Robert Bell Insurance became that innovating force to provide the best price, industry knowledge and service to the rental industry.

Robert Bell Insurance Brokers offers the business insurance products you need. Our professional agents will consult with you on the coverage and premiums that meet your specific needs. Feel free to get in touch or get a quote today.

 

 



More articles related to…


Bookmark our mobile site visit m.robertbellinsurance.com

Information you need, when and where you need it most. More »

Our Insurance Companies

Safeco Insurance

Robert Bell Insurance Brokers Inc.

Our location

605 E Alvarado St #200
Fallbrook, California 92028
Jump to navigation
760-451-8556
Mon-Fri 8AM-4PM

© 2017 Robert Bell Insurance Brokers       California License #0691053