Blog
Ridgemark Insurance Services
DOL Proposes Massive Increase in Overtime Pay Threshold
The U.S. Department of Labor has issued its long-awaited proposed changes to the nation's overtime rules for American workers, proposing to increase the threshold for exempt status by more than 50% to $55,000. If the proposed rules become permanent rules, employers...
Bill Would Require Workplace Violence Prevention Plans for All Employers
A controversial bill that would require every employer in California to have in place a workplace violence prevention plan has been passed by the State Senate and is now in play in the Assembly.The bill — SB 553 — would require any company with at least one worker to...
Managing Your Corporate Vehicle Exposure
Automobiles are one of the most significant exposures to loss a company can face. To ensure that you effectively manage your company's vehicle liability and risk exposure, you need to have an effective risk management strategy. Without one, the consequences to your...
‘Nuclear’ Jury Verdicts Blowing Up Businesses
The sizes of large jury verdicts have exploded in recent years, putting a strain on businesses not only for what they have to pay out of pocket, but also the size of the premium they pay for their liability coverage. These damages juries are awarding have gotten so...
OSHA Proposes Changes to Construction PPE Standard
Fed-OSHA has proposed new regulations that would require personal protective equipment for construction workers to be properly fitting. OSHA's main concern is that the current standard PPE doesn't clearly state that the equipment must fit each construction...
SCOTUS Sets High Bar for Rejecting Religious Accommodation Requests
A recent decision by the U.S. Supreme Court will make it more difficult for employers to deny employees' requests for religious accommodations in the workplace. The unanimous decision by the court in the case of Groff vs. DeJoy basically upends a standard for...
Insurance Commissioner Orders Workers’ Comp Rate Reduction
California Insurance Commissioner Ricardo Lara has issued an order that cuts the average advisory workers' compensation benchmark rate across all classes by 2.6%, starting Sept. 1. After holding a public hearing in June, Lara rejected the Workers' Compensation...
Cyber Insurance Pricing Ebbs
After two years of massive rate increases, cyber insurance market pricing has been softening and transitioning into a buyers' market, according to a new report by Aon Plc. In 2021 and 2022, 100% rate increases for cyber liability insurers were common, but a number of...
Commercial Auto Insurance Rates Spiking
Skyrocketing claims costs and higher accident rates are pressuring the commercial auto insurance market, as insurers impose increasingly larger rate hikes and more are pulling out of the market or restricting who they will cover. While rate increases have been the...
Commercial Property Insurance Gets Scarce in At-Risk Areas
Commercial property insurance rates remain stubbornly high in California for businesses with properties that are susceptible to wildfire risks. Coverage is relatively easy to find at reasonable prices in any of California's larger cities, but in small cities and...