Showing posts from July, 2021

Independent Contractor or Employee Part 2 – Insurance Implications

Written by: ​Jimmy Norton, CPCU The Independent Contractor vs Employee discussion never ends!  In a  prior post , I wrote about State and Federal efforts to crack down on Employee misclassification.  As of July 1, 2020, a new Virginia law declared that all workers are considered Employees and employers must prove their workers are Independent Contractors.  If they cannot offer such proof, then employers must pay for prior wages, benefits and payroll taxes.  If that wasn’t scary enough, changes in the Contractor vs Employee question can also dramatically increase your company’s liability risk and insurance premiums.  Here’s a look at a few biggies:   Workers’ Compensation Insurance Work Comp laws state that employers must pay medical bills and lost time arising from a work-related injury.  Employees are automatically covered under Work Comp laws, but Independent Contractors are not (some state laws may vary).  If an Independent Contractor is injured while working for your company, he or

The Unknown Future of Cyber Insurance

The cyber liability market has changed drastically over the last decade and so has our dependence on technology. As the world progresses to be even more digital, protecting the privacy of individuals and corporations alike, will likely be a continuously daunting task. Although the average premium for a small business cyber policy is $2,000/year, the average cost of a cyber claim could be 20 times that cost. This discrepancy is causing carriers to recoil or exit the market entirely. So where does that leave insureds who are required to carry the coverage, sometimes in towers of $5m or more? Check out this great article from Big I that delves into some of the most recent attacks and their impact on the market as a whole, as well as how unpredictable these claims may be in the future.

Restaurant Revitalization Fund

Restaurants are more than just a place to grab a bite to eat or have a drink after a long day. Many serve as the backdrop for celebrating our biggest milestones and connecting with friends and family. Restaurants are embedded into American culture and allow us to experience the culinary traditions of the immigrant communities that are now woven into the fabric of this country. Although we lost many to the pandemic, communities across the country doordashed, grubhubbed and uber ate as much as possible to help keep these cherished establishments afloat.   Now, the government is stepping in to do more. Through the lobbying efforts of the National Restaurant Association, the Small Business Administration has released its first $2 billion in Restaurant Revitalization Funds as part of the American Rescue Plan Act of 2021.   If you are a restaurant owner and were not eligible for PPP funds, you may be eligible for RRF proceeds. To find out more, please follow the link for additional program d