Regulatory Issues That Impact Every Business
May 16, 2016
The regulatory climate is always changing for businesses. Almost every month there is some new laws, regulations, or statutes that your business now must comply with. We want to share a few of the latest regulatory trends to help with your business insurance planning.
1. The Department of Labor (DOL) is cracking down on employers who misclassify independent contractors who really should be employees. If you are an employer who hires contractors, the DOL has issued new guidelines to help you.
2. Defense of Marriage Act (DOMA). The federal definition of marriage has changed and employers must modify health insurance and benefits packages to comply with the law.
3. Healthcare is still an important issue for businesses. Open enrollment starts November 2016. Employers with more than 50 employees must offer full time employees an employer sponsored plan.
4. The Occupational Safety and Health Administration (OSHA) has published a Guide to Restroom Access for Transgender Workers. OSHA's Sanitation standard requires that all employers under its jurisdiction provide employees with sanitary and available toilet facilities, so that employees will not suffer the adverse health effects that can result if toilets are not available when employees need them.Source OSHA
5. The new workers’ compensation coding system went into effect 10.1.15. All businesses covered under the Health Insurance Portability and Accountability Act (HIPAA) will be required to use the International Classification Coding Systems (ICD-10) to report injuries and illnesses to the Centers for Medicare & Medicaid Services (CMS).
6. Whistleblower investigations are on the rise. The SEC’s whistleblower program continues to have an impact on businesses. The single biggest issue has been “Corporate Disclosure and Financials,” which accounted for 18.2% of all submissions.
7. In response to immigration reform, employers will need to monitor changes to the immigration system that may impact their hiring; particularly Form I-9 procedures and work authorization documentation.
Innovative Insurance Services LLC provides insurance to businesses in Shakopee, Savage, Prior Lake, Bloomington, Eden Prairie, Burnsville, and surrounding areas. At Innovative Insurance Services LLC, we’re committed to keeping your business protected – so you can focus on your day-to-day operations. And with the right insurance plan, your business will be covered from top to bottom.