There are plenty of laws and regulations set forth by federal, state and local governments that apply to business owners. Rather than face severe penalties and even litigation, become aware of the common compliance challenges in order to reduce this risk. We have created a checklist for you to follow to make this much more feasible. In addition, protect your operation with an Employment Practices Liability Insurance program.
Minimum wage.
While the federal minimum wage remains at $7.25 per hour in 2017, there have been increases in a number of states and cities. The higher rates control. For example, the rate in New York City for small employers is $12 per hour on December 31, 2016, but it’s $10.75 per hour for companies with fewer than 10 employees. On December 31, 2017, it’s set to rise to $13.50 ($11.75 for small employers). Check the prevailing rate in your location so you can stay in compliance, says Small Business Trends.
Interview questions.
The ADA has implemented strict regulations for questions that employers can and cannot ask regarding disabilities, medical history, and even conviction records. Familiarize yourself with these laws to prevent a discriminatory lawsuit.
Workers’ compensation.
Generally, you are required to carry workers’ compensation coverage for all of your employees, even the owners. However, in some states, such as California, you may be able to opt out. Therefore, review the qualifications to determine whether or not you are eligible.
Posters.
The required posters need to be hung in plain view for employees to see. If you don’t know which ones you need, download them here.
Overtime.
The DOL released its final rule late last year for overtime requirements. This rule greatly increases the wage threshold at which an executive, administrative, or professional employee is exempt from the overtime rule. An employee who is not exempt must be paid time-and-a-half for working more than 40 hours in a workweek. Will the injunction be lifted in 2017, allowing the rule to go into effect? Will a new Administration reset the wage threshold? Monitor any developments so you can stay in compliance, suggests the article. https://www.youtube.com/embed/j6zz8iRAs7I
About Preferred Insurance
At Preferred Insurance, we specialize in providing quality insurance solutions that are tailored to your specific needs. We pride ourselves on working with you to give you the coverage you need at a price you can afford. For more information about our business line products and services, contact our experts today at (877) 547-4461.