We continue to monitor legislation and would like to share information which will help you address your immediate business planning needs and reduction in workforce concerns. The Families First Coronavirus Response Act passed March 18, 2020 is expected to go into effect on April 2, 2020. The Act creates significant new financial and administrative obligations for employers. Due to the Act not requiring employers to provide paid time off to employees who were laid off prior to the act taking effect, employers are faced with the difficult and urgent decision regarding staffing. Regulations will be issued by the Department of Labor, but until that time employers should be prepared to comply with the law as is written. The legislation requires two new types of paid employee leave, Sick Leave and FMLA. Read More
Financial wellness is a hot topic. Why is it such an important issue for employers?
- Employees are not well informed on financial topics.
- Employers have made the correlation between financial stress and how it impacts the wellness of the employee. Not only does financial stress impact health care costs, but also productivity.
When employees are hurting, it affects your business and profit margins. When an employee is not financially stable, it creates financial stress which suppresses the immune system and makes people sick. A sick workforce impacts profitability with higher health care costs and lost productivity.Read More
Change is coming to auto insurance in Michigan, home of the highest rates in the nation. We promised not to bore you with a bunch of facts and terminology in our blog posts, but this change is historic for the state of Michigan. It is so significant and important that we want you to have all the necessary information to make an informed decision. What does the no-fault auto reform bill mean to Michigan drivers? Let’s first look at the facts regarding the law and how it will bring financial relief to residents. Read More
Legalization of marijuana, whether for medical or recreational use, is rolling out across the country. As marijuana becomes legal in more states, employers must implement and enforce firm policies on how marijuana use will be tolerated. Last year Michigan became the 10th state to legalize marijuana for adults 21 and older. This leaves employers faced with the dilemma, do they continue to test employees for THC (the chemical responsible for marijuana’s psychological effects), and maintain a zero-tolerance drug policy? Read More
Open enrollment is upon us. Employees often finish the process with more questions than when they started. About 35% of employees have little to no understanding of their healthcare coverage. 62% feel their employer doesn’t serve as a resource for questions they have relating to the benefits program. Read More
Welcome to Koppinger & Associates, Inc. and to our blog. We are excited to be able to keep you updated regularly with information from the world of risk management. Do you wonder if you have the correct insurance in place to protect your business from unseen risks? Or are you providing an employee benefits program that retains and attracts employees? Perhaps you have visited our LinkedIn page and wanted to delve deeper into a particular topic. Whatever the reason is that led you to this blog, we are thrilled you are here. This is the place for you! We will share our passion for risk management and provide education, analysis, tools and resources to help your business grow and succeed. Read More