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COVID-19 Expected to Cause Increased Health Spending in 2022

COVID-19 has impacted healthcare in a way we haven’t seen before. Aside from the obvious increase in inpatient visits and emergency care, it has also shifted how we receive care, who we receive care from, and the overall cost to be treated. The pandemic is likely far from over, and we’re continuing to see industry changes resulting from the past two years. 2022 prediction reports confirm that we’re entering a new era of healthcare, and providers and patients should be prepared for an increase in cost and spending.

MCS-90 Is NOT Insurance... So What Is It?

The Federal Motor Carrier Act of 1980 placed a number of requirements on interstate truckers at the same time it led to widespread deregulation of the industry. One of these requirements involved proof of financial responsibility. To ensure the safety of the public against damage caused by motor carriers who may not have the liquidity to pay resulting claims, the law requires that motor carriers be able to demonstrate the ability to pay any claims up to a statutory minimum.

Is Cyber Insurance Worth The Investment?

Is Cyber Insurance Worth the Investment?

Cyber-attacks have become a top threat to businesses both big and small in the last decade. Social engineering schemes, malware, and ransomware have all seen a significant uptick, especially since the start of the pandemic. According to the Identity Theft Resource Center, 2021 has already hit a record high for cyberattacks, exceeding the total amount in 2020 by more than 17%. So, with cyber threats (and the cost to mitigate them) skyrocketing, its time to consider investing in Cyber Insurance to protect your business.

ECBM and ERC Today Host Coffee Connection with the Delaware County Chamber of Commerce

Wednesday, September 29th marked the first Coffee Connection event with ECBM Insurance Brokers & Consultants and the Delaware County Chamber of Commerce. Coffee Connection is meant to be a local networking opportunity for businesses to learn more about potential solutions and connect with other business leaders in the area. Be sure to stay tuned to hear about more upcoming Coffee Connections!

Prop 22 Passes, Pros and Cons For Businesses With Gig Workers

Lost in bigger election news, a major ballot initiative in California sought to determine the future of the gig economy. California were asked to decide to implement or reject Proposition 22 as part of their ballots on November 3, 2020. Proposition 22 sought to re-define the way California classifies workers of ride-sharing apps. Uber, Lyft, and other services spent approximately two hundred fifty million dollars seeking to convince the California public to adopt the measure. They succeeded. While not all ballots have been counted yet, Proposition 22 currently has a seventeen point lead and all major news organizations have declared that it will pass.

2021 Update On ELDs For Trucking Companies

The Electronic Logging Device mandate went into full effect on December 16, 2019. The rule was originally mandated by Congress as part of MAP-21. MAP-21 was a piece of legislation signed into law in 2012 aimed at updating several aspects of federal highway and vehicle laws and regulations for the 21st century. It took the Federal Motor Carrier Safety Administration (FMCSA) over three and half a years to finalize the electronic logging device rule. The rule then had a delayed phase-in, with larger carriers having to adopt electronic logging devices early and the smallest companies only having to meet the requirement more recently.

Legislation Gets Specific on COVID-19 Best Practices in CA

State governments continue to respond to the COVID-19 pandemic in a number of different ways that impact businesses and employers.  Workers compensation has been a much-discussed topic within this context.  In September of 2020, California enacted a new law that codified previous executive orders the created rebuttable presumptions relating to employees who test positive for COVID-19.  In addition to the rebuttable presumption, the law created a number of reporting requirements for employers and their workers compensation carriers and administrators.

Hackers Shifting Focus Toward Small Business Targets

Small businesses face an increased risk of cyberattack. More and more cyber claims stem from small businesses and small businesses make up an increasing share of the total losses caused by cyber attacks. As this threat evolves, small businesses can no longer ignore their cyber risks without facing disastrous consequences.

2020 Insurance Market Update Report Q4

The insurance industry is still doing what it can to react to the COVID-19 pandemic. This means situations are changing rapidly within certain sectors of the insurance marketplace. 2020 was already projecting to be a difficult year for insurance markets prior to COVID-19, with property and auto insurance rates seeing significant increases and many carriers reducing capacity in coverage areas like directors and officers liability insurance. The pandemic has only accelerated some of these movements.

PA Finding Struggles With Relief For Unemployed Gig Workers

The rise of the gig economy radically transformed employment for many people in a very short time. The impacts and consequences of that transformation are still working their way through various parts of our country’s legal system. While legislators try to grapple with updating employment laws to cope with the change, judges are often stuck applying potentially outdated laws to modern situations.