Haylor Risk Management Blog

New York State is working to incentivize workplace safety by revamping the Workers' Compensation experience modification rating program, effective October, 2022.    What does this mean for your business?

The most common mistake in purchasing insurance occurs when businesses shop their insurance program at the expiration date of their policies.  Often times this results in multiple brokers being involved, combined with a lot of the insured’s valuable time and effort being expended, only to make a rush decision at the 11^th hour.  Businesses end up making a last minute decision and do not have the information necessary to make a well-informed one.  

Residents of NY will be allowed to purchase, possess and grow marijuana for personal use.  It will be a regulated and taxed industry that will see significant growth in the coming years.  NY has formed the Office of Cannabis Management (OCM) to establish the regulations about production, distribution and sale of recreational marijuana. 

When it comes to safeguarding your business, it’s important to protect yourself against employee lawsuits. The costs associated with these claims can be staggering and can impact businesses of any size or type. Employment Practices Liability Insurance (EPLI) provides protection against employment practice claims such as discrimination, sexual harassment, wage & hour and wrongful termination. During FY 2020, the EEOC resolved 70,804 charges of employee discrimination, securing $439.2 million for victims in both the private sector and government workplaces.

The most common mistake in purchasing insurance occurs when businesses shop their insurance program at the expiration date of their policies.  Often times this results in multiple brokers being involved, combined with a lot of the insured’s valuable time and effort being expended, only to make a rush decision at the 11^th hour.  Businesses end up making a last minute decision and do not have the information necessary to make a well-informed one.  

The most common mistake in purchasing insurance occurs when businesses shop their insurance program at the expiration date of their policies.  Often times this results in multiple brokers being involved, combined with a lot of the insured’s valuable time and effort being expended, only to make a rush decision at the 11^th hour.  Businesses end up making a last minute decision and do not have the information necessary to make a well-informed one.  

On Monday, Governor Kathy Hochul directed the commissioner of health to designate COVID-19 as a highly contagious, communicable disease that presents a risk of harm to the public health under New York State's HERO Act. This means private employers must implement their workplace exposure prevention plans. (NY HERO Act) 

These workplace exposure prevention plans were required to be adopted by August 5th and then posted for employees by the September 4th deadline.

The Hero Act Law applies to all New York State private employers, regardless of size.  

It seems that Cyber-Attacks and Ransomware incidents are in the news every day.  Some experts are saying that it is not if, but rather when you are hacked.  Having strong Data Security practices within your organization is the best way to prevent a breach.  A comprehensive Cyber Insurance policy tailored to fit your needs is the best way to recover from a breach. 

As many of you know, Governor Andrew Cuomo signed the New York Health and Essential Rights Act (NY HERO Act) into law this past May. The law mandates extensive new workplace health and safety regulations in response to the COVID-19 pandemic.  

NYS has developed a new Airborne Infectious Disease Exposure Prevention Standard, a Model Airborne Infectious Disease Exposure Prevention Plan, and industry-specific model plans for the prevention of airborne infectious diseases. Employers are required to comply within 30 days from the DOL release date.   The standard and prevention plan were released this week so the clock is ticking toward that August 5th deadline.