Is Your Business Ready For The New DOL Overtime Rules?

capital-273344_1920Business Insurance Update

Is your business prepared to undertake new overtime rules that will be set into place on December 1, 2016?  If you are fined because of non-compliance, your business insurance will not provide coverage.  Business insurance policies are not designed to cover government fines.

The US Department of Labor (DOL) released the final rule that raises the white-collar overtime exemption threshold under the Fair Labor Standards Act (FLSA).  The new regulations take effect on Dec. 1, 2016. Your business will need to start tracking hours for exempt salaried employees who make under $47,476.

Businesses that will be most affected will be those in the hospitality industry, nonprofits, retail, manufacturing and any agribusiness.

Options for employers

  • Pay these employees time and a half for overtime.
  • Increase workers’ compensation above the minimum.
  • Limit work hours to 40 per week.

Fact sheets and other materials to help employers and workers understand how the rule will affect them and the broader economy are available dol.gov/overtime.

Here is a link to the Department of Labor’s web page. Click here

Partners Risk Services represents a carefully selected group of financially strong, reputable insurance companies, therefore, we are able to offer you the best coverage at the most competitive price.

October 13th, 2016 by Partners Risk Services