Working as a human resource professional exposes you to a significant number of risks, making professional liability a must-have. Though the financial impact of a lawsuit or claim brought by a former or current employee can be devastating, carrying an HR insurance policy can defray the costs away from you as an individual.
While you try to do your best to help employees, hire the right people, and administer benefit plans, you may make a few mistakes. These errors can lead to lawsuits. The following are some of the most common liabilities facing HR professionals.
- Errors on employment paperwork: While it is the responsibility of new hires to fill out their paperwork, HR staff are to keep individuals accountable for completing the paperwork in its entirety and turning it in on time. Forms must be kept on file for a minimum of three years.
- Hour and wage disputes: Remote employment has made it difficult for employers to ensure compliance with wage and hour laws. Establish clear parameters for schedules and wages, including overtime compensation.
- Worker classification errors: There are different benefits and protections afforded to different classifications of workers. Failing to classify the employees can lead to lawsuits over unemployment insurance, disability insurance, workers’ comp, or health insurance.
These are just three of the common litigation problems you may run into as an HR professional. Protect yourself with professional liability insurance.
All truckers and trucking companies should know about MCS-90. If a member of the public suffers injuries because of a trucker, he or she may demand compensation. The best way for said person to get compensation is if there is an MCS-90.
The MCS-90 Explained
The MCS-90 is an add-on or endorsement to an insurance policy. This specific add-on only relates to motor carriers or companies that transport cargo. This add-on is for the public. It guarantees that if someone is injured by a truck driver that they will be compensated for the damages. Now, for the MCS-90 to go into effect, the accident has to occur when the trucker is doing business that crosses state lines only.
The Purpose of the MCS-90
If a member of the public suffers an injury due to a trucking accident, the MCS-90 endorsement guarantees that the insurance company will pay for the claim, regardless of why the accident occurred. The purpose of the add-on is to supplement existing liability insurance. As an example, there are some accident causes that insurance companies will not generally handle.
To ensure that victims of truck accidents receive compensation and MCS 90 form can be filled out in addition to an insurance policy. If a trucking company practices interstate commerce, it has to have MCS-90.
Offering employee benefits is a way to secure the best talent in the field, but these aren’t required for some employers. When federal law requires, companies are bound to meet minimum standards found in ERISA, and failure to do so can result in fines. However, employees can still cause problems for employers that do offer benefits and carrying a comprehensive employee benefits liability insurance policy can help reduce the liability concerns of a suit brought against a company.
The federal regulations were established to help protect employees and their contribution to pension plans from company mismanagement, but updates to legislation now require extended healthcare to former employees through COBRA, HIPPA security measures to protect healthcare coverage, and accountability for ensuring more eligibility of coverage through the ACA.
Through the information presented at https://www.wwspi.com, employee benefits liability plans are often endorsements on a general liability policy. It is designed to address the financial concerns that arise from suits claiming errors and omissions concerns with benefits administration. The concerns may include:
- Failure to enroll an individual in a healthcare plan
- Failure to designate a plan beneficiary for an employee
- Misclassifying an employee and denying eligibility
- Failure to process a payout claims and denying applicability
When an employee sues for damages and the incurred loss, it can devastate a company’s finances. A liability policy provides the resources needed to fight the legal battles and address settlements.