More Time: FASB Delays Long-Term Insurance Standard … Again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes amid the COVID-19 pandemic. Need for change After 12 years of work, the FASB issued Accounting Standards Update […]

The Tax Implications Of Employer-Provided Life Insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything […]

How to make workers’ comp costs less costly

Employers usually have no choice: You’re required to pay workers’ compensation insurance for W-2 employees. But no one says you can’t look for ways to reduce the cost of coverage. The key is to lower your company’s risk. To that end: Commit to safety. Communicate and enforce safe work rules and establish a task force […]

When to consider builder’s risk insurance

In construction, there’s always risk. No matter how careful an operation is, accidents happen — as well as theft, vandalism, bad weather and natural disasters. And let’s not forget the potential for earth movement during construction or hitting hidden pipes and buried gas lines. The list of unforeseen incidents can get long! While worker’s compensation, […]

Why it’s worth going above and beyond OSHA compliance

Every contractor is aware of the importance of complying with safety rules set forth by the Occupational Safety and Health Administration (OSHA). There are heavy penalties and fines associated with noncompliance. And most construction businesses take steps to at least meet the minimum qualifications. But why be satisfied with the bare minimum? There are several […]

Take a keen interest in your company’s insurance protection

Not many people wake up in the morning wanting to talk about insurance. But it’s important for contractors to take a keen and ongoing interest in their company’s coverage. It needs to meet not only the bid requirements of every project you take on, but also the wider needs of your construction business as it […]

Is pollution liability insurance worth the cost?

I’ve been reading some scary stories lately. The tales all begin with an innocent construction company going along its merry way and end with a knock on the door from an attorney suing the business for jobsite-related pollution. But is pollution insurance really worth the cost or should I spend those dollars elsewhere? As you […]