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Knowing the stress their employees have experienced in the past year, employers must address their employee’s concerns over the vaccine and provide them with adequate mental health support during these ever-changing times. Employers also can use the Equal Employment Opportunity Commission (EEOC) and Occupational Safety and Health Administration (OHSA) as resources for guidance on requiring vaccines in the workplace, although they make no specific reference to COVID-19 vaccines. Similarly, under Title VII of the Civil Rights Act of 1964, once an employer receives notice that an employee’s religious belief, practice, or observance prevents taking a vaccine, the employer must provide a reasonable accommodation, barring undue hardship. With a plan in place, employees will feel comfortable to openly discuss the vaccine and their feelings toward it, allowing employers to prepare a more accurate action plan for the vaccine rollout.

If this is my first time applying, do the new requirements or the old requirements apply to me? If this is your first time applying to the PPP or you applied and did not receive funds, the original requirements apply to you. If your loan is larger than $150,000, it is important to consult with your lender regarding the documents and information they need for an application as well as what documents and information they will need to forgive the loan. The other 40% can be used on certain mortgage expenses, rent and utility payments, personal protective equipment for employees, supplier costs, and operations expenditures/property damage costs due to public disturbances in 2020.

Each quarter, The Council of Insurance Agents & Brokers releases its Commercial Property/Casualty Market Report. While 45% of respondents said they saw an increase in claims, they did not believe the pandemic drove the increase, but it had some effect on how carriers priced the line. Commercial property continued to harden with an average increase of 14.2%, up .9% from the previous quarter, this marked the 13th consecutive quarter of increases. Click here for The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Index Q3/2020.

This current hardening market and increased pricing is occurring for a number of reasons: interest rate decreases, nuclear verdicts, natural disasters worldwide—hurricanes, California wildfires, flooding in Nicaragua— and loss cost trends in commercial auto all have an impact on U.S. rates. Twenty years ago, insurance companies could have a combined ratio (the cost of claims plus insurer expenses) of 102% (i.e., paying out $102 for every $100 taken in) while earning 6% in investment returns. If interest rates were to go up to 3% or 4% (still low compared to historic numbers), the impact would be detrimental due to the deficit, which is driving our interest rates right now, so the federal government is going to keep rates down artificially. When brokers help with risk management and loss control processes, such as with RiskScore, their clients are going to pay best-in-class rates.