As a business owner, one of the most important things you have to do is observe the law. Whether you are about to begin providing health insurance for your employees or have been doing so for some time now, you may find yourself taking notice of some of the legal requirements of providing benefits. Since the ACA (Affordable Care Act) has been passed, there have been a number of changes to the law that have affected businesses. Some of these changes are straightforward, and some are not.
CAP Insurance Services stays on top of all local, state, and federal laws that pertain to group business insurance and HR. Whenever a new law is passed, we understand exactly how it affects your operation, and we are quick to help you determine how to make changes to stay in compliance with the law. This is part of our ongoing service agreement with any company we partner with. However, we begin this relationship with a thorough review of your current operation to determine if you are in compliance.
Compliance for Your Current HR Policy
CAP Insurance Services does a lot more than provide health insurance to your employees. We are your go-to resource for all aspects of HR compliance. We protect you from fines or lost revenue resulting from failing to observe the many federal and state requirements businesses have to protect our country’s workers. If you ask us to perform a compliance review for your company, we will find all of the ways your operation is exposed to legal entanglements. Understanding your risk puts you in the driver’s seat, giving you the initiative to solve your problems before they become bigger problems.
What are the ways I may not be in Compliance?
First and foremost, CAP Insurance Services provides critical insight into your structure for providing health insurance for your employees. We ensure that your company is following all of the latest amendments to the Affordable Care Act, as well as all other relevant laws pertaining to employee health coverage. If you are not in compliance, we make recommendations for including new updates to your approach, including keeping accurate records to show any interested parties that you are within the law.
We also examine your larger HR framework, exploring all the various laws pertaining to hiring, firing, and notifying employees of their rights and your responsibilities under the law. As you may be aware, there is considerable documentation required when hiring or terminating an employee; we establish for you all of the procedures you may require to respect the rights of all parties involved. We examine whether your hiring practices are fair, and whether your new hires feel welcome, supported, and respected. (For example, if you have an employee who is disabled, you will need to abide by all terms of the Americans with Disabilities Act.) We can also ensure that you are meeting all of the requirements for protecting your employees from sexual harassment.
CAP Insurance Services also takes an interest in workplace safety. The Occupational Safety and Health Act (OSHA) enumerates many ways in which businesses are expected to protect their employees from various health risks. If there are ways that your company is failing to protect its employees, we can identify those areas and provide input as to how to make your company safer. OSHA violations are expensive ($7000 each), but not as expensive as a potential lawsuit that an employee may levy against you.
What Penalties may I face if I fail to Comply with the Law?
Infractions of the law related to human resources can be costly. If you are not in compliance, and a situation arises that results in an employee getting hurt or feeling exploited, you could face a lawsuit.
For human resource protocols, you can be fined for not providing the proper notices regarding hiring and health care to your employees. The Employee Retirement Income Security Act (ERISA) requires that you provide certain documentation for your employees on request. Failure to do so can result in a daily fine until this information is provided, and failure to provide certain particular documents also result in criminal charges, a six-figure fine, and even time in prison.
The Affordable Care Act (ACA) also carries stiff penalties for violations, starting at $2000 per employee. A violation of the Americans with Disabilities Act can cost an employer $75,000. There are many other costs that your company can incur simply by hiring someone the wrong way. When you equip your HR department with new information and policies, you will find you are able to sidestep a lot of legal and financial difficulties that are completely unnecessary.
Compliance for First-Time Insurance
If you are contacting CAP Insurance Services seeking to provide health insurance to your employees for the first time, you got lucky. Not only are we the best in the business at finding and providing competitive rates, we set everything up for you to stay in compliance with the law. We work with virtually every insurance provider available, and are familiar with every insurance plan. As such, we monitor market conditions moving forward, enabling you to have the very best coverage every year, not just the first. For more about our commitment to ongoing service, see our section below.
CAP Insurance Services Performance Audit
CAP Insurance Services’s auditing services are not limited to legal compliance. We examine the financial side of your HR policies, to ensure that you are following all general accounting principles. If you are not, we make recommendations. Agencies that require you to report accurate financial data (e.g. the IRS) can pack just as big a punch as the Department of Labor. A thorough audit will locate all of the errors that could get your company in trouble, and enable you to correct them. It will also identify critical areas where you need to upgrade your accounting and business practices.
Accounting is not the only area where our audit can help you. When we work with your company, we make sure that we understand your company’s goals and objectives. If you have a list of practices or qualities that you want your business to demonstrate, we can examine your operation with a critical eye to determine whether or not your company embodies those qualities. Again, if you are falling short in key areas, we will make recommendations. After all, your business is not merely about maximizing profit. It is your statement about what you want your community to be. We want to help you realize your vision for your company, now and going forward.
An Ongoing Commitment to Service
CAP Insurance Services is not merely a consulting company that provides a one-time service. Our desire is to become a critical ally for your HR operations for the foreseeable future. With respect to health insurance, we monitor changes in the law, or in company policies to help you stay ahead of the game with respect to compliance and affordability. We also keep tabs on changes in software and business practices that can help you save you money on operations. We also provide critical support for your operation when you need it, because we understand that there is a learning curve anytime you try something new. Our goal is always to educate your HR team to bring about the day when you can handle operations on your own.
The CAP Insurance Services Promise
CAP Insurance Services includes compliance in all aspects of what we do. If you need an audit or compliance review, we can provide it. And if you want insurance services, we will make sure that you will be in compliance when the time comes to implement your new plan. To provide this level of service, we master our understanding of all applicable laws and accounting practices. We do this to make sure you are protected, and so that we can boast the highest possible standard of customer service.
Contact CAP Insurance Services to schedule a free appointment. We would be happy to discuss with you how we can bring our expertise into your organization, and enable you to rise to the level of service that you know you are capable of providing. Your workers are your most important assets, and keeping them happy and productive is critical to your success. Some aspects of business management, though important, are best left to a professional broker. Count on CAP Insurance Services to equip you with valuable insight, thus enabling you to manage your shop according to your business values.