<![CDATA[Blog]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2022 2022-05-18T13:14:40-04:00 <![CDATA[Breaking Barriers Through Conservation, Philanthropy and a 24-Hour Race]]> https://risk-strategies.com/knowledge-center/article/breaking-barriers-through-conservation-philanthropy-and-a-24-hour-race#When:16:41:18Z In business, and in life, we should constantly seek growth, and it does not come easily or comfortably. To experience the most growth, achieve necessary change, and advance, we need to push ourselves outside our comfort zones. We need to challenge the “normal” way of doing things in search of improvements that benefit all. We need to break barriers.

I have been committed to driving transformational change in all aspects of my personal and professional life for a long time. As a business leader, I believe we have a broader responsibility to support important causes and champion philanthropic organizations that…]]> 2022-05-02T16:41:18+00:00 <![CDATA[The Future of Risk: Threats and Optimism Grow in the Volatile Cyber Market]]> https://risk-strategies.com/knowledge-center/article/the-future-of-risk-threats-and-optimism-grow-in-the-volatile-cyber-market#When:15:06:23Z Cyber insurance has undergone continuous change over the past decade and evolved into one of the most complex and important coverages an organization can have in their toolbox. The cyber insurance market is challenging and volatile, however, with enterprise-wide adoption of proper protocols, an organization can weather the storm.

Policy Evolution

Initial protection for cyber-related risks was covered by “silent” cyber coverage buried in other insurance policies such as property, general liability, professional liability and/or kidnap & ransom.

As businesses’ reliance on technology grew, insurance carriers gained awareness of cyber-specific risk and silent cyber coverage were replaced by standalone cyber…]]> 2022-05-17T15:06:23+00:00 <![CDATA[Examining Annual Trends in High-Cost Health Care Claims]]> https://risk-strategies.com/knowledge-center/article/examining-annual-trends-in-high-cost-health-care-claims#When:14:22:25Z Keeping a close eye on emerging claim trends helps health plans, insurers, self-insured employers, and others who are at risk for health care costs anticipate and manage health care spending. Understanding what has been happening in the industry can provide keen insights into what might be coming for high-cost claims over the next few years.

One area that will no doubt influence these trends is COVID-19. We have not yet cycled through the full implications of the pandemic to deduce its affect. Preliminary data for 2020 found a COVID-19 general diagnosis as the eighth highest driver of high-cost claims for…]]> 2022-05-16T14:22:25+00:00 <![CDATA[DOL ERISA Plan Penalties Increase for 2022]]> https://risk-strategies.com/knowledge-center/article/dol-erisa-plan-penalties-increase-for-2022#When:15:05:19Z .img {display:none;}

The following updated Department of Labor (DOL) penalties are applicable to health and welfare plans subject to ERISA for 2022.

Employers are advised to review their plans to ensure compliance with ERISA’s requirements to avoid penalties, as outlined in the reference chart below.


2021 Penalty Amounts

2022 Penalty Amounts

Failure or refusal to file an annual report (Form…]]> 2022-05-11T15:05:19+00:00 <![CDATA[Private Equity & Venture Capital Strategies to Mitigate Risk]]> https://risk-strategies.com/knowledge-center/article/private-equity-venture-capital-strategies-to-mitigate-risk#When:18:12:45Z With an ongoing hard market for Directors & Officers Liability (D&O) and General Partnership Liability (GPL) insurance, it’s important for private equity (PE) firms to understand the key areas of heightened concern for insurers and how these items may affect their renewals. Highlighted below are four key emerging trends and issues in the private equity arena that GPL underwriters are focused on in 2022, along with some recommendations to ensure private equity firm insureds are best positioned to address these concerns and minimize their impact at renewal.


Private equity firms continue to be plagued by regulatory scrutiny. One year…]]> 2022-05-10T18:12:45+00:00 <![CDATA[New Mexico Paid Sick Leave Starts July 1, 2022]]> https://risk-strategies.com/knowledge-center/article/new-mexico-paid-sick-leave-starts-july-1-2022#When:14:04:32Z Beginning on July 1, 2022, New Mexico will join a growing number of other states (and Washington, D.C.) requiring private employers to provide their employees with paid sick leave time. The Healthy Workplaces Act (HWA) was signed into law by New Mexico Governor Michelle Lujan Grisham on April 8, 2021 and requires employers to provide employees working in the state of New Mexico with paid sick leave time (NM PSL).

Covered Employers & Employees

All employers with at least one employee working in New Mexico are subject to HWA and must provide NM PSL to covered employees. Covered employees under…]]> 2022-05-10T14:04:32+00:00 <![CDATA[Innovation in Hemp Changes Market and Risks]]> https://risk-strategies.com/knowledge-center/article/innovation-in-hemp-changes-market-and-risks#When:19:54:45Z The hemp industry is booming as its applications continue to expand. The global industrial hemp market was estimated at $4.13 billion in 2021. The potential opportunity, and the fact that hemp is less water-intensive and typically easier to farm than other crops, has attracted thousands of farmers and entrepreneurs to the space. With industry growth, however, comes evolving challenges, risks and considerations.

Commercial Hemp Needs Expand

Unlike its THC-heavy cousin cannabis, the uses for hemp are typically commercial rather than direct-to-consumer. Hemp farmers therefore grow and sell their crops in high volume to a variety of industries. Innovators have…]]> 2022-05-04T19:54:45+00:00 <![CDATA[No Time Like the Present: Loss of Key Employee Insurance]]> https://risk-strategies.com/knowledge-center/article/no-time-like-the-present-loss-of-key-employee-insurance#When:19:28:03Z The extended absences and too often, losses of critical employees during the pandemic cycle have had business owners reacting in real-time to unprecedented and often unanticipated threats to their revenue streams. Many have found that, like supply chains, these revenue streams are more vulnerable to disruption than we tend to think. Moreover, the current wave has affected businesses in virtually all sectors of the economy, as well as employees in every level of the affected organizations.

Recognition of this trend is but one more reason for owners to raise the priority of reassessing and developing effective risk mitigation strategies to…]]> 2022-05-03T19:28:03+00:00 <![CDATA[IRS Announces Increased HSA and HDHP Limits for 2023]]> https://risk-strategies.com/knowledge-center/article/irs-announces-increased-hsa-and-hdhp-limits-for-2023#When:14:57:01Z The Internal Revenue Service (IRS) recently announced in Revenue Procedure 2022-24 cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs) for 2023.

The table below compares the applicable dollar limits for HSAs and HDHPs for 2023 and 2022.

Plan Limits



Change from 2022

HSA – annual contribution limit1

Self-only coverage

  • Pandemic Regulations: COVID-19 had an immediate effect on projects being filmed outside the United States. Productions were shelved or entirely shut down, and each individual…]]> 2022-04-28T19:52:15+00:00