- Bob Lilly
Is Your Texas Business Ready For The New DOL Overtime Rules?
Is your business prepared to undertake new overtime rules that will be set into place on December 1, 2016? If you are fined because of non-compliance, your business insurance will not provide coverage. Business insurance policies are not designed to cover government fines.
The US Department of Labor (DOL) released the final rule that raises the white-collar overtime exemption threshold under the Fair Labor Standards Act (FLSA). The new regulations take effect on Dec. 1, 2016. Your business will need to start tracking hours for exempt salaried employees who make under $47,476.
Businesses that will be most affected will be those in the hospitality industry, nonprofits, retail, manufacturing and any agribusiness. Remember, your business insurance can be designed to protect you from unforeseen accidents and lawsuits because of your business operations. The government, customers, employees, and other third parties can sue your business.
Options for employers
Pay these employees time and a half for overtime.
Increase workers’ compensation above the minimum.
Limit work hours to 40 per week.
Fact sheets and other materials to help employers and workers understand how the rule will affect them and the broader economy are available dol.gov/overtime.
Here is a link to the Department of Labor’s web page. Click here
Whether you’ve just started a home-based business or your business is established and growing, Shepard Insurance Agency can help you protect your livelihood against the unexpected. We offer tailored programs for all types of businesses and professions in McAllen, TX, the entire Rio Grande Valley and the great State of Texas.