The weekend is calling as another work week concludes. According to the Bureau of Labor Statistics, U.S. Department of Labor, the unemployment rate for the country held steady at 6.7% in December. The number of unemployed persons held stead at 10.7 million. While these figures are considerably lower than the spike we saw in April, they are still double the pre-pandemic levels we enjoyed last February. Attached is the Bureauâs new release on The Employment Situation â December 2020, which contains detailed statistics on our current state.
December bore witness to a continued decline in jobs in leisure, hospitality, and private education sectors. These losses were offset by some gains in professional and business services, retail trade and construction; sectors which are attempting to rebound.
Continued high unemployment figures will impact the unemployment tax rates. This is something we will continue to keep an eye on. Hopefully, you caught our post earlier this week regarding the anticipated increases in unemployment tax rates in Florida.
Unemployment often leads to criminal activities. As COVID-19 diagnosis continue to climb nationwide, so do predatory scams related to the pandemic. Spreading awareness of these scams is one of the best ways we can help to limit the number of individuals who fall victim. We hope you saw our post earlier this week sharing recommendations from Regions Bank Treasury Management and the FBI on how to avoid falling prey to these scams.
The Office of Economic and Demographic Research (EDR) has recently published the attached forecast summary on Florida’s Unemployment Compensation Trust Fund for 2021 and beyond. Suzanne Hurst, Deputy Director of Florida Association of Professional Employer Organizations (FAPEO) offers the following review of these figures.
The Office of Economic and Demographic Research (EDR) is a research arm of the Legislature principally concerned with forecasting economic and social trends that affect policy making, revenues, and appropriations.
The figures below come from the attached summary provided by the Office of Economic and Demographic Research (EDR). This document provides historic context, current figures and forecasted figures for benefit charges, collections and rates for Floridaâs Unemployment Compensation Trust Fund. This important information is provided to you for your cash flow planning.
Unemployment Tax Rates â Minimum Tax Rate
2020 – .10%
2021 – .29%
2022 â 1.15% (forecasted)
2023 â 1.11% (forecasted)
2024 – .56% (forecasted)
2025 – .10% (forecasted)
Your Florida PEO Lobbyist, David Daniel, is presenting a detailed briefing at a meeting Friday of state-wide business interests about possible solutions to impact of social costs from benefit payments related to the pandemic. Your FAPEO board has created multiple proposals that could lower rates as early as this year. We will continue to advocate for common sense solutions that protect Floridaâs small employers as everyone struggles during these economic times.
We will keep you up to date on all developments as these proposals move through the lawmaking process.
Author credit: Jeffrey Taylor of Regions Treasury Management Products and Services
Several government agencies have issued a bulletin warning of a new type of COVID-19 scam. Along with the previously reported scams involving personal protective equipment (PPE), COVID-19 testing, and economic stimulus payments, fraudsters are now leveraging the availability of the COVID-19 vaccine. According to the bulletin, victims are being coerced to make an out-of-pocket payment for the vaccine and provide personally identifiable information with a false promise to move their name up on the list of vaccine recipients.
The FBI warns of the following potential indicators of fraudulent activity:
Advertisements or offers for early access to the vaccine upon payment of a deposit or fee
Requests asking for out-of-pocket payment to obtain the vaccine or be added to the COVID-19 vaccine waiting list
Offers to provide additional medical testing or procedures when obtaining the vaccine
Marketers offering to sell and/or ship doses of a vaccine, domestically or internationally, in exchange for payment of a deposit or fee
Unsolicited emails, telephone calls, or personal contact from someone claiming to be from a medical office, insurance company or COVID-19 vaccine center requesting personal and/or medical information to determine eligibility to participate in clinical vaccine trials or obtain the vaccine
Claims of FDA approval for a vaccine that cannot be verified
Advertisements for vaccines through social media platforms, email, telephone calls, websites or unsolicited/unknown sources
Unsolicited emails, telephone calls, or personal contact from someone claiming to be a government official requiring you to receive a COVID-19 vaccine
Tips to avoid COVID-19 vaccine-related fraud:
Consult your stateâs health department website for up-to-date information about authorized vaccine distribution channels
Check the FDAâs website (fda.gov) for current information about vaccine emergency use authorizations
Consult your primary care physician before undergoing any vaccination
Donât share your personal or health information with anyone other than known and trusted medical professionals
Check your medical bills and insurance explanation of benefits (EOBs) for any suspicious claims and promptly report such information to your health insurance provider
Follow guidance from the CDC and other trusted medical professionals
General techniques for online/cyber fraud prevention:
Verify the spelling of web addresses, websites, and email addresses that look trustworthy but may be imitations of legitimate websites
Ensure operating systems and applications are updated to the most current versions
Update anti-malware and anti-virus software and conduct regular network scans
Do not enable macros on documents downloaded from an email unless necessary and only after ensuring the file is not malicious
Do not communicate with or open emails, attachments, or links from unknown individuals
Never provide personal information of any sort via email. Be aware that many emails requesting your personal information may appear to be legitimate
Use strong two-factor authentication, using biometrics, hardware tokens, or authentication apps
Disable or remove unnecessary software applications
If you believe you are a victim of a COVID-19 scam, please call Regions Client Services immediately at 1-800-787-3905, and report it to the FBI at www.ic3.gov; wwwtips.fbi.gov; or 1-800-CALL-FBI.
Want more information, or have questions? For more helpful practices regarding fraud prevention, please visit regions.com/stopfraud and www.regions.com/fraud-prevention.
On January 6, 2021, the SBA (Small Business Administration) issued guidance on PPP (Paycheck Protection Program) by way of 2 interim final rules (IFR). The SBA will use the consolidated guidance of PP1 and these 2 IFRs to apply to PPP2. Withum, tax and assurance advisors, has put together a summary of the guidance to help us understand. Check out the full article here.
The biggest take-away for me is that borrowers under PPP1 are eligible for loans under PPP2; see article above for eligibility details of visit that SBA website. If you are interested in applying for the second round , the SBA has provided a list of Participating Lenders. Round 2 will be handled similarly through private lenders for management of the loans as well as the forgiveness application process. If you currently have a banking relationship contact your representative for guidance, as I learned with PPP1, each institution handles the program processing differently.
For more detail on the interim rulings you can check out the SBA webpage for PPP here.
Welcome to 2021, I will say it was nice to see that a second round of assistance is being offered up for small business. These days we always need to remember to look for the silver lining, be thankful for what we have, and be strategic in planning for our needs.
The first week of 2021 comes to a close. So far this year is shaping up to be as lively and unusual as the last. We wish everyone a mindful and happy 2021. To that end, we hope you saw our post this week on how to Start the New Year with a Digital Declutter.
Implement a 30-Day plan for building a Digital Declutter.
Step 1: Define your core values (and how technology helps and hurts them)
Step 2: Drop all âoptionalâ technologies for 30 days
Step 3: Track your âtechnology triggersâ and explore other activities
Step 4: Create âoperating proceduresâ for the tools you let back in
Step 5: Actively ignore the rest
5 BEST PRACTICES FOR MAINTAINING A DIGITAL MINIMALIST LIFESTYLE FOR THE LONG-TERM
Spend time alone. Solitudeâboth physical and mentalâis important for thinking clearly. Rather than feeling the FOMO of social media, try leaving your phone at home while you go for a walk.
Donât click like. Social media and digital communication have become digital versions of fast foodâeasy to consume yet with little nutritional value. To combat this, Cal suggests you specifically limit the performative aspect of these tools. Yes, you can stay in touch and connect with loved ones. But donât click âlikeâ or allow yourself to be always available.
Reclaim leisure. One of the reasons we lean so heavily on digital technologies is that weâve lost our hobbies. Itâs easier to scroll through your phone than read a book. Try reclaiming leisure time for analog tasks you enjoy.
Join the Attention Resistance. You donât have to use all the features on your phone or be constantly connected to social media. As Cal writes, digital minimalists give themselves less âentry pointsâ to distraction. Try deleting social media off your phone. Or treat it like a professional taskâsomething you do as needed and not more.
Imagine you have to pay for every click, swipe, or tap. If you canât give your time and attention the value it deserves, then give it a monetary value. Ask how your behavior would change if every swipe on Instagram, click of a clickbait-y infographic, or scroll of your Twitter feed costs $1.
Fantastic advice from Fast Company to kick off 2021!
âHow do you simplify your digital life?â is quickly becoming the question of our generation. Between packed calendars, overflowing inboxes, and the constant pull of social media and news (and Netflix) it can feel like how you spend your time online isnât really up to you.
But what if there was a way to use your technology without feeling used by it? The answer is Digital minimalism.
Coined by author and computer science professor Cal Newport in his book of the same name, digital minimalism is a philosophy of technology use based on the understanding that our relationship with our apps, tools, and phones is nuanced and deserves more intention than we give it.
The problemâas Cal sees itâ is that email and chat can be both stressful and productive.
Facebook can be both distracting and empowering.
Our phones are equally annoying interruptions and powerful tools for navigating the world.
How you use your apps and tools can bring you value or be a frustrating distraction. And finding a balance between the negative and positive aspects of technology is a delicate balancing act that digital minimalism tries to solve.
THE BASICS OF DIGITAL MINIMALISM
The concept of âminimalismâ has become more and more popular over the past few decades.
As many of us find ourselves sucked into a lifestyle of overconsumption and âmore,â the idea of living happily with less becomes more alluring.
However, minimalismâin all its formsâisnât just about reducing how much âstuffâ you have but being intentional about why you have what you do and how you can use it in the best way possible.
As Cal explains:
âMinimalists tend to spend much less money and own many fewer things than their peers. They also tend to be much more intentional and often quite radical in shaping their lives around things that matter to them.â
Digital minimalism, in the same way, isnât just about deleting Facebook or learning a better way to clear out your inbox. Itâs about intentionally shaping your digital life around your values so you can feel good about the apps and tools you use on a daily basis.
However, this is harder than it sounds.
The problem isnât just the sheer usage of technology. Itâs in how digital technologies lump together the good with the bad like some omnibus bill.
Few of us are willing to give up the good technology does (getting around via Google Maps, seeing family photos on Instagram, etc . . .) in return for reducing the harm. Yet constantly policing your apps and your own behaviors can only lead to one thing: exhaustion.
According to our own research, we found that on average, youâre likely to:
Itâs hard to imagine a worse situation for deep thinking, focus, and even mental health.
The more we accept a life full of attention-sucking apps, devices, and tools, the less time and energy we have for the kind of deep thinking that leads to big ideas, real creativity, and satisfaction.
Instead, digital minimalism presents a different view of technologyâone where you focus your time on âa small number of carefully selected and optimized activities that strongly support things you value, and then happily miss out on everything else.â
On the surface, the core elements of digital minimalism are simple:
First, thereâs choice and intention. Youâre still using technology, but only what you want and only in ways that connect to your values.
Then, thereâs optimizing the tools you use. What you allow into your life needs to work for you. This means separating the good from the bad.
Finally, thereâs accepting you wonât be everywhere all the time. Tech companies survive on FOMOâthe fear of missing out. But digital minimalists are happy to miss out on the things they know donât bring value to their lives.
However, this can be a strange process if youâve never really thought about how you use technology. But as youâll see, the results are worth it: less stress, more focus, and a better, more fulfilling life.
THE DIGITAL DECLUTTER: A 30-DAY PLAN FOR BUILDING A PRACTICE OF DIGITAL MINIMALISM
Developing a digital minimalist mindset isnât easy. However, in his book, Cal provides a powerful tool in a 30-day plan to kickstart your minimalist lifestyle.
Hereâs how it works:
Step 1: Define your core values (and how technology helps and hurts them)
Digital minimalism relies on a deeper understanding of your values. This is what youâll be judging the value of each digital tool against.
So ask yourself: What is it thatâs important to you? What do you want to achieve from how you spend your time?
Values can be things like authenticity or creativity or even compassion and friendship. These are intentionally large and somewhat vague. However, theyâre powerful lenses to look at your technology through.
What part of using Facebook connects with your sense of authenticity? Does being on Twitter or in numerous Slack channels make you feel compassionate?
When you clearly understand your values and how they influence your philosophy of technology use, you can make informed and confident decisions about what to use and when. You become able to prioritize long-term meaning over short-term satisfaction.
(If you need help, author James Clear has a great list of core values you can use as inspiration.)
Step 2: Drop all âoptionalâ technologies for 30 days
Instead of immediately trying to judge whether the tools you use connect to your values, Cal suggests the opposite:
Set aside a 30-day period during which you will take a break from all optional technologies in your life.
âOptional,â in this case, means any tool or app where their âtemporary removal would harm or significantly disrupt the daily operation of your profession or personal life.â
Make a list of apps, tools, and services (like Netflix, gaming, etc . . .) that are effectively âbannedâ for the next 30 days. Work email is not optional. Twitterâmost likelyâis. Write these down and put them somewhere youâll be able to see them every day.
The reason for such a drastic change is because the pull of the attention economy has simply become too strong. Trying to gradually change your habits wonât work. Instead, you need the experience of a full break before you can make unbiased decisions about what to let back into your life.
Step 3: Track your âtechnology triggersâ and explore other activities
During the 30 days of your âdeclutterâ you have two goals:
Pay special attention to when you feel the pull of technology. When do you find yourself reaching for your phone? Do you procrastinate on work tasks or sending emails by checking Twitter? Often our technology usage masks some other underlying issue.
Explore âhigher qualityâ activities to fill the void of time. A major part of this declutter is actively trying out other activities in place of technology. Fill the space by reading books or going for walks with friends or working on a hobby youâve neglected or just daydreaming.
As Cal explains, by the end of the declutter you want to discover âthe type of activities that generate real satisfaction, enabling you to confidently craft a better lifeâone in which technology serves only a supporting role for more meaningful ends.â
Step 4: Create âoperating proceduresâ for the tools you let back in
After your break is done, youâre allowed to reintroduce optional technologies back into your life under two conditions.
First, for each tool, app, or device, ask:
âDoes this technology directly support something that I deeply value?â
It doesnât matter if the tool or app provides some value. It must be intrinsically linked to one of your core values.
For example, you might decide that reading hot takes on Twitter is just a distraction, while chatting with old friends from your hometown over Instagram deeply connects to your value of friendship.
This brings us to the second point. Once an app or tool has made it through the first pass, ask:
âIs this technology set up in the best way to support this value?â
To pass this test, Cal suggests creating operating proceduresâclear rules for when and how you use each of the optional technologies you let back in.
For example, you wouldnât just say âI use Instagram because it helps me feel connected to my friends.â Instead, you would make a more detailed rule such as:
âI check Instagram once a day after working days and limit my usage to just 20 minutes. Iâve reduced my list of friends down to just the most meaningful ones I want to keep up with.â
Every new tool you bring in must also pass these tests.
Step 5: Actively ignore the rest
With your list of allowed tools and apps, clear operating procedures, and high-quality activities to fill your time, you shouldnât be too stressed about keeping up with Facebook or checking the news every 30 minutes.
But being a digital minimalist is an ongoing process.
As Cal explains:
âThe fact that [a piece of technology] offers some value is irrelevantâthe digital minimalist deploys technology to serve the things they find most important in their life, and is happy missing out on everything else.â
5 BEST PRACTICES FOR MAINTAINING A DIGITAL MINIMALIST LIFESTYLE FOR THE LONG-TERM
As weâve written in the past, the hardest part of any productivity strategy is sticking with it for the long-term. The same goes for maintaining your new practice of digital minimalism.
The key to staying away from attention-sucking technologies is to fill that time with other, more meaningful activities. Yet this isnât always easy if youâve spent years scrolling, tapping, and swiping away.
To help you rebuild your curiosity in non-technologically driven pastimes, Cal outlines a number of ways to support your newfound digital autonomy:
Spend time alone. Solitudeâboth physical and mentalâis important for thinking clearly. Rather than feeling the FOMO of social media, try leaving your phone at home while you go for a walk.
Donât click like. Social media and digital communication have become digital versions of fast foodâeasy to consume yet with little nutritional value. To combat this, Cal suggests you specifically limit the performative aspect of these tools. Yes, you can stay in touch and connect with loved ones. But donât click âlikeâ or allow yourself to be always available.
Reclaim leisure. One of the reasons we lean so heavily on digital technologies is that weâve lost our hobbies. Itâs easier to scroll through your phone than read a book. Try reclaiming leisure time for analog tasks you enjoy.
Join the Attention Resistance. You donât have to use all the features on your phone or be constantly connected to social media. As Cal writes, digital minimalists give themselves less âentry pointsâ to distraction. Try deleting social media off your phone. Or treat it like a professional taskâsomething you do as needed and not more.
Imagine you have to pay for every click, swipe, or tap. If you canât give your time and attention the value it deserves, then give it a monetary value. Ask how your behavior would change if every swipe on Instagram, click of a clickbait-y infographic, or scroll of your Twitter feed costs $1.
Digital minimalism is a way to not only clearly define what technologies you let into your life but how you use them.
Once you understand your true values you can build your technology use around them. Rather than feeling overwhelmed, you become more intentional, empowered, and productive.
Yet another post about Covid-19 safety, but this is our new normal so here we go! With the close of 2020 and all of its wonderful tidings (pun-intended), how do we safely celebrate the Hope of the New Year without bringing additional risk of Covid-19? The CDC has some pointers, check out this link for their article on “Holiday Celebrations and Small Gatherings.”
In Summary
If possible stay within your Risk Pod! Your Risk Pod are those that have been part of your pandemic social group and have been taking measures to reduce the spread of the virus. People that have not been a continued part of your Risk Pod add different levels of risk for exposure.
Covid-19 is mostly spread through respiratory droplets through talking, coughing or sneezing. Find out how people have been feeling before you open your home; don’t be afraid to monitor for fevers before entry.
This virus is also known to be of spread concern through contaminated surfaces and then contact made via nose, mouth or eyes. Keep cleaning supplies nearby and use them regularly.
If your celebration is a must try and schedule for an outdoor function where people can practice social distancing. Make sure ample access for hand washing is available.
Back in May of 2020 the R Naught or reproduction number (R0) of Covid-19 was between 2 and 3 for the United States meaning for each 1 person infected the virus, on average, can be spread to 2 or 3 additional people. As of December 7th the United States was reporting R0 between 1 and 1.25. We saw spikes in new cases in November. For more Covid-19 tracker information check out Covid19-projections. There is a great amount of machine learning visuals and information on the virus here.
Whatever your celebratory activities are to ring in 2021, we at Libertate Insurance hope you Have Fun and Stay Safe! Don’t kiss strangers at the Drop of the Ball! Keep your Mask On!
See below from Business Insurance. The newest line of insurance to join the ‘rates are increasing’ club is workers’ compensation…..
Property/casualty insurance buyers, who have endured price hikes for more than a year in many cases, will likely see rate increases extending into 2021, with some lines continuing to see double-digit rate hikes, experts say.
The size of the increases could be blunted, however, as the hardening market draws new capital and insurers looking to take advantage of the rising tide.
A recent survey by brokerage Alera Group Inc., which included insurers, wholesalers and Aleraâs agent and broker affiliates, showed an average forecasted rate increase across all lines of 11.6% next year, with increases ranging from a high of 17.5% for medical malpractice insurance to a low of 4.7% for workers compensation.
The survey was conducted in the third quarter, said Mark Englert, national property and casualty leader at Alera in New York. He said the increases are driven by insurersâ attempts to return lines to profitability.
âWhen you start to go by line of business, you can see why some lines are more aggressive in the request for rate,â Mr. Englert said.
Workers comp, for example, has been profitable for insurers since 2012, and showed an underwriting profit from 2015 to 2019. By contrast, commercial auto was unprofitable from 2015 to 2019 and generated underwriting losses from 2012 through 2019.
In addition, low interest rates have restricted insurersâ ability to make up for underwriting losses with investment income. âInvestment income is challenged, so what you are seeing in the carrier community is a real need to drive strong underwriting results,â Mr. Englert said.
Insurersâ âbooks were not profitable,â said Renee Dube, vice president, national property and casualty practice, in Valhalla, New York, for USI Insurance Services LLC.
In its recently published outlook for the commercial property/casualty market for the fourth quarter of this year and the first half of 2021, USI forecasts that at one end of the pricing spectrum workers comp could rise up to 5%, while at the other end public company directors and officers insurance liability rates may see increases of up to 100%.
The hard market âwill probably last for some time,â said J. Paul Newsome Jr., Chicago-based managing director at investment brokerage Piper Sandler Cos.
Mr. Newsome noted, however, that higher rates and premiums are attracting fresh capital, which could help slow rate increases. âPrivate equity has been quick to try to build new companies, and this might reduce the length of the hard market,â he said.
âChallenging conditions continue to exist across most coverage lines in the U.S., but especially in the umbrella/excess casualty and directors and officers liability market,â said Christopher Lang, global placement leader, U.S. and Canada, for Marsh LLC in New York, in a statement emailed to Business Insurance. âWe expect these conditions to persist into 2021.â
Next year should see âpersistent rate increases and solid core underwriting margin expansion for most commercial, especially specialty, insurance lines and for reinsurance,â according to a Dec. 18 report from Meyer Shields, Baltimore-based managing director at Keefe, Bruyette & Woods Inc.
âHeightened property and casualty loss cost inflation, pressured investment yields, and rising reinsurance costs should support enduring rate increases for most commercial lines,â he said in the report.