To the delight of those able to afford it, several markets now exist for companies looking to insure Wage and Hour (W&H) risk, which is one of, if not the, largest employment-related exposures in the U.S.
“Carriers are beginning to dip their toe in,” says Gerald L. Maatman Jr., a partner in Seyfarth Shaw, a leading national employment and labor law firm. “They are beginning to warm up to the idea.”
At least initially, the starting point is with large clients who may still be able to benefit from retaining the first $5 million. This is also the business segment most likely able to absorb the premium the market is demanding. The policy provides up to $100 million in coverage.
Marsh’s product also includes a proprietary W&H risk management toolkit from sister company Mercer.