Skip to content
ASZ Risk Services Click to Text Click to Call
ASZ International, Inc.

200 Summit Lake Drive
Suite 220
Valhalla, NY 10595

Get Directions

2024 Election: What Every Employer Needs to Know

As the 2024 elections near on Tuesday, Nov. 5, employers should consider how election outcomes may impact the workplace. To prepare, they can review key areas, such as voting leave, employee behavior, and possible regulatory changes.

Creating a Positive Workplace Atmosphere

Political conversations at work can lead to tension. A recent Glassdoor survey found that 61% of employees have discussed politics with colleagues in the past year, which often increases stress. To manage this, employers should review and communicate clear workplace policies, including:

  • Code of Conduct – A solid code of conduct sets limits on political conversations at work.
  • Social Media – Remind employees to keep online activity respectful and in line with company values.
  • Dress Code – Reiterate dress code rules, particularly for political attire in the workplace.

Having these policies can help create a respectful workplace and minimize potential legal issues.

Handling Voting Leave Requests

Employers should also prepare for voting leave requests. Federal law does not require employers to provide voting leave, but over 30 states do have voting leave laws. Employers should be aware of the regulations in their state. Offering flexibility in voting leave, even if not required, can also support workplace morale.

Supporting Employee Voting Initiatives

Promoting voter participation can build goodwill with employees. Companies might consider:

  • Sharing information on polling locations and hours.
  • Encouraging early or absentee voting.
  • Sending voting reminders.
  • Offering shorter work hours or transportation support for those going to the polls.

These efforts not only show support for civic duty but can also strengthen team spirit.

Staying Aware of Regulatory Changes

Election outcomes may lead to regulatory changes that could directly affect the P&C industry. If a pro-deregulation party gains power, compliance requirements could become less stringent, potentially lowering operational costs. Alternatively, a more regulation-oriented administration might increase compliance demands, which could impact underwriting practices or claims management. For further information, the Insurance Information Institute provides valuable updates.

Recognizing the Effects of Economic Policies

The economic policies of the next administration will also affect the insurance market. Policies that encourage economic growth can boost demand for insurance products, as businesses expand and consumers buy more assets. However, policies that slow growth may reduce demand, impacting premium growth. Insurers can stay informed on these issues through Federal Reserve news.

Anticipating Climate Policy Changes

Climate change is a top concern for the P&C industry, and election results could influence the government’s climate strategy. Policies aimed at climate mitigation could reduce the frequency of natural disasters over time, benefiting insurers. However, stricter building codes and environmental regulations may increase short-term costs. For insights on responding to climate policy, the NAIC climate initiatives offer helpful resources.

Considering Social Inflation and Liability Trends

Social inflation, or the rising costs of insurance claims due to social and legal factors, is another area impacted by elections. If the new government prioritizes tort reform, it may reduce social inflation, lowering liability costs. On the other hand, policies that focus on consumer protections could lead to higher claims costs. Insurers can monitor trends in liability claims by staying informed on litigation trends.

Understanding the Investment Environment

The next administration’s fiscal policies will also shape the investment landscape. For example, Federal Reserve interest rates impact insurers’ returns. Generally, higher rates lead to better investment income, which boosts profits. To track these trends, check the Federal Reserve’s data page.

Conclusion

The 2024 elections are likely to bring significant changes to the P&C insurance industry. Regulatory shifts, economic policies, and climate change efforts will all play a part in shaping the future. By staying informed, insurers can respond to these changes and continue to thrive in a shifting landscape.

Celebrating Cybersecurity Awareness Month: “Secure Our World”

October is here, and with it comes the 21st annual Cybersecurity Awareness Month! This year’s theme, “Secure Our World,” is a call to action for businesses everywhere to prioritize cybersecurity. In today’s digital age, safeguarding company data, protecting customers’ personal information, and ensuring employee privacy are more critical than ever.

To help businesses stay cybersecure, the Cybersecurity and Infrastructure Security Agency (CISA) and the National Cybersecurity Alliance have shared four essential strategies.

First, using strong passwords and password managers is crucial. Cybercriminals are adept at cracking simple passwords. To combat this, businesses should mandate the use of strong, unique passwords for all work-related accounts. A robust password should be at least 16 characters long, random, and unique for each account. Password managers can simplify this process by securely storing and generating passwords, making it easier for employees to maintain strong security practices.

Second, implementing multifactor authentication (MFA) adds an extra layer of security by requiring users to present two or more credentials to verify their identity. Even if one credential is compromised, unauthorized users won’t be able to access the system without the second authentication factor. Businesses should enable MFA on all sites and services that offer it to enhance their security posture.

Third, recognizing and reporting phishing attacks is essential. Phishing attacks are a common method for cybercriminals to gain access to sensitive information. Employees should be trained to recognize phishing attempts, which often use alarming language or offers that seem too good to be true. It’s crucial to report these attempts through the appropriate IT channels. If a phishing attack is suspected, businesses should immediately notify their insurance partners and relevant government authorities.

Finally, keeping software up to date is vital for closing security vulnerabilities. Businesses should ensure that all software programs are updated with the latest security patches as soon as they become available. This proactive approach helps protect the organization from potential cyberattacks.

By adopting these strategies, businesses can significantly enhance their cybersecurity measures and contribute to a safer digital world. Let’s make this Cybersecurity Awareness Month a time to “Secure Our World” and build a more resilient future for everyone.


  • Abacus
  • Aetna
  • AIG
  • American Modern Insurance
  • AmTrust
  • American Modern Insurance
  • Attune
  • biBerk
  • Chubb
  • Cigna
  • Citizens
  • CNA
  • Coterie
  • Cowbell Cyber
  • CV Starr
  • Employers
  • Erie
  • Fast Comp
  • Flood Risk Solutions
  • Foremost
  • Foremost Star
  • Great American
  • Guard
  • Hagerty
  • Hanover
  • Hiscox
  • Jewelers Mutual
  • JIBNA
  • K&K
  • Lemonade
  • Liberty Mutual
  • MetLife
  • Nationwide
  • Neptune Flood
  • AIG
  • NYSIF
  • Onust
  • Openly
  • OpenTrack
  • Prime Insurance Company
  • Progressive
  • Pure Insurance
  • RLI
  • Safeco
  • Selective Insurance
  • ShelterPoint
  • Standard Security
  • The Hartford
  • Thimble
  • Travelers
  • US Assure
  • USLI
  • V3ins.com
  • Zurich

Servicing States

  • Servicing All 50 States

Today's Insurance News

quote-icon Comparing Quotes - Made Simple

Compare your unique insurance quotes
online via our comparative quoting form.

Get Started Today!

Get A Quote!