Insurance Refocused

#66 - A Lawyers Take on The FTC Non-Competes Ban w/ Jennifer Weaver

April 30, 2024 Lindsay & Carey Wallace Episode 66
#66 - A Lawyers Take on The FTC Non-Competes Ban w/ Jennifer Weaver
Insurance Refocused
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Insurance Refocused
#66 - A Lawyers Take on The FTC Non-Competes Ban w/ Jennifer Weaver
Apr 30, 2024 Episode 66
Lindsay & Carey Wallace

In this episode, Carey and Lindsay sit down with Jennifer Weaver, a lawyer at Manning Fulton & Skinner, P.A., who specializes in insurance industry litigation, to discuss the recent ruling by the FTC banning non-compete clauses in employment contracts. She explains that non-competes are agreements between employers and employees that prevent the employee from working for a competitor during or after employment. The FTC's ruling prohibits employers from entering into or enforcing non-compete clauses with employees, independent contractors, and other workers. However, there is a narrow exception for non-competes with senior executives earning over $150,000 a year. Jennifer advises employers to review their agreements and consider alternative ways to protect their business, such as confidentiality and non-solicitation agreements. She also discusses the changes to the salary threshold for overtime exemptions and the importance of correctly classifying employees as exempt or non-exempt.


This episode is brought to you by Cake, connecting independent insurance agents looking to sell a book of business or a slice – a chosen group of accounts – with other agents looking to grow their business.

Learn more and create a free account at https://www.haveyourcake.com/

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Agency Focus is the premier resource for agents to understand their agency's value, plan for a transition of ownership, and prepare for acquisitions.

Learn more at https://agency-focus.com/

Show Notes

In this episode, Carey and Lindsay sit down with Jennifer Weaver, a lawyer at Manning Fulton & Skinner, P.A., who specializes in insurance industry litigation, to discuss the recent ruling by the FTC banning non-compete clauses in employment contracts. She explains that non-competes are agreements between employers and employees that prevent the employee from working for a competitor during or after employment. The FTC's ruling prohibits employers from entering into or enforcing non-compete clauses with employees, independent contractors, and other workers. However, there is a narrow exception for non-competes with senior executives earning over $150,000 a year. Jennifer advises employers to review their agreements and consider alternative ways to protect their business, such as confidentiality and non-solicitation agreements. She also discusses the changes to the salary threshold for overtime exemptions and the importance of correctly classifying employees as exempt or non-exempt.


This episode is brought to you by Cake, connecting independent insurance agents looking to sell a book of business or a slice – a chosen group of accounts – with other agents looking to grow their business.

Learn more and create a free account at https://www.haveyourcake.com/

/////////////

Agency Focus is the premier resource for agents to understand their agency's value, plan for a transition of ownership, and prepare for acquisitions.

Learn more at https://agency-focus.com/