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Episode #14: Employee Classifications: Salary, Hourly, or Exempt?
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In this episode of Build Your Legacy: Insurance Edition, we welcome back Stefani Butschle to address a common question for agency owners: how do I classify internal staff correctly? Stefani and Bill break down the distinctions between salaried and hourly employees, diving into why the choice between these two can impact an agency’s operations and financial responsibilities. They also clarify the differences between exempt and non-exempt employees under the Fair Labor Standards Act (FLSA), explaining how these classifications determine eligibility for overtime and other protections. Correct classifications not only support fair labor practices, but also protect the agency from costly penalties and legal issues down the line.
Thinking about starting your own insurance agency but unsure where to begin? This podcast is for you! Already own an agency but want to grow and build a strong legacy? Stay tuned as our hosts share valuable tips and strategies to help you achieve your goals!
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