Markets

Workers aged 60 and older represent the fastest-growing segment of the labor force, and their increasing presence continues to impact the workers compensation market.

In a market where carriers are inundated with submissions, agents can help their product liability clients secure the coverage they need by understanding carriers’ appetite and capitalizing on the opportunities they offer. 

For agents operating in the market, it’s imperative to understand the transformation that has taken place since the coronavirus pandemic, including changes to event formats, event planning, and audience expectations.

The endorsement extends coverage to legal actions involving consumer protection statutes, even when claims are not tied to other perils—a risk often excluded by traditional media liability policies.

Ghost kitchens are a growing trend, fueled by celebrities like MrBeast and Mariah Carey, but these non-traditional food service businesses bring unique exposures that don’t always fit into standard restaurant policies.

To mitigate the risk of an errors & omissions claim, insurance professionals need to approach offering umbrella coverage with diligence and consistency.

Proactive conversations with clients about catastrophe risks can surface potential coverage gaps and open the door to more forward-looking planning.

Agents can help find a way to deliver comprehensive protection and streamlined service to small businesses that face unique challenges.

Agents must strike a balance between recommending suitable coverage and refraining from providing opinions on whether specific losses are covered under a given policy.

With factors such as an aging workforce and economic fluctuations pushing material and wage costs higher, agents can help their clients purchase adequate builders risk coverage.