Markets

Since 2020, rising litigation costs, social movements, increased regulatory scrutiny and growing employee awareness of their rights have made the EPLI market a complex landscape.

The rise of artificial intelligence (AI) and its growing role in employee recruitment and management is set to reshape the employment practices liability insurance (EPLI) market through 2026 and beyond.

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. 

Carriers offering product liability coverage are now taking into account factors such as the impact of any ongoing and proposed tariffs on the manufacturers and distributors of products, which may force manufacturers to change suppliers.

The policy has an enhanced definition of “employee,” which includes all classes of employees, including independent contractors and attorneys retained by the insured while performing legal or consulting services for the insured.

The rise of AI is poised to transform independent insurance agencies however, increased adoption is prompting essential discussion regarding the errors & omissions implications of its use by agencies.

The rapid growth in data centers has brought new challenges and a growing need for sophisticated insurance solutions to manage such risks.

As the directors & officers (D&O) market shifts from soft to hard, it is a prime time for independent agents to identify emerging trends and changing exposures for their clients.

While D&O and cyber liability policies offer distinct coverage differences, many companies mistakenly believe they do not require separate policies.

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