Markets

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

“I anticipate continued increases in professional liability premiums, particularly for higher-risk placements like physicians, surgeons and wound care professionals,” says independent agent Andy Clark. “These roles have become increasingly difficult to insure affordably.”

There is a growing recognition of the importance of mental health in the workplace, with many states enacting laws to include post-traumatic stress disorder and other mental health conditions under workers comp benefits.

Coverage will help medical technology, pharmaceutical, biopharmaceutical and digital health companies with the costs of product-related claims.

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.

“Most insurance companies consider general liability the cornerstone line of business for an account,” says independent agent Brad Berrong. “Normally, if a company does not consider this type of exposure, it will not accept other lines of insurance for that account.”

Consumer litigation activity continues to impact the market adversely, with third-party funding driving additional litigation costs, higher settlements and higher premiums.

As breweries and wineries go green, agents need to translate sustainability initiatives into clear underwriting conversations and protection strategies.