The new policy replaces Coalition’s original surplus lines cyber policy, providing a clearer articulation of covered scenarios and triggers, as well as updated terminology that better reflects today’s cyber landscape.
As the soft workers comp market continues, here are three risk management tips agents can provide to their clients to get the most out of their coverage.
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.”
