Insurers are seeing an increase in claims frequency and severity in the employment practices liability insurance market and are watching the trends that are continuing to put pressure on it.
“Due to the most recent few years and what we have been seeing in the media, I expect more and more claims to be filed,” says independent agent Karyn Roeling, “which will continue to make this market harden into the future.”
Company owners should consider employment practices liability coverage as essential for protecting their business beause it’s not a matter of if a claim is made, it’s a matter of when.
During the coronavirus pandemic, it is imperative that independent agents stay engaged with their clients and provide guidance on changes and developments in the professional liability market. COVID-19 sprung many changes on businesses, some good, some bad—but either way, keeping clients up to date on market conditions, risk trends and risk management options is more…
After a decade of declining rates, the professional liability market is beginning to see rates harden in certain segments including directors & officers, cyber and general liability.
The new miscellaneous professional liability product covers liability and defense costs from claims that allege errors or omissions in the rendering of professional services.
Before buying or selling an agency, thinking about errors & omissions issues beforehand will help avoid difficulties down the road.
Defending the cost of a media liability suit can be financially devastating for a company. Its never been more important for agents to work with clients to identify potential areas of risk.
“We will see new trends as businesses continue to be creative to generate revenues,” says independent agent David Hanley, “which in itself will create new exposures resulting in new insurance products.”
More and more content is being created by social media influencers, many of whom are unaware of the extent of their liability exposure.
