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.
The product focuses on defamation, libel and slander, infringement of copyright and trademark, as well as other content-related exposures for small to medium-sized enterprises.
Hanover Accountants Professional Liability Advantage is designed to meet the needs of a broad range of accounting professionals, providing a variety of insuring agreements, supplemental coverages and coverage enhancements.
Insurance agents need to be careful and take appropriate steps to avoid errors & omissions claims that allege they failed to offer uninsured/underinsured motorist and umbrella coverage.
With coronavirus complications affecting rates, exclusions and risks, many independent agents will be forced to rethink how they approach directors & officers coverage.
