Public Entities

The fire chief is a volunteer, and while volunteer activity is included in the policy, the agent believes that the position would still be excluded as a professional service.

Independent agents can make sure their public entity clients understand their risks and have the insurance protection they need at a price they can afford.

Couple the unique risk exposures of public entities with continued economic challenges such as inflation and labor shortages, and “Groundhog Day” may be set to continue.

Here are three ways agents can help procure the best possible coverage for public entities clients despite changing risks.

The public entities insurance market has experienced significant upheaval as carriers exited the sector, due to an increase in risks, or reduced capacity, requiring a higher level of self-insurance.

“Things like cyber and law enforcement liability were not major topics of discussion two decades ago,” says independent agent Josh Estelle. “In some ways it is no different than the rest of the world, since all industries face changing exposures.”

Independent agents can play an important role in assisting clients mitigate the increasing costs of insurance for public entities. Here are three ways agents can add value.

Agents must navigate a challenging landscape to provide coverage for public entities’ unique coverage needs.

With reduced capacity, increasing rates and the coronavirus pandemic, agents and insureds are facing difficult choices in the public entities market.

Local governments and institutions have been among the most involved with the coronavirus pandemic, adding fuel to the fire in an unsettled market.