Q1 Panel Recap: Commercial Lines

Much of what happens in our world may at times seem unlikely, improbable, and simply not going to happen to us.  Yet businesses are interrupted and impacted daily by risk factors inherent to their own operations and introduced by the outside world.  From cyber events to catastrophic weather to labor shortages, businesses that invest time to prepare and test their strategies fare much better than their competitors and yield higher returns on their insurance program. 

• Cyber Crime is no longer a technology risk, but a business risk and must be given the highest priority with regards to attention, planning, and budget. 
• Social Inflation continues to compound the cost of claims in turn negatively impacting insurance renewals across auto, general liability, and property insurance. 
• Business interruption and restoration costs are the main causes of financial loss for companies.  Despite the increased focus on disaster recovery planning post pandemic even those businesses with plans in place have fallen short with testing and evaluating efficacy. 
• Workers’ compensation rates continue to decline but taking your foot off the gas could have damaging impacts on your availability of labor and the ability to execute your work.

Watch the entire panel here: https://youtu.be/s8jPQW20APU