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Coordinating Cyber & Lawyers Professional Liability Policies for Maximum Benefit

Coordinating Cyber & Lawyers Professional Liability Policies for Maximum Benefit

When it comes to cyber and professional liability exposures, law firms can’t afford to assume that a professional liability policy is enough to cover all the bases. It’s important to utilize the right coverage needed to address different areas of risk. However, despite growing cyberattacks, many law firms still don’t carry cyber insurance or wrongly assume that their first line of defense against cyber and phishing losses is their Lawyers Professional Liability (LPL) policy.

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Social Engineering & Cybercrime Remain Top Cyber Insurance Concerns

Social Engineering & Cybercrime Remain Top Cyber Insurance Concerns

Ransomware garnered many of the cybercrime headlines in 2021 and 2022. Insurance carriers honed in on its devastating impacts, inspiring many insureds to put proper controls in place to help fend off such attacks. Research indicates that ransomware attacks have declined significantly over the past 12 months compared to 2021, and fewer companies are now paying ransoms. A 2022 survey of 300 U.S.-based information technology (IT) decision-makers regarding the impact of ransomware attacks on their organizations found that 25% of companies were victims of ransomware attacks over the past 12 months, a 61% decline from the previous 12-month period (source 3).

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Cannabis State of the Market

Cannabis State of the Market

The cannabis industry continues to grow rapidly. Just two years ago, the global market was valued at nearly $18 billion dollars. Expected to expand at a compound annual growth rate of more than 25% over the next several years, the industry is expected to be worth a staggering $134.4 billion by 2030 (source 1). Although still federally illegal, the cannabis business is attracting entrepreneurs and investors across the U.S., fueled by state legalization measures, growing sales, and a need for tax revenue. While the cannabis industry seems to be shedding its taboo market status in some areas, many financial institutions, including insurance carriers, still remain hesitant to offer cannabis coverage, with the majority of professional, casualty, and property insurance business finding a home in the E&S marketplace (source 3). In 2023, the insurance market for cannabis organizations is continuing to evolve and present opportunities across all lines.

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Telemedicine Is Here to Stay & It’s Impacting the Insurance Needs of Healthcare Providers

Telemedicine Is Here to Stay & It’s Impacting the Insurance Needs of Healthcare Providers

When utilized appropriately telemedicine can enhance interactions among providers to improve patient care, support provider-to-provider training, expand service capacity, and enable physicians to manage patients with multiple chronic conditions from a distance by remotely monitoring patient health and activities (source 7). Telemedicine is not new, but with the emergence of COVID in 2020 the utilization of telemedicine exploded. The trend lines indicate that the use cases will continue to expand as will the patient base that has grown accustomed to the delivery model.

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Simple Steps to Help Take the Bite out of Workers’ Compensation Losses

Simple Steps to Help Take the Bite out of Workers’ Compensation Losses

It comes as no surprise to employees or business owners that healthcare costs are on the rise. Many have felt the pinch of premium increases, higher deductibles, and soaring prescription drug prices. Unfortunately, those changes also serve to increase the total cost of Workers’ Compensation (WC) claims, making mitigating WC claim costs and controlling losses a primary concern for companies as claims get pricier and severity increases (source 2).

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Pollution Liability: Is a GL Extension Enough?
Pollution Liability: Is a GL Extension Enough?
Decrypting the Digital Asset Insurance Space
Decrypting the Digital Asset Insurance Space
Less Turbulence Ahead in the E&S Property Market
Less Turbulence Ahead in the E&S Property Market
How Retail Agents Can Avoid Cyber Fatigue in an Evolving Marketplace
How Retail Agents Can Avoid Cyber Fatigue in an Evolving Marketplace
Product Recall Claim Trends
Product Recall Claim Trends
Long-Term View Important for Senior Living Marketplace
Long-Term View Important for Senior Living Marketplace
Excess & Umbrella REDY® Index January 2024
Excess & Umbrella REDY® Index January 2024
Cyber REDY® Index January 2024
Cyber REDY® Index January 2024
Private D&O REDY® Index January 2024
Private D&O REDY® Index January 2024
Errors & Omissions REDY® Index January 2024
Errors & Omissions REDY® Index January 2024
Property REDY® Index January 2024
Property REDY® Index January 2024
Disability Insurance: Protection When Illness or Injury Strikes
Disability Insurance: Protection When Illness or Injury Strikes