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Two Important Trends In Business Insurance

Guthrie Insurance

1. Employment Practices - The risk here results from employment related activities. This might include wrongful termination, sexual harassment or racial discrimination. The coverage (EPL - Employment Practices Liability) provides protection for employers when employees sue for allegations of this nature, even if caused by another employee. If the employer is actually in breach of a particular law indemnity may not be provided, however as a minimum defense coverage is typically provided. Employers need to periodically review and update their Employee Handbooks and guidelines and ensure all reflect current standards.

2. Internet/Cyber exposures - Risks and exposures in this area have been increasing dramatically as we ride the "technological" wave. This involves such areas as telecommunications theft, media fraud and destruction, hacking, data entrustment, loss of private data/privacy issues, data breach, compromise or theft of data and piracy. Loss of financial or personal data in particular resulting in financial loss to customers or publication of personal matters can be disastrous.

As there are no "standard/all-inclusive policies available and every business has unique exposures in this area, related operations must be carefully analyzed and the appropriate coverage arranged to address these insurable risks. Typically coverage may include claims that arise out of the business's negligence in controlling other people's private information, identity theft, or use of personal information in other illegal ways."

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