MARKETDISRUPTION

and determine if there will be any capacity, coverage or pricing changes," Stein says. “The more communication during this process good, bad or indifferent the less that all parties will end up being surprised "

And as premiums and underwriting restrictions increase, clients appreciate the information and explanations that agents can provide. “Being able to thoughtfully articulate inflation's impact on an insured's exposure and policy premium is challenging, but also incredibly valuable," Huels says. “When one observes that corrective construction costs are approximately 40% higher than they were at the end of 2019, one can understand why a construction defect claim today costs an insurance carrier so much more than it did even three years ago."

2) Submit a quality submission to the underwriter. “From an underwriter's perspective, if it doesn't look like the insured and agent took the time and care to prepare a quality submission, the underwriter probably won't take the time and care to deliver the best available result," Wilkinson says

“It is important to note that while loss costs and nucle verdicts are not going away, a quality submission, communication and understanding of the underwritin and quoting process along with a clarified timeline o the renewal by both brokers and underwriters can alleviate the stress and difficulty in the market," he adds.

In developing a well-rounded profile for submission, “ would encourage agents to recommend to their clien to have a written employee handbook that is updated regularly, annual health and safety training on how to minimize risks for employees and customers, and access to high quality legal counsel to help navigate social inflation," Cardullo says.

3) Discuss what's coming down the pike. “Agents should stay current with legal, regulatory and policy developments, and consider asking their clients if the have exposure to emerging environmental risks so th can take corrective actions," Sakakeeny says “Dig int emerging risks like PFAS and help clients mitigate any potential exposure."

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Further, many businesses have changed significantly since the coronavirus pandemic. “Agents who know their clients and how their exposures have evolved or changed over the last few years are invaluable," Huels says.

AI is presenting both challenges and opportunities for the general liability market. “From a service perspective, AI is poised to make reviewing and quoting quicker and more accurate than ever, thanks to the ability to gather data and quickly learn about the customer," Cardullo says. “For businesses looking to tap into AI, there are new potential risks such as AI giving bad advice, or IP theft "

Being in a position to offer risk mitigation as well as risk management solutions can “help agents during these rapidly changing times, supplementing their training and increasing their awareness of risk management measures," Huels adds.

Olivia Overman is IA content editor.

Coterie 25April2023

As an insurance agent or broker, you play a critical role in helping your small business clients prepare for the risks associated with extreme spring weather. In this article, we’ll provide you with spring weather safety tips for small businesses to help your clients prepare for and minimize the risks associated with extreme weather.

It’s important to start by understanding the types of spring weather events that can cause damage to businesses. Tornadoes, severe thunderstorms, flooding, blizzards, and excessive heat are some of the most common weather events that can cause significant property damage, injuries, and fatalities. Encourage your clients to stay informed about weather forecasts and warnings to ensure that they are prepared to take necessary actions.

Plan Ahead

One of the most important steps that small businesses can take is to develop an emergency plan. This plan should outline what employees should do in different situations, such as power outages or evacuation orders. Encourage your clients to conduct regular drills to ensure everyone is familiar with the plan and to have a communication protocol in place to keep everyone informed and safe.

Another essential precaution is to keep an emergency kit on hand. This kit should include supplies like flashlights, water, a first-aid kit, blankets, extra batteries, a toolset, and contact information for local authorities.

Weathersafety

To minimize property damage, encourage your clients to secure outdoor assets and property. This includes ensuring that dead trees are removed, structures are reinforced, and outdoor furniture is secured or brought indoors. Regular preventive maintenance can also help to identify potential hazards and fix them before they cause damage.

Backing up critical data is another important step in preparing for spring weather. This can help businesses to rebuild systems more easily after severe weather damages equipment or causes power outages.

Make Sure Your Small Business Clients Are Covered

Lastly, it’s crucial to ensure that your clients have the appropriate insurance coverage in place. As their insurance agent or broker, help them understand and plan for the impacts of catastrophic weather events. Review their insurance coverage to identify any gaps that could

Continued from page 34 leave them with an uncovered loss.

You can play a critical role in helping small businesses prepare for spring weather. Encourage your clients to develop an emergency plan, keep an emergency kit on hand, secure property and outdoor assets, back up data, and obtain appropriate insurance coverage to better mitigate risks during the springtime. Contact Coterie Insurance today for more information on how we can help you and your clients prepare for the unexpected.

We are pleased to announce that LCPIC has implemented a site for you to quote your endorsements due to the overwhelming amount of phone calls. LCPIC will no longer be able to offer this service over the phone.

****ONLY this screen of EPIC QUOTE can be open at ANY time on the computer you are using. DO NOT have any other EPIC screens open while accessing this EPIC QUOTE site. Doing so could result in policy information being compromised and data being crossed. If you do not abide by this rule and the policy information is crossed, YOU will need to rewrite the policy to correct the data issue. The non-refundable $65 application fee WILL BE CHARGED. LCPIC will not process internal rewrites for this mistake. ****