Background. Headline-grabbing issues such as cybersecurity and climate change, pandemic-related losses, increasing D&O claims, and high premiums are prompting businesses to examine their insurance programs for cost saving opportunities or additional coverage options.
Impact. An insurance review takes time, people power, and expertise. This is prompting executives and risk managers to retain independent experts, often lawyers, to help them understand what insurance brokers are recommending and how these recommendations mesh with their business needs. An independent review is particularly beneficial when placing insurance for the first time, comparing different coverage options in advance of renewals, and exploring self-insurance for a portion of an insurance program.
Top tip. Look for legal experts who will give you the knowledge and confidence to have meaningful discussions with your broker and are willing to work closely with them to help navigate the ever-changing insurance landscape.
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