The business insurance world continues to transform as the world does. We are seeing new trends develop that could affect your company and any future litigation. From the continued rise of technology to the rise of artificial intelligence, you need to stay ahead of these emerging trends.
At the Saxton Law Firm, our dedicated business insurance claim attorneys help you stay on the forefront of these issues. We analyze your potential risks to help mitigate them in advance. We also provide comprehensive representation for any business insurance dispute.
Trend Number 1: Changing Consumer Expectations
Insurers are having to rethink operating models and the services they offer. Direct-to-consumer distribution continues to impact all insurance companies, including those that offer business coverage. Younger insurance purchases want the convenience of online access and products from established insurance carriers.
This means that business insurance policies may begin to look different over time. They may become more flexible in how you access, purchase, and utilize them. It will also likely affect how you submit a claim and how companies will dispute them moving forward.
Trend Number 2: The Rise of Artificial Intelligence (AI)
You cannot go anywhere on the internet without encountering new and developing AI tools. Generative AI is now utilized by many insurers to help improve efficiencies, analysis of potential risks, and underwriting opportunities. Some have voiced concerns about allowing AI to make these risk assessments and what it could do to premiums in the future.
How AI will affect your business insurance long-term still remains to be seen. It is critical to stay in contact with your attorney for help in avoiding potential issues.
Trend Number 3: Cyber Breach Claims Continue to Increase
Nearly every business now keeps track of voluminous consumer data. Many industries encounter data breaches, losses, or other problems that may implicate their business insurance coverage. While technology continues to help grow business, it also creates potential liability if you fail to protect data.
Business insurance companies are building in new terms and requirements when they grant or underwrite data protection coverage. Companies may analyze what steps your business takes to protect data before approving an insurance policy.
Trend 4: Increased Focus on Environmental, Social, and Governance (ESG) Practices
The general public continues to focus more on the social, environmental, and other impacts your business has on the world around it. This can lead to more critical scrutiny of your business practices, and increase the chances of litigation. Businesses that claim they utilize sustainable practices may face increased scrutiny of their day-to-day operations and be asked for better transparency.
Business insurance companies and individual claims continue to battle with the unknowns of this area. Many states have implemented anti-ESG legislation that will continue to change how this impacts the business insurance world.
Trend 5: Increases in Employment Practices Liability (EPL) Claims
In the competitive economy, many businesses are trying to streamline or even downsize their workforce. This may mean layoffs, which can lead to an increase in lawsuits. Discrimination, wrongful termination, and breach of contract claims have continued to rise over the years as employees fight back against these practices.
Litigation protection is often built in to many business insurance policies, and are implicated by this emerging trend. Speak with your business insurance attorney about how it may affect your company.
READ MORE: Understanding the Legal Aspects of Business Insurance Claims
At Saxton Law Firm, our team stays educated about how the business insurance world continues to change. We look for emerging trends to help predict what types of coverage you need and any challenges your business could face in the future.
Speak with us about your business insurance needs and help dealing with your insurance coverage. We are with you every step of the way. Contact Saxton Law Firm for a FREE case review!