Over the past few years, there has been a shift in the directors and officers (D&O) market, with double-digit rate increases and lowered capacity becoming the norm for most businesses. Looking forward, the D&O market is anticipated to continue to be challenging for many insureds. In these market conditions, it’s predicted that many businesses will experience rate increases, fewer markets, lower available limits, more robust underwriting and higher retentions during 2022. Yet, the pace of…

The commercial property insurance market has hardened in recent years, resulting in quarterly rate increases since Q3 2017. Unfortunately, these rate increases—as well as additional policy restrictions—are expected to continue in 2022. Yet, this market may showcase some signs of moderation compared to 2021’s trends. It’s predicted that many insureds will experience single- or double-digit rate increases, lowered available capacity, higher sublimits, and various policy restrictions or exclusions—especially regarding losses tied to weather events or…

Over the past decade, the commercial auto space has been largely unprofitable for insurance carriers. According to a recent report from AM Best, commercial auto underwriters saw more than $22 billion in underwriting losses between 2011 and 2020, despite underwriters increasing premium pricing for 41 consecutive quarters. Various factors have led to this poor underwriting performance, including litigation trends, driver shortages, unsafe driving habits and surging accident expenses. In 2022, most policyholders are predicted to…

Because ongoing inflation issues have the potential to result in heightened premium costs, coverage restrictions and underinsurance concerns, it’s important for policyholders to do what they can to minimize such complications. Some steps that insureds can take include the following: Have policy renewal conversations early. Especially amid these challenging market conditions, policyholders should work with their trusted insurance professionals to discuss the coverage renewal process well in advance. Doing so will allow insureds to stay…

Are you worried about security online? Cybersecurity insurance is something that should be top of mind for every business owner. 68% of construction executives have no cybersecurity measures in place (Helpnet Security) GlobalData predicts that the industrial sector’s value will soar to $12.9 trillion in 2022. After rising consistently by 3.6% for more than 5 years, this industry is catching the eye of cybercriminals. Over half of construction executives believe their firms will be hit in…

No business big or small is immune to a cyber attack! How prepared you are will determine if you stay in business after a cyber attack. We had the opportunity to chat with Floyd native, Cybersecurity and Data Privacy attorney, Beth Burgin Waller from Woods Rogers. She has significant experience in technology and counseling clients on cybersecurity risk management, incident response, and privacy laws. As chair of the Cybersecurity & Data Privacy Practice at Woods Rogers, Beth’s…