INSURANCE MARKET SOURCE | FALL 2024
QUARTERLY INSIGHTS FOR BROKERS AND AGENTS
Cyber Insurance
Readily Available to Protect Businesses
From cyber crashes, like the recent Microsoft CrowdStrike outage to cyberattacks, Cyber Insurance has never been more critical – yet so many businesses forgo or have inadequate Cyber coverage. In a webinar hosted by Andy Wood, Vice President, Professional Liability, Burns & Wilcox, Chicago, IL, our panel of experts dove into trends in Cyber coverage, pricing and claims.
“Bringing the human element into claims and having an actual event response team be the one in charge and managing the event is massive.”
— Kenneth Labelle, Senior Broker, Professional Liability, Burns & Wilcox Brokerage, Chicago, IL
“As carriers are working on differentiating themselves, there has definitely been an opportunity for enhanced pre- or post-mitigation risk management offerings."
— Derek Kilmer, Associate Managing Director, Broker, Professional Liability, Burns & Wilcox, Detroit/Farmington Hills, MI
“AI is here to stay in the long run. It is only going to accelerate and be part of our daily lives.”
— Michael Drummond, Head of Cyber & Tech E&O, At-Bay
VIEW RELATED RESOURCES
Disney Springs Restaurant Lawsuit Stems from Diner’s Allergic Reaction
A tragic allergic reaction to food shows the risks restaurants face and the essential nature of proper staff training and having Commercial General Liability Insurance.
“Even if you go to a Michelin-starred restaurant, you cannot assume anything. That is why it is very important for these restaurants to protect themselves, and they do this by the security of carrying liability insurance.”
— Janina Gomez-Rhoades, Underwriter, Commercial Insurance, Burns & Wilcox,
San Antonio, TX
Your Policy: Homeowner
A recent incident in Nebraska highlights a critical gap in homeowner awareness regarding Residential Property Coverage for stormrelated damages.
“There are a lot of individuals experiencing very similar unfortunate circumstances in finding out the details of their policy the hard way.”
— Paul Van Overbeke, Underwriter, Personal Insurance, Burns & Wilcox, Minneapolis, MN
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Extreme Weather & CAT Insurance
DID YOU KNOW?
2023 saw the largest homeowners’ insurance underwriting loss since 2000 with $15 billion reported.
Population shifts to more CAT-prone areas are a major factor affecting the insured loss increase.
Convective storms such as tornados, hail and straight-line winds are now considered primary perils and account for 70 percent of insured losses.
TIPS FOR BROKERS & AGENTS
Help clients reduce the impact of CAT events by mitigating risks.
1. Create defensible spaces around their home.
2. Evaluate a home’s construction.
3. Identify the proper amount of tree density.
4. Consider fire-smart landscaping.
5. Use third-party resources like Wildfire Defense Systems.
Learn more about these risk mitigation strategies, emerging perils, and the increasing role of modeling in our CAT Insurance Market Overview.
Commercial Office Space Is Making a Comeback, How Owners Can Protect Their Property
As more companies return to or expand their office space, they should consider the risk of potential losses and review their Commercial Property Insurance to ensure they are adequately protected.
“It is crucial for business owners to understand the importance of Commercial Property Insurance, which can serve as protection for both tenant and landlord covering a range of risks that can disrupt operations for both parties.”
—
Saad Ali, Associate Broking Commercial Manager, Commercial Insurance, Ontario Division, Burns & Wilcox, Ottawa, ON
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Weight
Loss Treatments Spurring High Demand, Exponential Growth at Medspas
As more medspas expand their offerings beyond services like Botox and chemical peels, so has their need for insurance coverage broadened.
“One claim could cost someone their entire business, so not having insurance coverage is definitely not a path anyone should take.”
FEATURED SOLUTIONS
— Erin Pritchett, Broker, Professional Liability, Burns & Wilcox, Farmington Hills, MI
MANUFACTURING & DISTRIBUTION INSURANCE
What are some of the greatest risks today in manufacturing and distribution (M&D)?
The greatest risk companies face is the products and completed operations exposure. If for some reason your product was contaminated or defective, you could be looking at lawsuits or massive product recalls. Even if you go out of business or sell your business, you still face a discontinued-products exposure.
— John Heaner Associate Vice President, Regional Director, Commercial Insurance, Burns & Wilcox, Tampa, FL
PROFESSIONAL LIABILITY INSURANCE
What steps should businesses take to complement their insurance coverage from a prevention standpoint?
Look at the scope of all your insurance needs and then really listen to your insurance professional. Discuss things such as: What are the existential threats to your business? What things could detract from your time delivering those professional services?
— Andy Wood Vice President, Professional Liability, Burns & Wilcox, Chicago, IL
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