Review Your Policies for National Insurance Awareness Day

National Insurance Awareness Day is a perfect opportunity to review your insurance policies and ensure your business is well-protected. Reviewing your policies can help you stay prepared for unexpected events and mitigate potential risks. 

It only takes a few minutes to safeguard your professional, operational, and financial interests. As you review your policies, evaluate the following:

Cyber Insurance

• Review for limit adequacy across all insuring agreements
• Review business interruption  and dependent business interruption coverage based upon tolerance for downtime and supply chain risks
• Review the insuring agreements for duty to pay vs. duty to reimburse wording as these can have an impact on the client's financial position
• Note cyber war exclusions and any carveback for cyber terrorism. This will become more important depending upon the clients services (Note those operating within the critical infrastructure sectors).  

Professional Liability Insurance

• Review for limit adequacy based upon the organization size, services provided, and client base. 
• Note the definition of professional services and make sure it aligns all services rendered
• Claims-made vs. occurrence policies. Professional liability policies are commonly written on a claims made/claims made and reported policy which has an impact on the coverage trigger and reporting requirements 
• Make sure the retroactive date aligns with prior business activities 

Management Liability Insurance

• Coverage limits: Ensure the policy limits are adequate for your organization's size, industry, and risk profile. Consider both the aggregate limit and individual coverage limits.
• Definition of insured persons: Review who is considered an "insured" under the policy. This should typically include directors, officers, and key employees. Ensure the definitions align with your organizational structure.
• EPLI-Third-party coverage: Check if the policy includes coverage for claims made by non-employees, such as customers or vendors.
• EPLI-Wage and hour claims: Many EPLI policies exclude wage and hour claims. If this is a concern, look for policies that offer this coverage with a sublimit for defense costs.

Tips for a Comprehensive Review:

• Ensure business information is up-to-date and assess any changes in operations that may have taken place
• Compare current coverage with new options available across the marketplace  
• Talk to a trusted and specialized wholesale broker to optimize your client’s coverage and to thoroughly address their needs

Stay Protected. Stay Informed.