Albuquerque Business Insurance Trends
The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow.
Albuquerque Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers. Also the type of business you are in also impacts cost and coverage. You should discuss your specific business risks and the types of insurance available for your business with us.
Future Business Insurance Risks
This is one of the fastest growing areas of litigation. The average defense cost in 2013 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company's operation.
Healthcare Professional Liability
As we move well into healthcare reform, we are seeing increased litigation focused on medical providers of all kinds. In 2012, litigation against OB/GYN doctors accounted for over $3.5 billion in claims. Many states have enhanced medical malpractice laws designed to speed up and compensate injured patients.
Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no cover for cyber risks” although there still may be a duty to defend until such time as coverage is determined.
Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to businesses of being sued by employees and other third parties. There is a definite increased risk of defamation, libel, and slander for firms that don’t outsource the service.
With over 23 years of experience in the insurance industry, we are the company you can trust. If you need a home, auto, renters, boat, RV, life, health, commercial, bond insurance, or annuities, we are the name you can trust