4 Critical Employment Practices and Fiduciary Legal and Regulatory Risks
Companies of all sizes may be surprised at the ongoing hardening of the employment practices liability (EPL) and fiduciary insurance markets.
For the past few years, terms have been tightening, limits have been reduced and retentions have gone up. All this, largely due to a society that is more litigious than ever and aggressive plaintiffs’ bars.
“Premiums are going up, but not as dramatically as the retentions in these cases,” said Rhonda Prussack, senior vice president and head of fiduciary and employment practices liability at Berkshire Hathaway Specialty Insurance.
“In order to stay profitable, insurers really have to respond to what’s going on with the more aggressive plaintiffs’ bars and with all these new regulations.”
Consequently, it’s more important than ever that insureds are paying attention to any legal and regulatory actions that could affect their coverages as they prepare for increased underwriting scrutiny. Here are four to keep an eye on.
To learn more about Berkshire Hathaway Specialty Insurance, please visit their website.