Historically, the insurance industry has been an industry that hasn’t needed to change too much over the years. To be quite honest the insurance industry has pretty much remained the same in it’s approach for the last 50-100 years, except for maybe the push over the last 20-30 years to go paperless (which is much harder than one would think for our industry). That isn’t a bad thing. Life and businesses come and go, and have done so pretty much the same way they have since the beginning of the insurance industry, so there hasn’t been any big needs to fundamentally change the way insurance works.
However, with the advancement of an ever growing society, and technology that was only a few years ago something found in science fiction novels, the insurance industry has seen new additions to the marketplace that were not needed just a few short years ago. Some of them are great, others are a little scary to think about, none of them are going away anytime soon, so that is why I thought I would share with you 3 Insurance Coverages You Should Be Paying Attention To.
3 Insurance Coverages You Should Be Paying Attention To
1.) Cyber Insurance
I have talked about Cyber Insurance in an earlier post (that you can read by CLICKING HERE), but it seems that many people still don’t think Cyber Insurance is that big of a deal. It is!! It’s a HUGE deal. One that could take your business out if not taken care of properly. Cyber Insurance is by far the most pressing issue facing ALL businesses, and will continue to be in the coming years. As technology advances and businesses become more and more driven by that technology, cyber insurance will become more and more of a priority.
The issue facing businesses of all sizes, isn’t just having a few of their clients info stolen by a breach. It’s having a leak in your system, a hacker continually gaining access to sensitive date, etc. and you not even realizing it. As technology grows, more and more businesses will have potential “entry points” for hackers and scammers to access their networks, businesses records, and sensitive data. Hackers can use entry points as simple as your home or business security system to gain access to the sensitive data files you have and wreak havoc upon you and your clients long before you even know how they gained access.
The key to protecting yourself is having the right security measures in place, but also having the right insurance to help ensure against a breach, or help clean up after a breach occurs.
Article you should check out: Lloyd’s of London boss issues warning over crippling cyberattack.
2.) Active Shooter Insurance
Active Shooter Insurance: It’s a very scary and real reality for the world we live in today. While most businesses wouldn’t think active shooter insurance is something they would need, the fact of the matter is that more and more businesses are beginning to look into this insurance coverage as a way to protect themselves in the event an active shooter scenario takes place.
Businesses including movie theaters, churches, malls, office complexes, and even schools and universities are beginning to see the need for active shooter insurance coverage, while the industry struggles to properly define which current coverages such an event falls under. One of the big struggles for this emerging coverage is determining where it falls; is it covered under a general liability policy, property policy, or terrorism insurance?
Right now active shooter insurance is being offered as a stand alone policy that businesses can purchase to make sure they are properly covered in the event an incident takes place.
Learn a little more about Active Shooter Insurance coverages in the following linked article: As Active Shooter Incidents Increase, Industry Addresses Coverage ‘Grey Area’
3.) Driverless Car Insurance
The future is here folks.
Skipping over the hover-boards (lets be honest, a hover-board can’t have wheels, so those cool toys from a few years ago aren’t really hover-boards) everyone was looking forward to thanks to “Back to the Future 2,” society has went straight to driverless cars. While driverless cars will certainly change the insurance industry in many ways, many experts agree that it will not do anyway with the need for personal insurance.
What the industry is seeing is that while personal auto insurance risk may decrease, it will not be totally done away with. There will also be changes for commercial insurance as the burden of insurance for some driverless car companies will be upon them and their product insurance. However, the jury is still out on how the insurance industry itself will change, and what that will mean for clients.
To learn more about how driverless technology is affecting the insurance industry check out this article: Driverless Cars. An Insurance Regulator’s View
We are living in a time in history where there are a lot of disruptions and changes taking place. With the advancement of technology, the insurance industry is working to properly prepare for new changes to markets that will greatly impact customers. Also, businesses and dealing with new dangers that generations in the past have never had to deal with, the insurance industry is also working to fill in the gaps that coverages from such events present to current insurance coverages.
Overall, the insurance industry is working to better fill in the gaps of current insurance coverages, as well as to make sure customers are properly protected for new dangers and emerging technologies. To learn more about the topics discussed in this post, check out the articles linked below each topic.
Until next time.
Thanks for reading,