What do you think of when you hear the word “Fall?”
At this time of year many folks think of the season, the one that comes after summer and before winter. That may take their mind to a pumpkin spice latte or some fancy drink. However, if you work in the insurance industry, you may think of “slip, trip and FALL.”
Any insured has a FALL exposure: be it a personal risk or commercial exposure. While statistically, you’re more likely to fall in a personal residence (80% of all falls happen in a home) there’s a 20% chance someone will fall at a commercial building. That FALL opens the door to a lawsuit.
According to the NY Times, the US spends over $320 billion a year on tort litigation. If you have a commercial insured that has limits of less than $1M/$2M, they could be underinsured. Many policies have defense costs inside the limits of liability meaning those legal fees chew up a lot of the available limits. Each renewal for your clients represents a season. That season is a chance to connect with the insured to review and ensure their coverages match their exposures.
Our office sees many requests for “please quote as expiring” only to find out during an audit, the exposure changed. During this fall season, I’d encourage you to review those renewals, because just as the seasons change, so do your clients’ exposure.
