Businesses respond to new opportunities and challenges throughout a policy period, and some of these changes may impact your E&O and other insurance coverages.
As your insurance advisor, eSpecialty Insurance plays a crucial role in helping you identify and mitigate risks. Here are five common changes a business might make without realizing they could have implications for its E&O insurance.
1. Expanding the services you offer
New professional services may not be included in your current coverage, so either an adjustment to your current coverage or a separate policy might be required to ensure you are fully covered. This is our specialty – you are in the right place!
2. Changes in corporate structure
As your business grows, you may form a new entity. It is important that all of your entities be included in coverage. Please give us a heads-up if there are any changes.
3. Contractual requirements
A new client or vendor may trigger new insurance requirements, typically contained in a contract. A first step might be to compare the baseline requirements we see across our client base with the request and discuss a strategy for reducing the requirement. From there, we typically respond to requests by adjusting current coverage to comply with the request. Note that contractual insurance requirements are getting more complex, with some requests for specific coverage provisions. We can respond to the specific ask, including limits and coverage provisions. Our team can help – keep us in the loop.
4. Staffing changes
Staffing challenges are a common concern in today’s job market. In addition to maintaining talented staffing to meet demand, businesses may utilize a PEO, outsource, offshore, and utilize temps. How these staffing changes are structured and executed will impact your coverage.
5. Independent contractors
Many businesses turn to independent contractors to optimize operating costs and accommodate fluctuating demands. While this can offer flexibility, it also introduces new risks. Many E&O and other policies may not include coverage for some or all independent contractors, and in some situations, you may want to ensure your contractors have their own coverage. We can address coverage for your contractors – just let us know how we can help.
How can eSpecialty help? Ask one of our eSpecialists. We can guide you through important business changes.
About eSpecialty Insurance and Bob Sargent, Founder and CEO
eSpecialty Insurance was established to revolutionize the customer journey in specialty insurance. Bob is a founder and an early-stage investor with decades of experience as an underwriter and broker addressing unusual, complex, and challenging cyber exposures. He helps SMBs secure the most comprehensive cybersecurity solutions at competitive rates.
Email [email protected] or call (435) 252-1077 to learn more.Follow eSpecialty on LinkedIn!