Posted on: December 13, 2023 by Huntersure
With the constantly changing technology and economic world, professional liability must adapt to the current landscape. For example, cybersecurity and AI-generated content can cause potential complications that simply did not exist a decade ago.
These threats can be more challenging to spot and more complex to track, meaning they often are only traceable after the hacker has attacked. Because of this, the trends in professional liability insurance programs in 2024 look different than ever before. Here’s a look at some trends expected to emerge in 2024.
Building safety standards have been more scrutinized in recent years, leading to a need for increased liability insurance. Factors like more extreme weather conditions due to climate change and building codes becoming stricter have led to an increased focus on prioritizing building safety.
In addition, with a greater emphasis on being environmentally friendly, different materials are often used, creating new issues. Those in the construction and maintenance field could be held liable if a building is deemed unsafe or not up to code. Liability insurance through Huntersure LLC helps reduce the risk of a significant financial impact.
Cybercrime increases every year, with many companies, large and small, experiencing cyber hacks. From hackers shutting down websites to gaining access to customers’ personal data, these attacks get more sophisticated every year, making them more challenging to combat.
This threat highlights the importance of finding professional liability insurance programs in case of a cybercrime incident that impacts organizational and customer data.
Like cybercrime, social engineering (also called “human hacking”) is another growing threat. Hackers often use psychological manipulation to invoke fear, urgency, and excitement — tricking victims into sharing information, downloading malware, sending money, or otherwise unintentionally compromising personal or organizational security.
While this practice has been occurring for centuries, it has become more advanced in this age of technology, with online social engineering attacks becoming more common every year. Companies are at risk, too, so having professional liability insurance is crucial for protection in the event of an attack.
As artificial intelligence (AI) increasingly integrates into professional workflows, spanning tasks like email responses and social media content creation, it introduces legal considerations. While AI streamlines processes, the challenges of ensuring accuracy and inclusivity persist. Professionals leveraging AI must recognize the importance of human oversight to rectify errors and mitigate potential legal consequences stemming from automated responses.
To fortify risk management strategies, professionals should consider implementing professional liability insurance for financial protection and legal support in situations where AI-generated responses could lead to legal challenges.
Additionally, establishing robust legal safeguards, such as comprehensive disclaimers, becomes essential in shielding against potential liabilities associated with the expanding applications of AI in professional settings.
Modern-day professional liability concerns create a unique need for coverage. With professional liability insurance programs, you can tailor plans that fit your clients’ particular needs.
To learn more about professional liability insurance programs for unique use cases, contact Huntersure LLC.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (855) 585-6255 to learn more.
Posted in: Professional Liability