2019 has been full of ups and downs. And just like 2018, this year has brought change to the insurance industry. From cyber-attacks to sexual harassment, here are some areas you can expect to see grow in 2020:
Cyber:
Cyber-attacks continue to get more complicated and complex every year. According to a recent Malwarebytes report, successful ransomware attacks stand to double in 2020. It’s also expected that phishing and spear phishing attacks will continue to evolve beyond email to SMS and video, making individuals and businesses more vulnerable than ever. In the recent years, many in the insurance industry have been slow to maneuver the cyber insurance market. However, 2020 may be a significant year for change. We’ll be watching this market closely to see what new coverages, additions and endorsements are available.
Employment Practices Liability Insurance (EPLI):
It’s been two years since the #MeToo movement exploded but it continues to attract attention—and stands to do so well into 2020. During these past two years, state legislators have introduced approximately 200 bills to address workplace harassment, according to an analysis from the National Women’s Law Center. Because of this increased scrutiny, employers need to ensure they’re protected against claims of sexual harassment, discrimination and wrongful termination. It’s also important to remember that even if the claim is false, the litigation process is extremely costly—both financially and in terms of lost time and productivity. In today’s business world, it’s not about if you need EPLI coverage but rather when you need it.
Umbrella Coverage:
Most individuals have the standard auto, homeowners or life insurance policies. However, there’s one type of important (and affordable) type of insurance that’s often overlooked—umbrella insurance. That’s likely because the protection it provides only comes into play under certain circumstances. Umbrella coverage doesn’t stand alone but rather supplements other liability policies that individuals have in place. It’s kicks in when the liability on those policies has been exhausted. But do you really need an umbrella policy? In short, if you have assets to protect, the answer is yes. Umbrella insurance protects you from the financial fallout of certain types of unforeseen events that results in property damage or injury, for which you could be held liable. And as our society continues to become more and more litigious, obtaining an umbrella policy—or reviewing your existing policy—is critical for 2020 and beyond.
Life Insurance:
It’s now 2020 and a good portion of millennial generation are starting to take on more financial responsibilities. They may own a home and have a spouse and children. Which means it’s time think about what happens if you suddenly die. While it sounds depressing, you need to be prepared. How will your family get by without your income? Will they take on any debt that you leave behind? How will they pay for funeral costs? If anyone depends on you for financial support, now is the time to talk to an insurance agent about obtaining a life insurance policy.
Insurance is all about preparing for the unexpected. And as we learned in 2019, the unexpected can happen to anyone at any time. While no one likes to think about bad things happening in our lives, we always need to prepare for the worst. If you’d like to discuss your current insurance policies and explore what additional coverages you might need, reach out to a trusted insurance agent to talk through your options.
Have questions about your personal or commercial insurance? Contact us to speak with a licensed insurance professional.