Professional liability risk assessment for brokers

Listen now: MGB Insurance Brokers on Navigating the Challenging PII Market

“I think insurers are really concerned about the employees of insurance brokers… [around areas such as] slip and trip, for example, when working from home, ”he said. “There isn’t enough peer review and one in 10, 20 or 30 employees struggle with mental health issues. With that come mistakes. And I hope I’m wrong, but I think we’ll see over the next couple of years claims made against insurance brokers where they haven’t done anything.

Bender pointed out that this was a concern shared by many MGB partner brokers, as they have seen firsthand how difficult it can be to run a business from a distance. The reality is, he said, that every now and then every business struggles. And he doesn’t think an insurance broker claims to have as complete control over his business as he did when everyone worked in the physical premises of an office and reported to managers.

Read more: How to create a coherent and sustainable IP market

When working in an office, it was easier for staff, especially junior staff, to ask urgent questions and receive answers quickly, and to receive continuing education on a weekly or monthly basis. in a way that just wasn’t so accessible during COVID. . The past 18 months or so have been very difficult for everyone, he said, but it has been particularly difficult for insurance brokers.

“Again, I hope I’m wrong, but I think this market is going to be pretty tough for insurance brokers over the next couple of years,” he said. “It’s not all gloomy, but we are monitoring claims trends on a monthly basis, and the number of instances in claims is increasing. “

Beyond that, to the complexities of the tough market and the challenges brokers face in meeting the insurance needs of their clients, Pat Boreham, Broker Development Manager at MGB, highlighted how brokers can compensate. and mitigate future PII claims. It might sound easy and straightforward, he said, but in reality it all comes down to communication. Whether a broker has a client whose PII renewal is due soon or even just within the coming insurance year, it is essential that they make the effort to pick up the phone and speak to that client. .

“I think that’s one thing that came out of remote work,” he said. “In some ways people were almost forced to pick up the phone and talk to the brokers. And [before this]I had never heard of Teams and Zoom in my life and now I like to think I’m a bit of a specialist in Teams meetings, Zoom meetings and their setup.

“So good things came out of it. But I would definitely say to brokers, especially when they have someone like us, a Lloyd’s wholesale broker involved – pick up the phone and talk to people. This will then allow you to manage the expectations of your customers to evolve in this difficult market.

Listen now: MGB Insurance Brokers on Navigating the Challenging PII Market

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