Part B News: Beth Boone on the Rapid Increase in Liability Insurance Premiums
In an article published on May 15, 2023, in Part B News, Brunswick Partner Beth Boone discusses the rapid increase in liability insurance premiums and ways to mitigate the cost.
Beth says some of the change could be down to the post-COVID landscape while it could also be shifting business conditions or inflation.
She says utilizing a carrier’s risk management resources could help lower costs. “If your carrier’s national, they’ll have analyzed prior claims and lawsuits in your specialty, and they will have come up with ideas for their clients [in that specialty] on how to reduce risks,” Beth says. “These could be based on trends in ‘failure to diagnose’ cases, for example, or ‘failure to seek outside consult.’” Some carriers also have discounts for members of certain professional associations.
Online subscribers can read the full article on the Part B News website.