Every so often we think it is a good idea to talk about what may be happening regarding Florida business insurance, personal insurance and risk management. Our team here at Sun Insurance Services reviews many different insurance publications, insurance company bulletins and other professional’s opinions, to analyze these current Florida insurance trends.
We hope you will consider these as part of your personal insurance and business insurance review process.
Insurance and risk management trends to watch for in the next few months
- With the recent Target breach, cyber liability is a hot issue. More firms are buying cyber coverage. Cyber threat is a hot, high profile issue these days throughout business and the insurance industry. The threat is real and the economic exposure potentially catastrophic. Basically, a company is liable for any damage, real or possible, caused by computer-based theft or vandalism. If attacked, a business is legally responsible for notification (ongoing communications with every individual whose records were possibly compromised) and it is liable in any legal action regarding identity theft.
- There are new insurers entering the Florida marketplace. While this can be a good thing, some of these insurers are not financially strong, which might lead to issues at a later date. We always recommend using stable and financially strong insurers.
- Increased reliance on technology will lead to better run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control.
- Term life insurance continues to be very competitive. This will continue to allow more and more people to have an interest in life insurance.
- Mobile applications are one of the fastest growing areas of insurance. People are managing their insurance online, including premium payments.
- Healthcare reform will continue to evolve, into what we really don’t know.
- Real Employee Wellness. Employers may be forced, as a result of healthcare reform, to increase employee wellness programs. We consider this a good thing. A healthy workforce is key to your business success.
- Independent agents will continue to be the best method of purchasing personal and business insurance products. Independent agents have strong local ties and invest in the communities in which they work. Also, these agents are the most knowledgeable and focus on providing high quality customer service.
Call Sun Insurance Services now. We’re ready to walk you through every step of the process for every step of your life…
Sun Insurance Services is an Orlando Florida based independent insurance agency serving all of the Sunshine state, providing personal insurance, business insurance, health insurance and life insurance throughout Florida. We take what we do very seriously, but we HAVE FUN in the process! If we can help you with any of your FL insurance needs, please contact us today!