In today's world, there is no longer a "vanilla" account for which only standard property-casualty coverages--commercial general liability, automobile, workers' compensation and property--will adequately address all of a business' exposures.
The greedy culture of the recent past involved unchecked conflicts of interest, complex transactions involving boutique products, and in some cases, outright fraud, all of which led to significant exposures for the directors and officers of all types of companies--public, private and non-profit. The widespread failure of financial institutions also has created an environment ripe for litigation.
What some have dubbed the "Great Recession" has had a lingering impact on a variety of professional liability exposures, including:
o Employment practices. Even before the economic downturn, aging baby boomers, strained race relations and gay and lesbian rights were impacting EPL with an increase in privacy and other types of claims. The new topics in EPL are actions resulting from layoffs and "reduction in force" (RIF) actions, wrongful termination and wage-and-hour class actions.
o Media exposures. No matter their sizes or specialties, many companies operating in this information-based economy engage in some forms of publishing or other media activities and may not even realize it. They advertise in various media and use the Internet as their marketing vehicles, which include websites, blogs, e-mail, Facebook, Twitter and other social media outlets.
o Traditional and other professions. Accountants, attorneys and real estate professionals are at greater risk today as plaintiffs who have been harmed by the sub-prime mortgage market, Ponzi schemes, foreclosures and bankruptcies search for someone from whom they can recover their losses.
For agents and brokers who primarily deal with "standard" property-casualty coverages, it is more important than ever to recognize professional liability exposures that may be lurking in even your "mom and pop" accounts. The PLUS 23-module, comprehensive curriculum covers a wide range of professional liability topics. Each module covers a focused topic, and all of the modules are filed for continuing education credits. Industry practitioners who are interested in increasing their knowledge and demonstrating their expertise in professional liability may pursue the Registered Professional Liability Underwriter (RPLU) designation. Over time the RPLU has become the designation of choice for those who want to specialize in professional liability. It will set you apart from other practitioners working in this important, dynamic segment of the insurance industry.
