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AI: Insurance, business and liability considerations

Although there are benefits to the growing use of artificial intelligence, it can create new risks for businesses.

By Jim Charron, Brad John and Matt King | March 08, 2022 at 07:30 AM
Artificial intelligence (AI) used to be considered science fiction, but more and more industries are finding valuable ways to use it, and as a result, the market is rapidly growing. (Photo: Garry Killian/Shutterstock) Artificial intelligence used to be considered science fiction, but more and more industries are finding valuable ways to use it, and as a result, the market is rapidly growing. (Photo: Garry Killian/Shutterstock)

As technology has evolved, artificial intelligence (AI) has grown into an asset used in countless ways — from walking into a room and asking a virtual assistant to turn on the lights to having a car steer on its own.

However, AI can present additional risk for businesses, and from an insurance perspective, it raises questions about liability. Therefore, it is essential that businesses make sure they have the right protection. Sophistication is paramount, and there are a lot of unknowns when it comes to figuring out liability and insurance coverage.

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