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General Liability

Much like Workers' Compensation, General Liability claims can have negative effects on an organization resulting in:

  • Employees Don’t Go Home the Same Way they Came to Work!

  • Jeopardizing Customer Relationships and Company Reputation

  • Un-Safe Workplace Environment 

  • Decline in Employee Morale

  • Lower Work Efficiency Practices

  • Decrease in Productivity 

  • Higher Operating Costs 

  • Lower Profits 

However, higher General Liability premiums, especially when unexpected, can often be devistating to an organizations overall bottom line.  We have seen General Liability premiums increase by as much as $2m year over year.

The cost of General Liability insurance coverage increases over time for a variety of reasons, with medical inflation, social inflation and uncontrolled litigation costs driving current, visible costs. However, the General Liability line is also the insurance coverage that always pays for the unexpected, emerging hazards. Medical costs are likely to continue their upward trend, while social inflation related to expanding litigation and mass torts are on a similarly problematic path.

These cost trends are largely outside the ability of any one insured to impact beyond active lobbying for legislative solutions such as tort reform.  However, insurance rates may also increase due to a company’s individual loss history or the loss development of the specific industry class of that company. Proactive risk assessments can help to mitigation and dramatically improve an insured’s individual loss experience.  A company’s ability to articulate how they are “best in class” is also critical in the final determination of their insurance costs. 

KLAB Safety can provide risk assessments of potential liability exposures by examining individual risk characteristics, as well as the risks a company may face simply by being part of a particular industry, is critical to building a partnership that will minimize the impact of the broader inflationary trends.

By keeping lines of communication open with key risk management partners, you will have a much clearer perspective on where you stand – and how you can improve your position – no matter the direction market trends may drive the costs for liability coverage and all other lines of insurance critical to a company’s success and sustainability.

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