Job Market Emphasizes the Need for Errors and Omissions Coverage
According to SHRM, 4.5 million workers left their jobs in November 2021 due to ongoing health concerns, a desire for more flexibility and the strong candidate’s market. With the shifting job market and increased wave of resignations, organizations being prepared and adapting is critical.
Employers are racing to react to this changing landscape by calling on professional consultants to assist. The demand for consultants in the following areas has increased: human resources; business; diversity, equity and inclusion; hospitality and tech. Based on the demand, the need for errors and omissions (E&O) coverage is also increasing. It is vital that insurance professionals educate their clients working in this space about insurance protection.
As the insurance industry sees an increase in the following classes, it’s important to remember what these professionals do and how they help organizations during this job market:
- HR consultants help organizations retain employees, develop bonus and commissions programs, recruit, implement flex work schedules, create employee benefit packages and coordinate legal requirements for returning to in-person work
- Diversity, equity and inclusion consultants help organizations change internal cultures to embrace qualities, experiences and work styles that make individuals unique based on employees’ ages, races, religions, disabilities and ethnicities
- Business consultants help organizations with day-to-day operation efficiency, leadership training, financial health and profitability
- Hospitality consultants help organizations with operational and financial impacts, including labor shortage, marketing and rebranding to encourage existing business, new business and technology
- Technology consultants help organizations determine how to make technology seamless while working remotely or in the office while implementing effective remote meeting and learning platforms and assisting with customer user platforms and applications
Services such as 24/7 web quoting and Instant Phone Quoting make quoting E&O easier than ever. USLI’s Business Resource Center also offers a plethora of services, many of which are being utilized now more than ever before, to policyholders at no additional charge.
Although we continue to work through this pandemic, we see many encouraging signs as we transition to a new normal. As insurance professionals, we have an essential role in supporting our communities, sole proprietors, small businesses and corporations as they transition as well. These individuals look to us to provide the knowledge and expertise related to insurance so they can focus on being the most effective in their roles.
As always, thank you for your support and business.
Contact and written by James Baker
Underwriter – Travel | 844-438-6775 Ext. 7511