October 16th by Asero Insurance Staff 0 0Businesses are facing larger and larger liability claims throughout the country, driven by a number of legal trends that are resulting in bigger lawsuit awards and new risks that many companies are unprepared for. A recent study by Liberty Mutual Insurance found that the U.S. insurance industry’s liability-related payouts have been growing steadily due a number of factors, including:
- Higher average claims costs
- Increased number of claims
- Higher legal costs and settlements
- Higher medical costs for injured parties (in terms of hospital, rehab and pharmaceutical costs).