PIANJ’s E&O panel on navigating the hard market, what you may have missed 

November 6, 2024

On Oct. 29, 2024, PIANJ hosted a dynamic panel discussion, The Perfect E&O Storm: Tips for the Hard Market, which brought together seasoned experts to share insights on managing errors-and-omissions risk in today’s challenging market. Part of PIANJ’s Deep Dive Series, the panel provided valuable guidance for agents facing pressures from carrier limitations, staffing shortages and shifting client needs. You can view the full Deep Dive discussion here.

[CAPTION FOR PHOTO: From top left, clockwise: Christopher Weldon, Esq., partner, Winget, Spadafora & Schwartzberg LLP; William J. McMahon III, CIC, CWCA, president, McMahon Agency Inc., and PIANJ director; Lisa Hamm, CIC, president, Clyde Paul Agency; and PIANJ treasurer; Lloyd “Rip” Bush Jr., CPIA, account executive, Keer & Heyer Inc., and PIANJ past president.]

Panelist highlights 

The event featured a powerhouse lineup of panelists, including: 

  • Lisa Hamm, CIC, president, Clyde Paul Agency and PIANJ treasurer; 
  • William J. McMahon III, CIC, CWCA, president, McMahon Agency Inc., and PIANJ director;
  • Lloyd “Rip” Bush Jr., CPIA, account executive, Keer & Heyer Inc., and PIANJ past president; and
  • Christopher Weldon, Esq., partner, Winget, Spadafora & Schwartzberg LLP. 

These thought leaders offered both operational and legal insights to safeguard their agencies, which attendees can apply immediately.

Tackling market challenges head-on 

The panelists discussed how the current hard market is stretching agents thin, creating operational and financial pressures that require a strong, proactive approach. They shared strategies for managing staff effectively and handling increased workloads without compromising service quality—a key factor in reducing E&O risk. 

Maintaining standards with remote teams 

As remote work continues to reshape agency operations, the panelists covered best practices for keeping remote teams accountable and consistent. They recommended using digital collaboration tools and clear guidelines to help maintain quality standards and ensure that team members work seamlessly, whether remote or in-office.

Balancing technology and security 

From artificial intelligence to data analytics, technology was another major focus of the panel discussion. While these tools enhance productivity, they also can bring added risks. The panelists offered practical tips on harnessing digital tools safely and highlighted the importance of cyber security measures—especially when working with third-party vendors.

Effective client communication 

The discussion also addressed the need for clear, thoughtful communication to reduce E&O exposure. The speakers emphasized the importance of updating clients on premium changes, policy adjustments and coverage details without overwhelming them. Agents walked away with strategies for keeping clients informed and protected, while managing rising sensitivity to costs.

Interactive and engaging format 

Throughout the session, attendees had the opportunity to engage in live Q&A and polls, in which they explored specific challenges like remarketing and managing client expectations. This interactive component added a practical dimension, which allowed the agents to learn directly from peers and industry veterans.

Moving forward 

The event equipped agents with actionable tactics to manage risk and operate effectively in a demanding market.

PIANJ will continue to support agents through events like this, which are designed to empower them with the tools and knowledge to thrive in today’s volatile insurance environment.

Bradford J. Lachut, Esq.
PIA Northeast | + posts

Bradford J. Lachut, Esq., joined PIA as government affairs counsel for the Government & Industry Affairs Department in 2012 and then, after a four-month leave, he returned to the association in 2018 as director of government & industry affairs responsible for all legal, government relations and insurance industry liaison programs for the five state associations. Prior to PIA, Brad worked as an attorney for Steven J. Baum PC, in Amherst, and as an associate attorney for the law office of James Morris in Buffalo. He also spent time serving as senior manager of government affairs as the Buffalo Niagara Partnership, a chamber of commerce serving the Buffalo, N.Y., region, his hometown. He received his juris doctorate from Buffalo Law School and his Bachelor of Science degree in Government and Politics from Utica College, Utica, N.Y. Brad is an active Mason and Shriner.

Your ad could be here. ads@pia.org
Your ad could be here. ads@pia.org

Related stories…

Share This