Risk Management Corner - Help Protect Your Business Against Social Inflation
In recent years, insurance claim amounts have risen sharply, fueled by an increasing tendency for juries to award plaintiffs massive sums when a business is the defendant. This phenomenon is known as “social inflation.” Social inflation is spurred by growing public distrust and negative sentiment toward businesses. These emotions, combined with a jury’s desire to secure perceived justice and compensation for plaintiffs it feels are wrongly injured, is resulting in higher punitive damages being the norm. This is particularly true when the litigation centers on a company driver involved in a vehicle crash.
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