The U.S. market for financial and professional insurance coverage saw a number of challenges in 2018, including new privacy regulations, an increase in workplace sexual harassment claims as the #MeToo movement continued to gain traction, and more securities litigation activity. These risks are expected to continue in 2019, with some becoming even more difficult and requiring risk professionals, directors, officers, and others to take action to safeguard their companies and people.

Perfect storm

Many of the unfavorable developments in the financial and professional lines insurance market have not existed in more than a decade. Thus, it's now more important than ever to begin insurance coverage strategy discussions with business clients well in advance of policy renewal time. In their briefing, The U.S. Financial and Professional Lines Market in 2019: Our Top 10 List," insurance broking and risk management firm, Marsh, takes a look at several risks that businesses are expected to face in the coming year and how they will likely shape the market for directors and officers (D&O) liability insurance, cyber insurance, employment practices liability insurance (EPLI), and more. Marsh's list of the top 10 risk exposures that businesses are likely to face in the coming year are ranked in the slideshow above. READ MORE: Mitigating 'people risk' 11 tips to reduce retirement plan litigation risk How midsized businesses can protect themselves from ERISA class-action lawsuits