As an insurance agent or broker, you understand the frequency of claims in the industry. You also know that your clients care deeply about their investment. They trust that you manage their money and assets with care. However, what do you do when a client makes a claim against you? If you don’t have the right insurance protection like errors and omissions insurance for insurance agents and brokers, then you may suffer the costly results of a claim by yourself.
Why Do I Need E&O?
Due to the sensitive nature of your industry, errors and omissions is extremely important. You know that your work involves a lot of paperwork and a lot of interactions with clients. During any of these processes, a mistake may occur or a client may become dissatisfied with your service even when you did your best. You simply never know when a client can take this mistake a step further and file a claim against you. This happens a lot more than you’d expect. In fact, one in three agents receives a claim against them at some point. Therefore, it is better to be safe before it is too late.
There many powerful agencies that specialize in errors and omissions insurance for agents and brokers. They can assess your needs by looking at your clients and offer you great protection.