E&O insurance for insurance agent is a valuable coverage that protects your agency in case of errors or omissions that your staff or you make. A costly mistake can be as simple as forgetting a required document or miscommunication between you and your client. There are a few ways that you can make the most out of your coverage.
Do Your Research
If a claim goes to court, different carriers will cover different components. Some policies cover the settlement; others cover defense expenses but not the losses. If you have a comprehensive plan, then the plan might cover all of it. Make sure that you pick a carrier that specializes in insurance agencies.
Have a Plan
Insurance coverage helps. Still, you want to prevent errors and emissions as much as possible. Communication with your clients is the utmost important part of the plan. Make sure that you talk to your client, that you make them sign a waiver if they opt out of coverages you recommended. Have a plan to stay out of court, in addition to having insurance to back you up.
You can’t go without E&O insurance for insurance agent. Make sure that you shop around and find the best option for you and your agents. Legal claims are a burden that you don’t want to bear alone.