As an insurance broker, you know how important it is to make sure you and your firm are covered in the event of legal trouble. E&O for insurance agents offers several protections.
Matching Protection With Risk Level
Not every E&O policy is the same. Every industry carries its own unique set of vulnerabilities when it comes to potential mistakes that can be made. In general, the more high-end policies you underwrite, the more risk you take when something goes wrong. You may have more difficulty finding the coverage you need if you have previous E&O claims.
Identifying Potential Mistakes
You want to make sure you have an E&O policy that covers any possible error your agents can make:
- Third-party errors
- Administration omissions
- Personal or property damage
Mistakes can cost both your clients a lot of money, and you can be held liable for them. E&O for insurance agents covers the cost of legal services, court fees and settlements if you are sued for malpractice or damages.
When you run an insurance firm, it makes good sense to have the coverage you need. Once your particular risks have been assessed, you have a better idea of what your E&O policy needs to entail.