E&O Insurance From the Client's Perspective
Do your clients know that your agency has insurance agents' E&O insurance? If so, do they value it? While your clients may not always be aware of what E&O insurance is or whether you have it for your business, they value your agency as an ethical and accurate insurance provider.
E&O insurance allows you to ensure that you will always protect your clients, even when mistakes are made. What does E&O insurance tell your clients about your agency?
Your Agency is Ethical
People like businesses that are ethical. Ethical business is not an old-fashioned value - in fact, this is becoming more important, not less. According to Forbes, "Millennials prefer to do business with corporations and brands with pro-social messages, sustainable manufacturing methods, and ethical business standards." As an ethical business, you need to be able to reassure your clients that if a mistake happens, you will fix it. E&O insurance gives you the financial resources to do so if needed.
Your Agency is Accurate
Insurance agencies don't get E&O insurance because they want to be wildly inaccurate with client information. They get it because they are already being careful. They're covering their bases, ensuring that if there is a problem it can be addressed through E&O insurance.
However, having this type of insurance also tells your clients that you are the kind of agency that is proactive and careful. It says that you make sure your workplace is caring and attentive to details, with processes that take excellent care of client information. This instills confidence in your clients.
Your Agency is Protected
Clients don't like it when their sensitive personal information is at risk of exposure. According to HubSpot, "20% of consumers won’t shop online because they’re afraid. Of those who do shop online, 30% worry while doing so, and 22% only use well-known eCommerce sites."
If you ask customers to give you information online or you place their information into cloud-based storage systems, this can make some people worried. As an insurance agency, you need to collect information about your clients, and some of this information is quite personal. E&O insurance reassures them that you are an agency that thinks about errors and tries to prevent them before they can happen. In short, your agency doesn't want anything bad to happen to your clients' personal information due to an error, but if it does, you are prepared.
Your Agency Can Solve Problems
People turn to insurance agencies to protect them from problems. They want to feel reassured that they are safe in case a disaster strikes their property or their family. They don't want their insurance agency to cause more problems for them. With E&O insurance, you show your clients that your agency is committed to solving problems. If an error or omission occurs and causes harm, your agency is ready to address the problem promptly. You position yourself as a proactive problem-solver.
Would you like to secure discounted E&O insurance for your insurance agency? Talk with American Agents Alliance today. We're ready to help you make your insurance agency more secure.