E&O Insurance

Maintaining a valid E&O insurance policy is crucial if you want to be protected while carrying out your business activities. E&O insurance is a claims-made policy, which means that it needs to be in place when the claim was filed and when the incident happened. That makes it even more important to maintain your errors and omissions insurance coverage compared to some other types of insurance.

Getting started with errors and omissions insurance is easy. There’s no need to spend time deliberating over multiple quotes with the American Agents Alliance’s quick quote process. Start your quote by giving us some basic information about you and your agency. You can bind our E&O insurance in minutes and get the protection your agency needs. Plus, you’ll access all membership benefits once you bind.  

It’s important to get errors and omissions insurance as soon as you can. If you wait until you are faced with a lawsuit, it will be too late to take out insurance and protect yourself. Your insurance also needs to cover the period when the incident relating to the lawsuit happened, so the earlier you get it, the better your chances of being protected are. Whether you already have E&O insurance or you’re looking for a new provider, don’t delay in getting started with a quote. If you’re looking for a new provider, be sure to avoid gaps in your coverage so that you’re protected even during the period when you change your provider.

If you want further insurance protection later, you can always speak to one of our agents about increasing your coverage. We also have limited EPLI (employment practices liability insurance) coverage available, as well as wrongful termination liability coverage. Our disability insurance programs offer another way to protect you and your agents as a member of the American Agents Alliance.

Choosing the right errors and omissions insurance policy and provider is crucial. However, every insurance agency may have different priorities when it comes to selecting a policy. For some, getting the cheapest possible premiums might be the most important factor that affects their choice. Other business owners might decide that it’s more important to secure robust coverage for their agencies, even if they might be paying a little more. You can make sure that you are choosing the right option by knowing what you want from your policy and comparing the different options available to you. Measure your options against the things that you prioritize to find the best policy and provider to meet the needs of your agency.

Remember to look at reviews and testimonials to determine what current and past clients have to say. This can give you a good indication of whether an insurance program or provider is right for your agency.

When you need to make an E&O claim, it’s essential to do it as quickly as possible. If you don’t report a possible claim as soon as you can, you could risk having your claim denied. Even before you’ve decided to make a claim, it can be useful to let your provider know that you could be making one in the near future. If you need to make a claim, get in touch with us as soon as possible for advice and to get started.

Your agency should also have errors and omissions policies in place so that everyone knows the procedure that should be followed if a claim is filed against you.

Being aware of the issues that could lead to a legal claim can help your agency to avoid them. Some of the most common issues that could lead to this type of lawsuit could include failing to inform clients of changes in their policies or failing to explain coverage properly so that clients understand. Many of these mistakes are not intentional but can still lead to problems for your agency. It’s important to be aware of what could lead to a lawsuit and how to keep your agency’s policies and practices up to date.

Reducing the likelihood of lawsuits can help you to avoid making claims with your errors and omissions insurance. There are many ways to avoid common claims by taking the right steps within your agency. For example, keeping clients informed of changes in their policy, training agents in risk analysis, and clearly explaining coverage to clients are just some of the ways to avoid getting sued for mistakes and misinformation. There are also multiple tools that make it easier to manage your agency and avoid the problems that lead to E&O claims. These include robotic process automation, optical character recognition, electronic signatures, and automated certificates of insurance.

When faced with a claim from a plaintiff, it’s important to take the right steps. Agencies should avoid admitting wrongdoing or liability and shouldn’t attempt to settle without legal help.

If your errors and omissions insurance policy expires and you don’t have another one in place, you won’t have the essential protection that it provides. If you are faced with any lawsuits relating to activity during the uncovered period, you won’t be covered by any future E&O insurance policy.

Insurance agents and brokers have a general duty to procure coverage as required by their clients or to inform them if they are unable to do so. In California law, there is no obligation for agents to volunteer advice on purchasing different or additional insurance coverage. However, agents should use responsible care, diligence, and judgment to provide coverage and this duty can be extended in some circumstances. “Special duties” are created if the coverage is misrepresented, the agent fails to secure coverage that has been specifically requested, or the agent presents themselves as having expertise in the type of insurance they are selling.

You should review your errors and omissions insurance coverage on a regular basis. It’s important to check that you have enough coverage, especially if anything has recently changed within your agency or you are anticipating a higher number of claims, for whatever reason. You should review your policy to make sure you know how much coverage it provides you and in what circumstances it will protect you.