Highlights
- The Alliance errors and omissions coverage offers many important protections for agents and agencies.
- The Alliance values its members and offers an environment that demonstrates this.
- The best time to sign up for or upgrade your E&O coverage is now.
“Physician, heal thyself.” It’s an old quote that you’ve probably heard before, and it doesn’t just apply to doctors. It means that it’s important to make sure that you’re taking care of the things that you advise others to take care of for themselves. So, as an insurance agent, it’s important to make sure that you are adequately protected with E&O coverage.
Take a look at what you need to know about the highlights of American Agents Alliance’s E&O coverage.
What’s Covered in the American Agents Alliance Errors and Omissions Insurance
One thing that’s important to understand about E&O coverage from the American Agents Alliance is that it’s created by insurance agents for insurance agents. In other words, they know what you need. That’s why they offer first dollar defense – your deductible only applies to damages.
They also cover defense costs even outside your limits of liability, with a cap of $1 million. They offer limits of up to $3 million or $5 million in aggregate across the agency, as well as court expenses and settlements that result from your case, up to the limits specified in the policy that you choose.
The American Agents Alliance also provides limited employment practices liability insurance (EPLI) coverage, which is insurance coverage that protects against claims made by employees that an employer has violated their legal rights. You can get employment practices wrongful termination liability coverage as well.
The Benefits of Coverage with the American Agents Alliance
In addition to the specific coverage details, there are other great benefits included with the Alliance for your E&O coverage. These benefits have to do with the kind of organization the American Agents Alliance is and how they show that they value their members and clients.
For example, the Alliance:
- Gives new agents special rates
- Allows monthly payment plans
- Includes a cyber liability extension
- Offers a discount for agencies with 50% or more staff who maintain CIC designations
- Provides a deductible waiver endorsement for those who have participated in the program for three years
- Doesn’t have aggregate program limits
- Doesn’t charge support staff
- Offers affordable premiums
- Is an A-rated and admitted carrier
Don’t let an errors and omissions claim take you by surpriseWhy It’s Time to Update Your Errors and Omissions Coverage
Insurance agents need E&O coverage. You never know when you or one of your agents might find yourself disputing a claim. Whether or not that claim is successful, you’ll need the protection of a good E&O insurance policy while you defend against it.
If you don’t have a quality errors and omissions policy, or if you want to look into increasing your E & O coverage, you can get started right away. It’s easy to get a quote from the American Agents Alliance. Contact us to learn more about what E&O insurance can do for your agency.
