Tips for Keeping Your E&O Cost Low
Errors and omissions insurance provides you with critical protection in the event a client files a claim of negligence or failure to perform, and as an investment in your professional security, the cost of an E&O policy is truly money well spent.
Professional Liability Insurance Cost
If you're like most people, you're always looking for ways to cut costs and fatten your bottom line. And as it turns out, there are some important yet simple steps you can take to help ensure your professional liability insurance cost is as low as possible:
One of the easiest steps to take to lower your costs is to increase your deductible. Just be sure the deductible you choose is affordable in the event a claim is filed against you. After all, errors and omissions insurance cost is already relatively low, and paying a little bit more in order to enjoy the peace of mind that comes from having a low deductible can be a smart financial move in the long run. If you feel strongly about choosing a higher deductible, consider setting aside the deductible amount in a no-fee savings account so it's there, just in case you need it.
Get your insurance from a provider like the American Agents Alliance, which offers a substantial discount on errors and omissions insurance cost as part of their membership benefits. Plus, the American Agents Alliance offers lots of other discounts and “perks” that can help you save money in other areas of your business and personal life, leading to even greater cost savings.
Practice good risk management. One of the best ways to keep your costs low is to make sure you take every possible step to provide your clients with the highest level of customer service possible. Crossing all your “Ts” and dotting every “i” is the best way to ensure you avoid errors that can wind up costing you if a claim is filed.
Read the American Agents Alliance blog , attend our events and keep up with insurance industry news on our website to make sure you're doing all you can to meet the evolving needs of your clients so you can minimize your risks in every area of your business.
These four, simple steps can help you manage your professional liability insurance cost, and they can also help make you a better agent. Browse the American Agents Alliance website today, and learn about all the important benefits you can enjoy as a member.