E&O Insurance for Insurance Agents
As an insurance agent, you know how important it is to manage risks in every area of life. In fact, as a busy agent, you probably spend plenty of days helping your clients understand their risk management needs so they can get the coverage they need to keep their health, their businesses, their property and their finances safe and sound, no matter what curve balls life might throw at them.
Yet despite the fact that agents devote so much time helping others learn how to manage risks, the fact is, when it comes to managing their own professional risks, many agents fall short in obtaining the critical insurance coverage they need to help ensure their own security. That's where errors and omissions insurance for insurance agents comes in.
What is “failure to perform”?
As an insurance agent, you have certain professional obligations when helping clients understand their insurance needs.
If you neglect to recommend coverage or to change coverage in response to a client's request and subsequent damages aren't covered, you may be held liable – even if the client didn't provide you with complete information about their insurance needs from the beginning.
That's because to a large degree, the onus is on you, the agent, to ask the pertinent questions that can uncover insurance needs that the client may not even know they have. Depending on your individual clients' lifestyles, jobs and other factors, anticipating all the insurance needs of every client every time is a herculean task, and even the top agents are not immune to potential errors.
What is errors and omissions insurance for insurance agents?
E&O insurance for insurance agents is coverage that's custom tailored for the unique needs of insurance agents, providing the important protection that can help keep you safe from financial and professional setbacks if a client winds up filing an action against you. If a client claims you're guilty of negligence or failure to perform, your E&O insurance policy can provide you with vitally important protection that can prevent you and your agency from losing a considerable amount of cash. In fact, depending on the damages the client suffers as a result of what they claim was your error, you could be faced with tens or even hundreds of thousands of dollars in damages.
Just like other types of insurance, errors and omissions insurance for insurance agents can be adjusted to suit your needs. And as with other insurance, you need an agency that understands the needs of insurance agents so you can feel confident your coverage provides plenty of protection. If you don't have E&O insurance for insurance agents, or if you have coverage but it hasn't been updated recently, now is the time to take action. Waiting “just one more day” could be all it takes to wind up mired in litigation that can cost you your savings and your livelihood.
Our E&O Program Advantages:
- "A" Rated, admitted carrier
- Special rates for new agents
- Affordable premiums
- No aggregate program limit
- No charge for support staff
- First dollar defense; deductible applies to damages only
- Defense costs outside the limit of liability – Subject to a cap of $1M
- Limits up to $3M each claim / $5M aggregate each agency
- Limited EPLI coverage available
- Deductible waiver endorsement available after participating in program for 3 years
- Discount for agencies with 50% or more staff who maintain CIC designations