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 E&O 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 E&O coverage they need to help ensure their own security. That's where errors and omissions insurance for insurance agents
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,
is errors and omissions insurance for insurance agents?
E&O insurance for insurance agents is E&O coverage that's custom tailored
Just like other types of insurance,
Our E&O for Insurance Agents Program Advantages:
- "A" Rated, admitted carrier
- Special rates for new agents - as low as $650
- Cyber liability extension included at no additional cost
- Limited EPLI coverage available
- 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
- Deductible waiver endorsement available after participating in program for 3 years
- Discount for agencies with 50% or more staff who maintain CIC designations