As an insurance agent, you work hard to make sure your clients have the protection they need. You build the best policy package, and you get clients rates that work within their budget. While you are finalizing a client’s contract, did you ever think about who is protecting you? In today’s society, it is crucial that you create your own barrier against incidents like lawsuits, specifically claims made due to supposed negligence. Errors and omissions coverage can help you in the same way it helps your customers. Here is everything you need to know about E and O insurance for insurance agents.
If you have forgotten what errors and omissions means, know that it essentially helps you out when a lawsuit is filed against you by a third-party. These claims involve accusations of negligence and failure to provide the right kinds of service. E and O lets you avoid having to face the full brunt of expensive legal and court fees and can even help you take care of indemnity payments.
Do You Really Need It?
People are very protective of their assets and likely won’t hesitate to make a claim. Since insurance agents deal directly with clients, this coverage should be on the top list of policies. Without it, your company will have to pay out of your own pocket for any lawsuit.
Talk to a company that specializes in E and O insurance for insurance agents to learn how you can get the best deal possible.