How To Protect Against Insurance Industry Risks

How To Protect Against Insurance Industry Risks

errors and omissions insurance for insurance agentsĀ 

The insurance industry is responsible for helping countless companies protect against potentially harmful claims. They also face numerous risks in this line of business and need to make sure they protect their businesses the same way. Errors and omissions insurance for insurance agents is one important way they can do this.

Who Should Purchase E&O Insurance?

All insurance professionals could benefit from professional liability coverage. Sole owner-employees will have to get coverage themselves, while most insurance agencies should have this in place to protect their employees.

Why Get a Specific E&O for Insurance Agents Policy?

One size does not fit all when it comes to errors and omissions insurance for insurance agents and brokers. Every book of business is different in terms of types of clients you deal with. Policy terms and limits could vary depending on the size of your clients or the industry in which your clients operate. For example, if you write policies for high-risk industries such as aviation or commercial construction, you may have higher liability exposures than if you only write policies for routine car- and home-insurance. Any major changes to your firm, such as an acquisition, could also affect the kind of policy you need. Working with an insurance agent who specializes in E&O policies for the insurance profession could help you identify a tailored policy that offers more coverage beyond traditional plans.