Three Misconceptions About Omissions Insurance for Insurance Agents

Three Misconceptions About Omissions Insurance for Insurance Agents

Omissions Insurance for Insurance Agents

As an insurance agent, you know a lot about insuring others. It’s important to understand the ins and outs of insuring yourself as well so you are protected at all times. Omissions insurance for insurance agents is an important product to include in your policy. The following will clear up some misconceptions about this type of coverage:

  1. Being Created Equally All error & omission policies are not created the same. Its important that you check into the options you have. Some products might pay for attorney fees, while some may not. This could cost you in a legal situation if you do not do your research.
  2. Buying Later You have probably told your clients to buy now in order to reduce exposure to risks. The same holds true for omissions insurance for insurance agents. The earlier you buy, the less you expose yourself and your agency to unforeseen risks.
  3. Going With the Flow Don’t just go with the flow after you have errors & omissions insurance. Come up with a plan that details how you will avoid errors and omissions with your clients. While E&O insurance offers you protection, prevention is the best policy.

As you can see, there are some things you should know about omissions insurance for insurance agents. Speak with another agent you trust to get some more ideas and to share your thoughts about purchasing this for your business.