When your business is assisting other companies with risk management, it’s easy to understand how important that protection can be. That’s why so many insurance agents recognize the need to robustly cover their professional activities with a range of products. General liability insurance helps when you have to cover the risks involved in running an office, but what do you do to manage the risks that come from professional missteps like errors? Or from mistakes and bad faith actions your employees undertake on your behalf? The answer is errors and omissions insurance, the same as it would be for other industries.
What Goes Into E&O for Insurance Professionals?
Insurance agent E&O coverage is built like errors and omissions policies in other industries, just with parameters that reflect the work you do and its impact on clients. This protection is essential in the event that a mistake in the execution of policy paperwork creates gaps in coverage the client expected the policy to fill, as well as when you are left exposed by the actions of another individual within your organization. So how do you make sure your coverage is robust and cost-effective? That’s simple, you do what you’d advise your clients to do. You look for the professionals who make insurance for the insurance industry their niche.