Omissions can occur anytime while you work as an insurance agent. It may come up as a breach of a client agreement. When an mistake happens, litigation may be filed against you. When you are properly protected by errors and omissions coverage for insurance agents and brokers, you’re shielded from shouldering the full expense of the defense for any lawsuit that is filed against you because of any error or omission committed or allegedly occurred. Statistics prove 1 out of every 7 insurance agents will report an EO claim at some point during their career. Today insurance agents are 4th among professions in number of claims being filed against them. Only physicians, attorneys and accountants have more (Tillinghast Survey). Insurance agent brokers render vital services to individuals, families, and businesses by assisting them to find and obtain adequate insurance coverage. Most insurance agents, though, do not consider the risk involved with retail insurance sales. Recommendations that you provide for insurance, either to purchase or turndown, may come back as a law suite in the event a customer decides that you were wrong in your judgment. Customers facing a financial loss regarding insurance coverage, or inadequate coverage, may lodge a claim naming you, endangering your career, livelyhood and property. Precautions you need to take concerning your profession. In the first place, your career as an insurance agent has a lot to do with the care you provide your clients. In the course of performing your duties as an agent, you may make or allegations leveled of an error or mistake. Your clients could decide to recover damages legally. If your agency is not adequately covered by E&O insurance policy, you may end up shouldering the full expense of legal defense. However, you can help yourself with insurance agents E&O insurance. This is a business liability insurance device tailor made to protect insurance agents from whatever errors, mistakes or omission that may be alleged or committed while discharging their duties.
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Statistically one out of every seven insurance brokers will file an Errors and Omissions claim at some point in their career. Currently insurance agents rank fourth among professions in number of lawsuits being filed against them. Only physicians, attorneys and accountants have more (Tillinghast Survey). There are certain precautions you should take regarding your livelyhood. In the first place, your profession as an insurance agent has a lot to do with the care you render your customers. When carrying out your obligations as an agent, you may commit an error or mistake. Your customers may decide to seek justice in court. If you’re not properly protected by an insurance coverage, you may end up bearing the full cost of the litigation process. However, you can protect yourself with E & O insurance for insurance agents. This is a professional liability insurance instrument tailor made to protect insurance agents from whatever errors, mistakes or omission they may commit in the course of day to day business. EO coverage for agents is professional liability errors omissions insurance designed to handle the risk exposure of property and casualty insurance agents and brokers.