As an insurance agent, you are familiar with providing individuals and businesses with insurance coverage that will protect them against risks, but are you careful to ensure that you have the right insurance coverage for yourself as well? E&O insurance for insurance agents is of paramount importance if you want to minimize your financial risks and give yourself valuable peace of mind. If you are currently wondering whether you really need errors and omissions insurance, this is what could potentially happen if you do not purchase this type of coverage.
Expensive Litigation Costs
Even if you are a highly successful insurance agent, it only takes a single mistake to turn your business upside-down. Because you deal with highly sensitive information, you have the potential of making a professional error or omission that causes one of your clients to experience financial harm. If this happens, they could file an errors and omissions claim against you. If you do not have E&O insurance for insurance agents, then you will be fully responsible for all of your defense costs, even if it is determined that you are not guilty of committing an error or omission in your professional work.
Protect Your Business
In order to adequately protect yourself from potential errors and omissions claims, it is important to talk to your insurance agent about errors and omissions insurance coverage today.