Insurance agents errors & omissions insurance might seem like a no-brainer. After all, as an insurance agent, you know the importance of insurance. However, you may be surprised to learn that many agents just don’t consider the need for insurance agents E&O. Don’t be like them and forego this important coverage. Take a moment to learn a bit more about it, so you understand why it is needed.
Protection for Mistakes
The basic idea behind E&O is to protect you when mistakes are made. You are human, and every human makes mistakes no matter how careful they are. You simply cannot prevent every possible mistake that can occur. You may be really good at your job, but sometimes oversights happen, wrong things are typed in or something important is left out.
E&O also is there when a client is just not on the same page as you. People disagree and see things from different points of view. It doesn’t matter how well you have done your job if a client is dead set against you. This can lead to issues, and you need that insurance protection.
What It Offers
Insurance agents E&O protects you when a client files a claim against you for negligence. The insurance will help pay for defense costs, and if you are found liable, it may help pay for damages and to protect you against further issues that can arise. There may also be coverage available for high risk situations and for other situations, like innocent insured coverage, insolvency coverage, and bodily injury and property damage.