errors and omissions insurance for insurance agents

Protecting Insurance Agents From Claims

Protecting Insurance Agents From Claims

There’s no doubt that business ventures are risky, but the right insurance policy can offer protection and peace of mind. Errors and omissions insurance for insurance agents provides professional liability coverage for the insurance industry and offers protections for agents.

Benefits of E&O Insurance

Errors and omissions insurance is vital for any company that offers advice or professional services, such as insurance agents or accountants. Claims of wrongful acts can be brought against your business in the following areas:

Negligence

Malpractice

Customer financial loss

If a client claims any of the above instances, an errors and omissions insurance policy can help cover legal fees and client compensation costs. Without this insurance, your business would be responsible for those costs. Factors of E&O Insurance While your policy may not be exactly like another company’s policy, there are certain factors that decide the scope and limit of your coverage. An agent can look at the following aspects of your insurance business to decide the coverage you need:

Risk exposure

Type of clients

Niche market

Policies offered

Insurance Agents Need Protection Too

You are in the business of providing coverage to other people and professionals, but your business deserves protection, too. Errors and omissions insurance for insurance agents can guard you from claims of negligence and allow you to help others with your services.

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