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Errors & Omission Insurance For Insurance Agents
Insurance agents are expected to help their customers save money, protect themselves from future losses, and secure their family when they're gone. Whether you specialize in health and life insurance, vehicle and home coverage, or investments such as annuities, your clients fully expect you to have specialized skills and knowledge that they don't. If you make a mistake with a client's insurance coverage, it can cause them to lose a lot of money. Protect yourself from these potential risks by carrying insurance agents professional liability coverage.
Insurance agents professional liability is another name for errors and omissions (E & O) insurance. This coverage is there for you legally and financially if you are ever accused of making professional mistakes. If a client feels that you made mistakes which cost him financial losses, he will sue your company for reparations.
For example, one of your customers may purchase a combined home and auto insurance policy from you with a $500 deductible. Later they are forced to make a claim on their policy because they had a car accident, but they discover their deductible is $5,000 instead. If they feel that you made a mistake when filling out the paperwork, they will file a lawsuit against you. Whether you made a mistake or not, defending yourself will take time and money. Insurance agents professional liability coverage helps with those added burdens.
Depending upon the scope of your insurance agents professional liability policy, this coverage will protect you from having to pay all of the expenses that arise from litigation. It can also pay you for income losses while you're away from work dealing with a lawsuit. When applicable, your policy will also pay client settlements, judgments and awards.