Depending on the type of insurance you sell and to whom, you may or may not be familiar with an errors and omissions policy. An e&o policy goes beyond a general liability policy to cover claims due to professional negligence in service or advice. An insurance agents e&o policy covers your liabilities. Don’t just sell insurance to others without protecting yourself as well.
Explaining insurance policy terms, coverage options, price points and available packages is time consuming. Even the most experienced agent makes mistakes. If a client feels a financial loss resulted in a negligence on your part, they could civilly sue you.
A person or business could file a claim stating that your service or advice caused them harm. Whether a claim is true or not, the lawsuit could cost you money and time. Insurance agents e&o helps cover awarded damages and court costs associated with a claim.
Whether you are an individual agent or part of a group, insurance agents e&o helps cover your risks and liabilities ultimately saving you money. A quality policy protects you from potential lawsuits. You can rest with the peace of mind knowing you are protected in the event the unexpected happens. As you know, a little protection upfront goes a long way.