Insurance Agents Errors And Omissions

Statistics show one out of every seven insurance brokers will file an Errors and Omissions claim at some point in their career. Currently insurance agents rank fourth among professions in number of lawsuits being filed against them. Only physicians, attorneys and accountants have more (Tillinghast Survey). There are certain precautions you should take regarding your livelyhood. In the first place, your profession as an insurance agent has a lot to do with the care you render your customers. When carrying out your obligations as an agent, you may commit an error or mistake. Your customers may decide to seek justice in court. If you’re not properly protected by an insurance coverage, you may end up bearing the full cost of the litigation process. However, you can protect yourself with E & O insurance for insurance agents. This is a professional liability insurance instrument tailor made to protect insurance agents from whatever errors, mistakes or omission they may commit in the course of day to day business. EO coverage for agents is professional liability errors omissions insurance designed to handle the risk exposure of property and casualty insurance agents and brokers.

Why EO Insurance For Insurance Agents

Historically 1 out of every 7 insurance agents will report an Errors and Omissions claim at some point during their career. Today insurance agents are 4th among professions in number of claims being filed against them. Only physicians, attorneys and accountants have more (Tillinghast Survey). An agent not properly covered by insurance agents errors and omissions insurance risks the possibility of being held fully responsible for the damages if a claim is filed against them. Insurance agent brokers render vital services to individuals, families, and businesses|clients|customers} by consulting them to find and obtain adequate protection. Most insurance brokers, though, do not consider the risk involved with retail insurance sales. Recommendations that you provide for insurance, either to purchase or turndown, may come back as a law suite in the event a customer decides that you were wrong in your judgment. Customers facing a financial loss regarding insurance coverage, or lack of coverage, may lodge a claim naming you, endangering your career, livelyhood and property.