Insurance Agents Errors And Omissions

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.

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