Errors and omissions happen in the course of your work as a property and casualty insurance agent. It may happen as a breach of a client agreement. Anytime an mistake happens, a lawsuit may be filed against you or your agency. When you are properly protected by E and O coverage for insurance agents and brokers, you’re shielded from shouldering the entire fees of legal defense for any claim that is submitted against your agency because of any error or omission that occurred or allegedly occurred. Statistics demonstrate 1 out of 7 insurance agents will report an EO claim at some point during their career. Today insurance agents are 4th among professions in claims filed against them. Only physicians, attorneys and accountants have more (Tillinghast Survey). Insurance agent brokers render vital services to clients thru advising them to find and obtain proper coverage. Some insurance agent brokers, though, never consider the risk involved with this profession. Advice that you make for coverage, either to buy or turndown, can come back as a law suite in the event a customer feels that you were mistaken in your judgment. Customers facing a financial loss regarding insurance coverage, or improper coverage, can lodge a lawsuit naming you, endangering your agency, livelyhood and property. Precautions you need to take concerning your profession. In the first place, your career as an insurance broker has a lot to do with the care you provide your clients. In the course of performing your duties as an broker, you may make or allegations leveled of an error or omission. Your clients could decide to recover damages legally. If your agency is not adequately covered by E&O insurance policy, you may end up shouldering the entire fees of legal defense. You can help yourself with E&O insurance for insurance agents. This is a business liability insurance device designed to protect insurance agents from whatever errors, mistakes or omission that may be alleged or committed while discharging their duties.
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.
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.
NIC Commercial Insurance P.O. Box 39589, Los Angeles, CA 90039 (323) 661-5546 email@example.com http://NICcomins.com Errors and omissions insurance for insurance agents selling property and casualty insurance in Los Angeles area, California, Texas and nation wide.