Protection for Insurance Brokers and Agents

Protection for Insurance Brokers and Agents

Why Invest in Insurance Agent E&O Insurance?

As an insurance agent, you spend hours perfecting policies for your client to ensure they have the best coverage for their needs, and the same must be done to protect yourself and your business as an agent. Errors and Omissions, or E&O, insurance is a professional liability policy that protects an agent from claims of negligence or malpractice when handling cases. Much like liability insurance within the medical field, insurance agent E&O insurance helps to cover any court costs and settlements that may occur when a client makes a negligence claim against you.

The Ins and Outs of E & O Coverage

As humans, honest mistakes can occur, but if these mistakes cause a client financial loss, they can file a claim against you and your business. When this occurs, having the right insurance agent E&O insurance is important. In certain situations, E&O insurance will not protect you, including:

Engaging in criminal activity
Client discrimination
Property damage
Company bankruptcy

As an insurance agent, you expect clients to ask questions about policy and what it can cover. You should do the same when investigating protection for yourself and business. Ask questions about the E&O insurance policy to make sure you get the policy that fits your business needs.