E&O Insurance Is Important for Insurance Agents

insurance agents e&o

Mistakes happen. No matter what industry you work in or how well you’re trained, it’s inevitable that something will go wrong due to a personal error. If you own an insurance agency or work as a group of insurance agents, then there’s a good chance some or all involved will see a claim made due to negligence, miscommunication, poor advice or any other type of error or omission. This is where acquiring a policy for insurance agents E&O can come in handy.

Why E&O Coverage Matters for Insurance

Every business needs insurance, even insurance businesses. In the case of those that directly help clients with services, such as with insurance agencies, Errors and Omissions (E&O) coverage is a vital inclusion to the business portfolio. This is due to the fact that people are more likely than ever to file lawsuits against businesses with claims of wrongdoing. Even just a simple misstep can lead to a claim that one insurance agent’s advice lead to huge financial devastation. If poor advice had been given to someone, even if the insurance agent meant well, court fees can become a huge monetary burden.

Insurance agents E&O, however, can ease that burden, helping by paying for various court fees. This includes payments for the attorney, settlement, fines and other related costs. As it’s likely you will face this type of problem in the insurance industry, be sure to look for the right E&O program for you.