When you are helping clients find the right insurance policies day in and day out, it can sometimes be easy to forget to look into the right policies for yourself. Something that all insurance agents ought to look into is errors & omissions insurance for insurance agents, also commonly referred to as professional liability insurance. How can you tell if this insurance is right for you? Three simple questions may be able to help.
Are You in the Business of Providing Services to Clients?
If you provide specialty services to clients—such as an insurance policy—then you likely need E&O insurance. Clients often have specific expectations from their insurance agencies and agents. If anything should go awry with the wording or implementation of a policy when a claim is made, the client may go looking for justice—and someone to blame.
If an Error Occurred, Would Your Clients be Financially Affected?
Although sometimes things can go unexpectedly through no fault or error on your part, errors do sometimes occur. If you did make an error, could your clients’ finances be negatively affected? If the answer is yes, you need E&O insurance.
Do You Already Have Coverage?
The last question to ask yourself is if you already have a policy for errors & omissions insurance for insurance agents, particularly if you answered yes to the preceding questions. If you do not yet have a policy, now is the perfect time to start looking.