Mistakes and errors may happen during your work as a P&C insurance agent. It can occur as a breach or negligence of a hand shake agreement. When such an error or omission occurs, a claim may be lodged against your agency. If you’re adequately covered by E&O insurance for P&C insurance agents, you’re protected from financing the complete cost of attorneys for the litigation that may be leveled against you and your agency resulting from the mistake that happened or is alleged. Statistically one out of seven agents will file an E&O claim during their career. In fact, insurance agents rank fourth among professions for legal claims initiated against them. Only physicians, attorneys and accountants have more (Tillinghast Survey). Insurance brokers provide essential services to customers through helping them to locate and aquire complete insurance protection. Many brokers, however, rarely think about the exposure that is involved with property and casualty insurance sales. Guidance that you suggest for policies, either to obtain or skip, could return as a EO claim when a client claims that you were faulty in your direction. Clients facing a major problem with an insurance policy, or lack thereof, could file a legal action against you, threatening your business, income and possessions. There are certain precautions you should take regarding your livelyhood. Your profession as an insurance agency has a lot to do with the care you render your customers. When carrying out your obligations as an agent broker, you may commit or be accused of an omission. Your customers may decide to seek justice in court. If you’re not properly protected by EO insurance coverage, you could wind up financing the complete cost of attorneys. You should protect yourself with EO insurance for insurance agents. This is a professional liability insurance instrument created to cover insurance agents from whatever errors, mistakes or omission that may be alleged or committed in the course of day to day business.
Monthly Archives: August 2012
Commercial Van Insurance
California Commercial Auto by Daniel Fraisse Insurance Services for all your California business commercial and industrial policy requirements.
E & O Insurance For P & C Insurance Agents
E & O Insurance For P & C Insurance Agents
Statistically one in seven brokers will report an E&O claim in their career. Insurance agents are 4th among professions for legal proceedings initiated against them. Only physicians, attorneys and accountants have more (Tillinghast Survey). Precautions you need to take concerning your profession. Your career as an insurance agent has a lot to do with the care you provide your clients. In the course of carrying out your duties as an agent, you may commit an error or mistake. Your clients may decide to recover damages in court. If you’re not adequately protected by errors and omissions insurance policy, you may end up bearing the full cost of the litigation process. You should help yourself with insurance agents errors and Omissions insurance. This is a business liability insurance device created to protect insurance agents from whatever errors, mistakes or omission they may commit while discharging their duties. E and O policies for insurance agents is professional liability E&O insurance specifically designed for the exposures of P&C agents and brokers.
E&O for Insurance Agents 