Insurance Agents Benefit from Having an Errors and Omissions Policy

Protect you and your small business against a potential loss with errors and omissions insurance for insurance agents and brokers. Though most policies can start retroactively, don’t wait until it’s too late to protect you and your agency.

What to Know Prior to Buying a Policy?

Any client can allege that your agency or you have wronged them through a failure to provide service or an error. When looking for coverage for your agency, there are several things to keep in mind before you make a decision including:

  • Research available companies and policies
  • Buy a policy before you need it
  • Continue your policy for a year after leaving the profession for further protection
  • Plan for mitigating claims before they happen
  • Review the policy on an annual basis

What Does an Errors and Omissions Policy Cover?

Ensure you are covered against claims due to alleged errors and negligence. Errors and omissions insurance for insurance agents and brokers include:

  • HIPAA Compliance
  • MGU (Managing General Underwriter)
  • Captive Management
  • Contingent BI/PD (Bodily Injury/Property Damage)
  • Surplus Lines Business
  • Innocent Insured Coverage
  • MGA (Managing General Agent)
  • Adverse Loss History (Insurance Claims)
  • Placement through MET, RPG, PPO and other non-standard markets
  • Independent Contractors
  • Insolvency Coverage

Protect yourself and your agency long before you think you might need it. Errors happen, but with a littler preparation and insurance, they don’t have to hurt as much.