The primary purpose of an insurance agent is the managing the risks of their clients. Even with all they know about the liabilities of small business practices, taking care of their own exposures usually happens after clients are served. Looking into errors and omissions insurance for insurance agency owners is a way to protect their operations.
Periodically conduct risk assessments. You might be too busy to thoroughly review the risks and exposures of your practice, but this is a task you should not take lightly. Work with another agency to help assess your coverage in comparison to the exposure your face.
Review your coverage against your growth. When you first took out an E&O policy, you might have been a smaller firm with less risk. As you have grown and developed a broader client base, your limits might need to be restructured.
Thoroughly train and monitor employees for accurate service. Many of the claims brought against an E&O policy are truly unintentional errors, as staff may not be familiar with the right coverage needs or processing tasks. Make sure you have qualified employees working within your agency.
Looking into errors and omissions insurance for insurance agency owners is more than just acquiring a policy. Look into your risks, your operations and your employees to ensure your coverage is adequate.