Where To Find the Right Insurance for Your Agency
Finding the right E and O insurance for an insurance agency is a tricky thing that needs to factor in what kinds of clients you have, how big your agency is and much more. Without the right errors and omissions insurance, you could have to pay any damages you are found liable for out of your own pocket.
Like other forms of insurance, you can find errors and omissions coverage in markets catering to the insurance agencies and the coverages they need. These insurance plans can include everything from general liability on the building and agents to more specific plans for the industries you serve. For instance, agents who work with construction agencies are likely to face damages resulting from materials failure, labor disputes and more while agents who work with medical professionals are likely to face damages resulting from malpractice suits. If a judge decides that part of the damages your client has had to pay result from errors or omissions on your part, then you will need to pay a portion of those damages as determined by the court.
When you are looking for E and O insurance for an insurance agency, it is important to keep in mind that the risks your clients face are also the ones you do. This means that if you work with higher risk clients, your errors and omissions coverage will need to be higher than if you are working with relatively low risk industries.