It’s a risky world out there. That’s good news for you. It means more clients come to you for protection. Keeping you busy and your business booming.
The bad news is, it also means more risk for you. Each account you add, increases the odds of a claim being made against you.
No-one knows the power of a policy better than you. So get your own risk managed. Give your business the same protection you offer your clients with E&O insurance for insurance agents.
Clients pay you for your advice and service. That makes you a professional. And as a professional you can be sued for negligence, even if you did nothing wrong.
You know this. You tell your clients all the time.
If a client claims you made a mistake, and it’s cost them money, E&O insurance can cover your legal costs and damages, too, if you’re liable. Even if a claim is groundless.
So why not take your own advice? Think hard about why insurance agents need E&O – and how even small mistakes can cause big problems. Then protect your business with errors and omissions insurance for insurance agents.
Check your state’s laws. Depending on where you practice, you might be required to carry E&O as part of your license.
If that’s the case, you may have to show proof of insurance on renewal. Or meet certain coverage limits. Some clients and professional associations ask for it, too.
But whether you need it or not, carrying Errors and Omissions insurance is good practice for insurance agents.
It’s there to protect your work, your bank balance, and your reputation. Because why would you risk that?
Also known as professional liability for insurance agents, E&O can pay your legal costs and damages for:
You don’t want to think you might miss a renewal or arrange the wrong policy. But it can – and does – happen.
These insurance agents’ E&O claim examples illustrate the different risks out there and how E&O can cover them.
Insurance costs vary from business to business. The price you pay will depend on things like your business’s size, its location, and the limits and deductibles you select.
As for what level of E&O insurance cover you want, you’ll have to decide what’s best for you.
It’s always best to over-estimate. Lawyers’ fees, compensation, and court costs can go through the roof. So, imagine the worst-case scenario. Then pick a figure you can realistically afford.
You don’t have to pay for your insurance all at once, though. You can spread the cost over monthly installments. Just choose the payment option that works best for you.
General liability insurance covers claims for:
When a claim’s filed against your business, there are often hidden costs involved. Your General Liability insurance for insurance agents’ policy takes care of these, too. Including your loss of earnings.
Business personal property insurance (BPP)
If you take equipment like laptops and mobiles to meetings, this policy is worth having. It also covers the portable stuff in your office - from your furniture to your potted plants.More info
Business owner's policy (BOP)
Comes with general liability, property, and business equipment insurance as standard. Plus, a range of optional add-ons, including coverage for:
Cyber liability insurance
If you use email, own a website, or store client data, cyber insurance is a must. It can’t stop a cyber-attack, but it can pay your recovery costs so your business survives from one.More info
Workers' compensation insurance
Most states require you to have this policy even if you only have one employee. It’s good to have anyway. It protects your business from the cost of workplace illness and injury claims which can be crippling.More info
Because we understand every insurance agency is different, we'll build an insurance package to suit your needs. In minutes.
To build the right insurance package for you call one of our licensed advisors today on 978.344.4215.
The easiest way you can build your business is through a direct appointment with a top-rated insurance carrier. Problem is, they usually want to tie you into long-term contracts and sales quotas.
InsuranceBee has the solution. Join our partner program and you'll get instant access to A-rated insurers, Hiscox NOW.
It means you can quote and bind 180+ professions online, in minutes. So you won't just cover gaps in your business. You'll speed up sales and offer an even better service to your customers.
It's simple to sign up and it costs you nothing. What's more, you don't need an appointment with Hiscox because we pay your commission. But that's not all. You'll have no post-bind work to do - Hiscox handles all the servicing and billing for you.
Plus, their automatic renewal process means you earn commission for the policy's lifetime.
Sign up now and you can: