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Home > Blog > What Should You Look for in Errors and Omissions Insurance for Your Agency?
MONDAY, MARCH 29, 2021

What Should You Look for in Errors and Omissions Insurance for Your Agency?

If you are looking to insure your insurance agency, errors and omissions is one of the most important coverages you can purchase. Also known as professional liability insurance, this type of insurance can protect your insurance agents and other employees in case of a claim or lawsuit. Not all errors and omissions insurance policies are created the same, however.a person standing in a business meeting 

If your insurance agency faces many different types of risks, it’s important to ensure that your errors and omissions policy covers them. Industries that face several unique risks include: 

  • Medical practices 

  • Construction companies 

  • Real estate brokers 

  • Insurance professionals 

  • Accountants 


Different industries need different amounts of coverage. If your business is likely to be sued, you’ll need a higher policy limit. This means higher premiums, but also means that you should have the right amount of coverage to cover a claim. As an insurance agency, you will handle a lot of important, delicate information that can easily lead to a lawsuit or claim. You will need the right limits to completely cover against an accident. 

What are the Types of Professional Liability? 

There are two types of errors and omissions liability policies: occurrence and claims-made. An occurrence policy covers events that occur while the policy is active. A claims-made policy covers claims once they’re made even when the act that triggered the claim occurred before the policy was active. In summary, the coverage of an occurrence policy depends on when the event occurs while coverage for a claims-made policy depends on when the claim occurs. Professional liability policies are most often claims-made policies. Consider the necessity of your industry. In some industries, claims will take longer to file while others are more immediate. 

Also make sure you’re aware of your policy’s possible exclusions. An errors and omissions insurance claim may be denied in cases of: 

  • Employee injury or lawsuits 

  • Employment practices 

  • Business property damage 

  • Accidents related to commercial vehicles 

  • Intentional acts committed by an employee 

  • Criminal acts committed by employees 


Every insurance agency is different. Depending on the
services you offer, you may face higher limits of errors and omissions risk than other agencies. Speak with an insurance agent from a knowledgeable, reputable agency in order to protect your employees with errors and omissions insurance. It is crucial to protect your key employees in case of an accident. 
Posted 1:32 PM

Tags: errors, omissions, insurance, coverage
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