Your independent insurance agency has been well-established for years. You have a skilled staff of agents and office personnel. The workflow seems to run smoothly. But what happens if a mistake is made somewhere down the line?
Even the most experienced agents still have the capacity to make the occasional mistake. After all, mistakes are human nature; we can’t deliver our best performance 100 percent of the time. However, when it comes to offering financial advice and/or services to clients, a mistake could have costly effects.
Let’s say one of your agents advises a client on coverage limits for their home insurance policy, and then that same client finds they have inadequate coverage when disaster strikes. That client can blame your agency for poor advice and sue to recover the related expenses. This type of claim against your agency could easily cost tens or hundreds of thousands of dollars.
Fortunately, equipping your agency with E&O insurance—also called errors and omissions insurance—is an effective way to protect against these types of losses. This policy offers funds to cover damages and legal fees that result from such a claim. Depending on your coverage, you may also receive funds for PR services to help repair your agency’s reputation.
Ready to learn more about how E&O insurance can be beneficial to your agency? We’re here to help you get the right coverage so you can continue to serve your clients for years to come.
Get started today. Call U.S. E&O Brokers at (800) 460-6424 for more information on E&O insurance for insurance agencies.