Why you need Professional Liability Insurance for Insurance Agents

As an insurance agent, you have clients who have come to respect your knowledge when it comes to deciding what policy will best fit their needs. They naturally expect you to have extensive expertise and training when it comes to suggesting which policies to purchase, the type of coverage they provide, and the benefits associated with having this valuable protection.

Additionally, they expect you to perform the services for which you were hired, according to the particular standards of conduct in your profession. When you fail to use your degree of skill, whether or not your intentions are honorable, and your advice ends up costing them financially, they may seek litigation against you. This is the main reason you need the protection of professional liability insurance for insurance agents.

Ways in which professional liability insurance protects you

  • You can be held legally responsible for any harm or financial loss that you cause to another person or business.
  • You may be sued in cases of faulty service (errors) or failure to provide a service altogether (omission).
  • This type of insurance coverage pays the cost of your defense and any damages awarded (up to policy limits)
  • Insurance companies have developed many specialized policy forms that respond to the individual risks of particular professions and services

In addition, this policy also protects your business assets from claims that may result from advice, expertise or professional services provided by you. Because these are the type of services your agency generally engages in, you could be at risk for being sued by a customer, client or other party who claims he or she lost money or was harmed in some way due to a negligent act, error or omission. Why risk everything you’ve worked so hard for when you can rest assured knowing you have professional liability insurance for insurance agents working for you?

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