What to Look for in an E&O Insurance Policy for Insurance Agents

At some point, you have probably heard the phrase, You get what you pay for. This is especially true when it comes to insurance policies. Saving money on a cheaper policy now could cause you to spend much more in the long run since cheaper policies come with fewer protections. If you are looking for e&o insurance for insurance agents, you want to be certain that you are getting the best policy possible from a leader in the industry.

What Should it Offer?

Errors and omissions insurance is needed in the event that a mistake in paperwork leads to a financial loss for a client. In this event, the client may sue for damages, and you want to be protected so that you do not have to pay any costs out-of-pocket. A good policy will cover your legal costs. Limiting your liability is a pretty basic feature to come with most policies, but an exceptional one will also allow you to reduce your deductible after a certain number of years. Your coverage should also include employment practices liability insurance (EPLI).

Getting the Right Policy for Your Business

Numerous companies can benefit from getting e&o insurance, but insurance agencies in particular are prone to lawsuits from clients who feel a mistake was made on a form. Do not risk losing more money than you have to by protecting yourself with e&o insurance for insurance agents.

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