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.