Why Have Errors and Omissions Insurance for Insurance Agents
Statistically 1 out of 7 insurance agents will report an EO claim at some point during their career. Today insurance agents are 4th among professions in claims filed against them. Only physicians, attorneys and accountants have more (Tillinghast Survey). An agent not properly protected by errors and omissions insurance for property and casualty insurance agents risks the possibility of being held fully responsible for the damages if a claim is filed against them. Insurance agent brokers render vital services to individuals, families, and businesses|clients|customers} thru helping them to find and obtain proper insurance protection. Some agents, though, never consider the risk involved with this profession. Advice that you make for coverage, either to buy or turndown, can come back as a law suite in the event a customer feels that you were mistaken in your judgment. Customers facing a financial loss regarding insurance coverage, or lack thereof, can lodge a lawsuit naming you, endangering your agency, livelyhood and property.
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