A common exposure for many companies involves work product or deliverables to their clientele. Errors, omissions or negligence in output can result in significant losses or damages that can endanger your business’s health. Businesses that create products readily understand the need for E&O insurance or professional liability, but what about your insurance company? Have you considered insurance agent e&o protection as a part of your risk management plan?
Protecting Your Agents
It might not seem obvious that insurance agents would need E&O coverage, but the following situations are common examples where this protection would apply:
- Claims of insufficient or no coverage following a loss
- Differences between replacement cost vs actual cash value for property loss
- Other coverage disputes
Having professional liability coverage also helps cover costs associated with defending your business in a legal dispute. Such costs can seriously add up and you owe it to your organization to be adequately covered when it comes to e&o issues.
Insuring the Insurers
Just as you seek to provide your clients the right coverages, you also need to find the right insurers for your coverage needs. Look for a provider that is experienced in helping insurance agents cover all their operational risks, both general and industry-specific. Your employees and your clients expect you to have the right insurance protection.