Paudgealare
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 Posted: 16 Mar 2013 06:55 Post subject: EO Insurance For Insurance Agents olgeku |
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Statistically 1 out of every 7 insurance agencies will submit an E&O claim at some point in their career. In fact, insurance agents are fourth among professions for legal proceedings filed against them. Only physicians, attorneys and accountants have more (Tillinghast Survey).
An insurance agent that is not properly protected by view risks the possibility of being held fully responsible for the damages if a claim is filed against them.
Insurance agencies provide essential services to customers by consulting them to find and contract adequate coverage. Many independent agents, however, rarely realize the exposure involved with the insurance industry. Advice that you make for policies, either to obtain or turn down , could come back as a liability in the event a customer feels that you were faulty in your guidance. Customers facing a financial loss regarding insurance coverage, or inadequate coverage, may submit a claim naming you, endangering your agency, income and property.
== Reasons For Insurance Agent E&O ==
Errors and omissions insurance for property and casualty insurance brokers protects the broker against any claim, real or perceived, that arose from their personal involvement in the sale or servicing of an insurance product. site web tailor made to serve the small individual agents to large agencies delivering P&C. With your policy you get 24 hour protection from lawsuits stemming from negligent acts, errors or omissions arising during your activities as an individual agent or broker or agency. Protection is available for you as an agent or broker and includes your non-licensed staff.
“We’re in an increasingly litigious environment,” says Claire Wilkinson, vice president-global issues, at the Insurance Information Institute, in New York. “There’s definitely an uptick in the number of agents buying insurance, in part because of the litigious environment. It’s essential for them to have adequate coverage.”
“At this agency, we wouldn't think of operating without suitable coverage,” says Jim Armitage, vice president of multi-lines agency Arroyo Insurance Services, in suburban Los Angeles. “In this litigious climate, people sue at the drop of a hat, and you need to have insurance protection.”
“We wouldn't even dream of doing that,” said Bernstein, vice president of TLB Insurance Services. “The risk is horrendous; it’s hard to believe anybody would operate in the insurance profession without suitable coverage.”
“Even if you could get away with it,” warns Mann of Fireman’s Fund, “it’s not worth it because you would at the very least lose your company appointment. But beyond that, you could lose everything including your house and your business if you get sued and have no E&O protection.”
“Litigation from hurricane, flood and other weather-related claims will clog up insurance company claims offices and courts on a long-term basis. Katrina claim cases will go on for years and years. It’s a flood of litigation, it’s here to stay and it’s only going to get bigger.”
Agents without professional liability coverage stand to lose their homes, their livelihoods and their assets.
== Insurance Agencies Risk Exposure May Be Greater Than They Think ==
“Agents need to understand their exposures might be much higher than they think they are. So they should buy as high a limit as they can afford. A $1,000,000 limit isn’t adequate for agents in these litigious times.”
Henderson’s comments are especially true for brokers in California, considered the litigation capital of the country. Given the rate of lawsuits in combination with high values of commercial and residential properties, carrying only $1,000,000 in limits is shortsighted, Henderson says. Defense costs alone could run from $100,000 to $500,000 depending on the complexity of a case, he noted.
== As A Broker Are You Sufficiently Covered? ==
There are certain steps you need to take regarding your profession. In the first place, your career as an insurance agent has a lot to do with the care you provide your customers. In the course of carrying out your duties as an agent, you may commit an error or mistake. Your customers may decide to seek justice in court. If you’re not adequately protected by an insurance policy, you could end up paying the full cost of litigation. You should protect yourself with errors and Omissions insurance for insurance agents. This is a professional liability insurance device designed to cover insurance brokers from whatever errors, mistakes or omission they may commit in administrating their business.
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Errors can occur during your work as an insurance agent. It may occur as a breach or negligence of a contract agreement. Anytime an error or omission happens, a claim may be filed against you. If you’re adequately protected by E&O coverage for insurance agents and brokers, you’re protected from bearing the complete cost of the defense for any lawsuit that may be submitted against you as a result of any error or mistake that occurred or allegedly occurred.
== Incomplete Professional Liability Insurance Protection ==
Gaps in coverage are common in professional liability insurance. Surveys demonstrated that many professionals are lack understanding in what a gap in coverage really is or its dire consequences. For example several insurance professionals incorrectly assumed since they were not writing business during specific months, they did not need continuous coverage.
EO policies for agents is professional liability errors omissions insurance designed for the risk exposure of property and casualty insurance agents brokers and agencies.
Insurance agents have very specific risk exposures that escalates with the volume of insurance they write. We understand EO insurance coverage for property and casualty insurance agents and analyze your specific requirements to ensure there are no gaps in your professional liability coverage. [5]
We are keenly aware that agencies are seeking to reduce overhead without reducing protection. That’s where we come in. We thoroughly analyze your agency to create coverage optimized for your needs. This often uncovers past unneeded coverage and corrects this with the insurance you require.
If you're a successful broker but just bought a generic policy, you could be opening yourself to more exposure and liability. Have our team review your E and O coverage, and we’ll analyze every angle to protect you and the business you've built.
Because we have a large volume of insurance broker business and Must See Information , we have excellent relationships with our providers. As your agency, we can possibly provide better contract with the insurance carriers and offer superior E&O insurance coverage options.
Property And Casualty Broker Professional Liability Coverage Rate California Insurance Agent Professional Liability Insurance Professional Liability Coverage Rate Errors Omissions Coverage Costs California Errors and Omissions Rates Los Angeles Go Now 3
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