Do you have the right amount of Errors and Omissions insurance coverage? Just as you recommend that your clients review their insurance protection periodically, you should also review your E&O coverage. The start of a new year is a great time to take a few minutes to do just that, and we’re here to help.
If your book of business has grown, you’ve acquired another agent’s book of business or you have hired more employees, it’s definitely time to review your coverage. You may be surprised at how much can change can occur in just one year! Without periodic reviews, you run the risk of being underinsured or not having the right coverage. We also invite you to talk to us if your coverage is with another company and you’re wondering if you’re paying too much for your level of coverage. E&O coverages — and premiums — can vary from company to company. We offer a competitive and affordable E&O insurance program.
E&O is insurance coverage designed to protect you against something you do that you shouldn’t (an error) or something you should have done, but didn’t (an omission). In some professions, such as in health care, it’s called by a different name — malpractice insurance. Insurance agents can make mistakes, just like everybody else. Most agents are aware of the risks and know how important it is that they have errors and omissions, or E&O, insurance coverage. But some agents neglect to purchase this important coverage, leaving them at risk for financial ruin in the event of a lawsuit or claim.
Some insurance professionals think it’s simply too expensive to purchase E&O insurance coverage and aren’t aware of how affordable the coverage can be. You can take a number of steps to reduce the likelihood that you will face a lawsuit, but you can’t eliminate 100 percent of the risk. And there’s always the risk of a frivolous claim. By purchasing adequate E&O insurance, you’re protecting yourself and your business. Don’t put at risk what you’ve worked so hard to build. Call us at (888) 813-9295.