Insurance companies are in the business of protecting others from liability and other damages. Unfortunately, insurance agents are vulnerable to many of the same risks that their clients face. Going without proper coverage is a risk not worth taking.
Liability Packages for Insurance Companies
A comprehensive liability package includes two important types of coverage. Without this coverage, an insurance agent is potentially liable to pay expensive legal fees and settlement costs.
- Errors and Omissions Insurance – Also known as Professional Liability Insurance, E&O insurance for insurance agents is a must. Any business that offers professional services to clients needs protection against claims of negligence or errors that may cause financial harm to the client. In addition, a customer may be dissatisfied with the insurance policy that was recommended to them. If that policy excluded certain types of coverage and a subsequent claim was denied because of that recommendation, the client may try to sue for damages.
- General Liability Insurance – This coverage protects against injuries to clients at your facility, including slips and falls. The policy also covers damages caused by the insurance agent at a client’s office. It also protects against claims of slander.
The savvy insurance agent understands that they need the same liability coverage they recommend to their clients.