Insurance agents deal with a number of clients, from residential consumers to commercial accounts. The types of insurance they sell will vary, often focusing on the big three of property insurance, general liability, and automotive insurance. However, even though insurance agents know how to protect their clients from certain risks and exposures, they too have to be careful about their own liabilities.
Areas of Concern
Insurance agents face the same risks with commercial auto claims, property liability, and general liability, but they also face professional liability claims. A policy offering E&O for insurance agents, also known as errors and omissions, is advised by the team at Axis Insurance to make sure an agent’s unique risks are covered. Errors and omissions can protect your business if you have made a mistake in any of your services. It is similar to the malpractice insurance policies medical personnel carry, though, for insurance agents, it deals with inaccurate quotes, lapses in coverage, or other mistakes that can occur.
Important Coverage Areas
For agents that work out of an office, carrying general liability insurance can help with workplace property damage or bodily harm to occupants. However, purchasing a business owner’s policy is a more affordable and efficient way of addressing multiple coverage areas. An E&O policy can usually be bundled with other forms of insurance, giving you the best coverage possible.