E&O Insurance for Insurance Agents
Insurance agents provide essential service to individuals, families, and businesses by helping them find and obtain proper insurance protection. Most insurance agents, however, do not consider the risk that is involved with this profession. Recommendations that you make for policies, either to purchase or bypass, can come back as a liability in the event a client feels that you were mistaken in your judgment. Clients facing a major problem with an insurance policy, or lack thereof, can file a lawsuit against you, endangering your career, income and possessions.
Why Do Insurance Agents Need E&O Insurance?
Statistics show that nearly 1 in 7 insurance agents will be involved in an E&O claim once during their career. Insurance agents are also ranked fourth on the list of the most often sued professionals. An agent that is not properly covered by Insurance Agents Errors and Omissions Insurance risk the possibility of being held fully responsible for the damages if a claim is filed against them.
Insurance Agents Errors and Omissions Coverage
E&O insurance for insurance agents protects the agent against any claim, real or perceived, that arose from their personal involvement in the sale or servicing of an insurance product. The proliability E&O insurance plan is designed to serve the small individual agents selling Life & Health Insurance and Mutual Funds. With your policy you receive 24 hour protection against claims arising from negligent acts, errors or omissions arising from your activities as an individual agent or broker. Coverage is available for you as life/accident/health agent, general agent or broker and includes your non-licensed staff. (If you have independent contractors/sub-agents, need property and casualty coverage, or write self-insured/self-funded business, you must complete the agency application, if applicable, and applicable supplements).
Rest assured, Agents insured in the Marsh Agents E&O Program are covered for activities related to the sale and advice of covered insurance products as would be normal in the course of conducting business. The policy does not distinguish between products sold inside or outside of an Exchange when determining coverage.