Errors And Omissions Insurance For Insurance Agents Los Angeles CA
Errors, mistakes or omissions can occur anytime while you work as an insurance agent. It can come up as a breach or negligence of a hand shake agreement. Anytime an error or omission occurs, litigation may be lodged against you. If you’re adequately covered by E and O insurance for P&C insurance agents, you’re protected from financing the full fees of the defense for the lawsuit that may be filed against you resulting from the mistake committed or is alleged. Statistics demonstrate one out of every seven agents will file an E&O claim during their career. In fact, insurance agents rank fourth among professions in number of legal claims being filed against them. Only physicians, attorneys and accountants have more (Tillinghast Survey). Insurance brokers provide essential services to individuals, families, and businesses by advising them to locate and aquire adequate coverage. Most agents, however, do not think about the exposure that is involved with this industry. Recommendations that you provide for insurance, either to purchase or skip, may return as a EO claim when a client decides that you were wrong in your direction. Clients facing a major problem with an insurance policy, or improper coverage, may file a claim against you, threatening your career, income and possessions. There are certain precautions you should take regarding your livelyhood. Your profession as an insurance agent has a lot to do with the care you render your customers. When carrying out your obligations as an agent, you may commit or be accused of an error or mistake. Your customers may decide to seek justice in court. If you’re not properly protected by EO insurance coverage, you could wind up financing the full fees of attorneys. However, you can protect yourself with EO insurance for property and casualty insurance agents. This is a professional liability insurance instrument tailor made to cover insurance agents from whatever errors, mistakes or omission that may be alleged or committed in the course of day to day business.
EO For Insurance Agents 