Insurance For The Insurance Agent? It Exists

Yes, e & o insurance for insurance agents exists.  As professionals, insurance agents are also susceptible to lawsuits based on the services they provide.  Perhaps a client claims that his or her agent’s advice left him or her with a policy that failed to provide the kind of coverage needed when the time came.  As with any other kind of professional, insurance agents can also fall prey to baseless claims that will still cost the agent in legal fees even if there are no damages awarded to the claimant.

Errors and omissions insurance is necessary for any professional in order to protect the practice’s reputation.  A professional reputation can make or break a business, so this valuable asset has to have its own kind of protection.  A lawsuit claiming negligence can result in a loss of existing clients and the inability to draw new ones, so insurance agents need their own professional liability insurance that will look specifically after their needs.  Furthermore, this kind of policy can prevent them from losing their personal assets should they find themselves in court for any reason.

When looking for e & o insurance for insurance agents, potential clients already have an advantage in that they understand insurance inside and out.  They understand what they need to look for in a good policy.  For instance, agents know that they may only need limited coverage for a specific geographical area since they are most likely to work only with local or nearby clients.  There may be no need to cover their practices throughout the country or internationally because they may not have clients that far reaching.

However, there are some forms of insurance that may not be regionally specific.  State insurance laws can vary, but it is still possible to work with agents from different states with the ever increasing abilities of technology.  Insurance agents who work in professions that can get them clients out of state know the importance of having liability insurance that will cover them in any region.  They will also need to consider extending policies to other employees if necessary because they are ultimately responsible for anyone working on their behalf.

The journey to finding the right e & o insurance for insurance agents can be long and tedious, but at least insurance agents already know what to expect.  They know what criteria they should consider when trying to build a policy.  As agents, they also already know which insurance companies are likely to give them the best coverage to accommodate their needs as well as the best rates for this coverage.  Fortunately, insurance agents have all the best inside information, so they can make the process of finding a policy easier.