Whether your specialty is selling life and health insurance, cyber insurance, auto liability insurance, or any other type meant to protect the policyholder, there’s one type of insurance that you will absolutely need for yourself: errors and omissions, also called E&O.
Why You Need E&O
When you are discussing policies with potential clients, there is always a chance that you could forget to provide a crucial detail about how the policy works and what coverage it provides. Anyone can make this kind of mistake, either by accidentally omitting important information or by misunderstanding the coverage itself. E&O insurance for insurance agents will protect you against these types of inaccuracies. An errors and omissions lawsuit can be costly, and without this type of insurance, as an agent you could be held liable for thousands of dollars or more.
What Does E&O Cover
Not only will E&O insurance for insurance agents protect you from liability when you actually do make some kind of error that leads to financial hardship for your client, but it will also cover the costs of lawsuits that are without merit. Court costs and legal fees will be paid in full by your E&O insurance carrier, as well as any settlements that might be reached due to these types of claims.
E&O is the protection you need most, and is generally available at a price you can afford.