It Saves Money in the Long Run
Rather than running into problems and getting sued if an error is made, the e&o insurance can take care of this issue. Since getting sued can be a costly process, it’s important to have coverage that can help settle a lawsuit, or else the agent may have to settle out of pocket themselves. This can put a damper in business and even dip into their own personal money.
Errors Can Happen Without Realization
Even agents who are careful in their work and strive to avoid errors can make them. It’s important to have coverage for cases like these, regardless of how little an insurance agent works or who they work with. All it takes is one accident and then a small issue can become a major problem that can lead to a lawsuit.
Having insurance agent e&o insurance is crucial for anyone working in the insurance industry. It can save money and avoid problems should an accident occur. Since errors happen in any line of work, this is an important safeguard for the agent to have.