As an insurance agent, you help your clients to find the best coverage possible to adequately address their unique insurance needs. However, ironically enough, insurance agents also face a certain amount of financial risk and should have insurance of their own. This is where e&o insurance for insurance agents can come in to help.
What Is E&O Insurance?
E&O insurance, or errors and omissions insurance is a type of professional liability insurance that offers protection against financial damages that can result from an alleged error or omission you make while providing your services to a client. To simplify things, it essentially protects you when you make a mistake or forget to do something and end up negatively affecting one of your clients.
Why Do You Need E&O Insurance?
If you make an error or omission while providing your professional insurance-related services, it can result in a lawsuit that can cost you large amounts of money in both legal fees and settlements. These costs can be immense and can even force you to go out of business if you don’t have the funds available to handle them. E&O insurance can cover these costs for you so you can focus your funds on growing your business.
Being an insurance agent can be risky. E&O insurance can help offer you far more peace of mind.