A Short Guide To EO Insurance For Insurance Agents

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.

Insure Your Non-Profit With the Right Coverage

While non-profit entities have a lot of risk overlap with for-profit businesses, they don’t have all the same needs. In fact, they have quite a different set of them in a lot of ways. You don’t typically have to worry about protections for inventory or delivered goods unless your non-profit actually makes things or runs a shop as a fundraiser, and that’s not as common as people would think. You do often have to cover employees, both with workers compensation and with liability coverage that protects you financially in the event that your organization or its representatives are also liable for the injury. You also need liability protection for the public if they visit, which is common for businesses too. But what about your volunteers?

Insurance for Volunteer Staff

Your volunteer base is usually not covered by the same protection as your workers, but they are also on site more often than the general public, and they perform roles the public doesn’t perform for your organization. That means the exposure you have to liability is different for them than for the public, so your insurance should reflect it. Moody Insurance understands this well enough to put together an excellent primer on the difference between insuring employees and volunteers, so check it out as you figure out the rest of your non-profit’s risk management strategy, and then consider your options for soliciting quotes to get set up with the insurance for non-profits you need.

How EO Coverage Can Protect Billing Practices

If you are dealing with any type of medical billing, it is important to understand why you need medical billing e&o. Here is how having this type of insurance coverage can protect you in nearly any situation.

Coverage When Mistakes Occur

Mistakes can occur in any setting, and this includes when you are dealing with medical billing. Even if you or your workers are careful, you might code something incorrectly or put down the wrong name on billing information. Having e&o coverage means you are protected in case of accidents like these, and you can avoid bearing the brunt of costs, according to Axis Insurance Service.

You Can Avoid Paying Out of Pocket

Those without e&o coverage are often required to pay out of pocket on their own. This can add up to thousands of dollars and cost a lot of money if it happens more than once. In contrast, you can avoid paying for full costs when you have medical billing e&o. This can give you peace of mind and allow you to focus on taking care of what matters, rather than wondering how much another day at work will cost.

Having medical e&o coverage is a worthwhile investment that can help you save money and avoid problems if a mistake occurs.