Whether you are an independent insurance agent or you work for a large insurance company, the cost of E&O insurance for insurance agents may cause you to question whether or not you really need to have it. If you are currently wondering how necessary errors and omissions insurance really is, here is a scenario that you should think about:
No company ever plans to become involved in one or more lawsuits, which is why such a scenario often catches businesses by surprise. Even if you are very careful to make sure you do not make any mistakes in your line of work, no one is perfect. You could easily make a professional mistake that ends up causing financial harm to one or more of your clients. Additionally, one of your clients may think that something is your fault even when it is not, and they could end up suing you as a result. If you are not prepared with E&O insurance for insurance agents, you could be faced with incredibly damaging litigation costs that might even force you into bankruptcy.
Errors and omissions insurance helps you prepare for the worst-case scenarios by offering invaluable coverage for unexpected legal claims. By carrying adequate insurance coverage, you will be more likely to keep your insurance company up and running in this competitive economy. To find out more about coverage and rates for E&O insurance for insurance agents, talk to your insurance company today.