E and O Insurance for Insurance Agents is Essential
Any professionals whether an accountants, doctors, lawyers, and other professionals are subject for mistakes, thus it must be protected from the liabilities for they are vulnerable to make an error. To protect their carrier the companies they are working insured their services to E and O insurance.
Providing an E and O insurance for insurance agents is also necessary to protect their work from any negligence they committed in insurance business. Nobody is perfect in terms of services. Although these insurance agents are familiar with the policy but other clients felt unsatisfied with what they understand from the policy that resort them to file a lawsuit against the agent. Not only the agents are protected but also the insurance company they are representing. If a case is file with the agents, his job is not compromised because the insurance company will take charge of the lawsuit and all the necessary legal expenses.
Errors and Omissions insurance coverage for any business such as services or advices is a must. Insurance agents are inclined to lawsuit in time of the delay of the services the clients needed. Simply putting E&O insurance covers the cost defending a client’s lawsuit and the resulting verdict.
The E&O insurance recognized that anybody makes occasional mistakes. When a situation that a client of an insurance company claims for the car accidents and the clients are dissatisfied with the claims and file a lawsuit against the agents, E&O business insurance protects you.
Client’s complaint and lawsuit can make your business down to bankruptcy. And this unpredicted eventuality shall be protected by E&O.
What is protected by Errors and Omissions are the policy to cover for a client's lawsuit, which may possibly loss to them as your patron, a service delayed causes by the client's financial damage, and any business misunderstanding that may result in a loss of clients.
