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How to Avoid the Need of E&O Insurance for Insurance Agents

Agents must not exaggerate policies not originally mentioned in the contract. Such practices lead to E&O insurance claims being filed. Read more on E&O insurance for insurance agents here<br>https://agencyheight.com/errors-and-omissions/

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How to Avoid the Need of E&O Insurance for Insurance Agents

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  1. E&O Insurance for Insurance Agents- When Fending Claims

  2. Why should agents worry about Errors and omissions? • 90% of E&O claims are due to an error than an omission • The severity of E&O claims involving commercial lines is much higher than the personal line. • Nevertheless, personal lines involve a large number of E&O claims as well • 25 to 30 percent of total E&O claims pertain to these product lines.

  3. Common errors and omissions claims • Supposed under-coverage • Errors in Policy • Failure in maintaining policy changes • Explanations of policy terms

  4. A few ways to avoid falling victims to such claims • Clarity of Clients’ Needs • Risk Analysis • Diligent Procurement • Meticulous Policy Review • Explanations of Policy Terms

  5. E&O insurance for insurance agents

  6. An agent’s last resort • Being a professional or an expert increases the level of legal liability • However, even when you are extra-careful, the possibility of E&O claims cannot be entirely ruled out • In such circumstances, there is always E&O insurance for insurance agents to help cover for your losses • E&O insurance for insurance agents Protects agents from going bankrupt and help protect their reputation to some extent.

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