EO For Brokers and Agents
Professional liability insurance is a coverage that protects businesses against litigation by current or former clients who claim the work performed was either late, inaccurate, or never delivered as promised. Also known as an E&O policy, there are several errors and omissions insurance company agents may inadvertently make when handling client accounts. This insurance covers accidents situations of negligence or errors, and will not be applicable where willful or criminal acts against a client were taken.
Primary Areas of Coverage
A client can file an accusation that may end up in court for resolution. Knowing the devasting toll a legal battle can take on your practice or agency, carrying an E&O policy is your best line of defense. The coverage can be used in situations that include:
Claims of professional mistakes
Accusations of negligence
Claims of failure to delivered promised services
The experienced agents at https://www.axisins.com know that professional liability is necessary whether you sell life insurance or act as a claims adjuster. Mistakes can happen in any part of the insurance process, from the underwriting and promise of coverage options all the way to assessing damage and settlements. Any client lawsuit has the potential to ruin your company, both with the financial burden and loss of customer accounts and trust. An E&O policy gives the financial means to address claims, helping your company remain on solid footing while a resolution is achieved.