E&O Coverage for Insurance Agencies
When you are looking for Errors and Omissions insurance brokers and agents, there are certain points that you must consider if you are planning to find the right people to sell you insurance. Because so many people make costly mistakes when it comes to selecting the right Errors and Omissions insurance, we have put together a small post that you can use as a guide.
1. Look precisely for errors and omissions agents
Your regional insurance man may not be the right person to offer you E&O insurance. The majority of insurance companies would not be solely focused on E&O, but instead will have many property and casualty insurance agents. E&O insurance is a specific skill set. An agent must appear in and look at your workplace, your workers, the type of customers that you engage and a few other things before he can assess the degree of risk which you might face. With the degree of risk, he could then figure out your premiums.
2. Shop as well as compare
When it comes to shopping around, you should treat E&O insurance agents like any other insurance agents. There are some that are cheap, but that does not mean that they are bad; others are costly but this does not mean that they are good. The right errors and omissions insurance broker is the one who offers you the broadest cover for the best price. This means that you must get quotes from several before you contract one of them.
3. Check litigation history
You must never purchase any type of insurance, whether E&O or P&C without checking how much time it takes an insurance company to pay claims. E&O is an area of insurance that cannot wait; it's not like auto insurance or home insurance which you could wait one or two weeks before settlement. E&O requires swift reply - your insurance company should avail money immediately to pay for your defense and court costs. When you have to pay a settlement, the money must be available instantly.
The best way to find out if a company is litigious is to look online. Check in forums where people discuss such subjects and ask them who is good and who is not good. You can also ask the errors and omissions insurance agents that you talk to how long they take to come through whether this is stipulated in the contract that you sign with them.
4. Read the small print
What gets most people into trouble when it comes to all sorts of insurance plan is the small print. They don’t check it thoroughly enough to make sure that what is written is what they are looking for. Should things go wrong later, it will be hard to get restitution. Read through every document in the E&O insurance policy that you choose.
Property and Casualty Insurance Agents are one of the top E&O insurance brokers and agents, and they come with the attributes that we have listed here. To get your search for the best agent short, call them or email them right away for a quote.