Insurance Agency E&O: Choosing Your Coverage
According to a recent poll from Insurance Journal, insurance agencies are increasingly shopping around for a new E&O, or Errors and Omissions, policy. Most insurance agencies stick with their agency E&O carriers for years, only changing when premiums go up. However, while premiums can certainly go up, price along shouldn’t drive the decision to move to a different carrier, according to insurance experts.
According to insurance experts, what many insurance agents want, and should look for in, an E&O policy is solid security. According to risk management expert Curtis Pearsall, insurance agents just want to know that if an E&O claim is made against them, that they’re with a carrier who is going to fight hard to protect their professionalism. Pearsall states that this is something agents need to put a value on, rather than just pricing along.
Insurance agencies looking for E&O coverage today do have many choices if they decide to shop around. However, not every market is the right market for every agency. Experts say that given the variety of independent agencies, ensuring that the coverage is properly placed with the right carriers and the right coverages is critical.
Pearsall states that for any agency questioning their E&O policy, reading their policy and talking to their agent is crucial. Agency staff should ask questions to ensure they understand their E&O policy and all the inherent coverages, taking the time to make a good, solid educated decision should they decide to switch carriers.
At PLRisk Advisors, we offer comprehensive Errors and Omissions policies that provide you and your clients with coverage that contributes toward legal defense costs, damage awards and settlements. Please contact us today to learn more at (855) 403-5982.