Almost 1 in 7 insurance agents will be involved in an Errors and Omissions claim at least once during their career.
Insurance agents are one of the most commonly sued professionals, making the need for professional liability insurance coverage necessary.
When offering services to any client, there's always the potential to make a mistake that results in a lawsuit being brought against you.
Here are just a few examples of professional liability claims that insurance may face:
- Not maintaining detailed client records
- Omitting important client..
In a previous post, we talked about how important it is for successful insurance agents to have good communication skills, as certain insurance products can sometimes be complicated to understand. In addition to communication skills, here are several qualities that a successful insurance agent should possess, at least to some degree.
Some insurance agents and brokers say that the hardest part of their job is earning the trust of their client. However, this can..
Professional Liability Insurance, sometimes more commonly known as Errors and Omissions or E&O, is liability insurance that helps protect individuals and companies that provide professional advice or services. In the event of a negligence claim made by a client, this type of insurance will protect your business client from suffering the full costs of defending their entity.
One of the most common forms of professional liability insurance that most individuals are familiar with is malpractice insurance for healthcare providers. However, there..
Would you believe that about two-thirds of the U.S. adult population has a presence on a social media networking platform? Corporate America is part of this statistic, with companies now constantly promoting their social media presence by inviting consumers to like them on Facebook or follow them on Twitter. Last year was the first year that corporate spending for online and social media marketing actually exceeded spending for print advertising.
It shouldn’t come as a surprise..
Any company that provides services or professional advice is at risk of being held liable in an Errors and Omissions lawsuit or claim. This is why it’s imperative to have an insurance policy in place to financially protect your business and its assets.
In some cases, a lawsuit is unfortunately unavoidable. However, handling it with professionalism and knowing what to expect can get you through this process as painlessly as possible. The most important thing to remember,..
You may not be aware that the private company Directors and Officers litigation environment is very different from the public environment, in that lawsuit settlements are typically smaller for private entities. However, the opportunity for a suit is still there. Here are just a few examples of why private companies would need Directors and Officers Insurance.
Bankruptcy: Directors and Officers Insurance is the only thing that stands between creditor lawsuits and the personal assets of..
Errors & Omissions, or Professional Liability, claims against residential real estate agents and brokers are common. The lawsuit that real estate agents face the most is misrepresentation; however there are many other legal issues they might deal with. Investing in Professional Liability Insurance and familiarizing themselves with these potential complications is a good way for your clients to be prepared, should they face these complications. In Part I, we discussed a few of these problems..
Javier Gonzalez Appointed to Partner at Axis Insurance Services, LLC
FRANKLIN LAKES, NJ—Axis Insurance Services, LLC is proud to announce today that Javier Gonzalez, Executive Vice President of Sales, has been appointed Partner of the company.
Javier joined the company in 2005 as a Producer and worked his way into the position of Executive Vice President, in charge of the company’s sales operations.
Since then, he has contributed to the company’s tremendous growth (in excess of 500%) and has helped secure its leadership position as one of the premier professional..
In today’s litigious society, there are many ways for residential real estate agents to get sued. Professional liability insurance provides a legal defense and payment for damages on behalf of your real estate clients. However, knowing what type of claims can occur may help them be prepared and possibly reduce the chance of facing these issues. Here are some common legal problems that your clients might deal with.
Misrepresentations: These come in three types; innocent, negligent,..
Your fiduciary clients have important responsibilities and are subject to standards of conduct higher than that of professional liability, because they act on behalf of participants in a retirement plan and their beneficiaries. Under the Employee Retirement Income Security Act (ERISA) of 1974, fiduciaries could be held personally liable for breach of their duties in the administration or handling of employee benefit plans.
Many fiduciaries make assumptions that all of their personal assets are protected by..
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