Insurance Agent Professional Liability: What Makes a Good Leader?
As a business professional who provides services and advice to clients, you are just as much at risk of an insurance agent professional liability claim as one of your clients is at risk of an E&O, or professional liability, claim. Due to this it’s imperative that you be financially covered with an insurance agent professional liability insurance policy, but also that you provide leadership to other employees of your agency, so that they will understand what’s expected of them and be able to potentially reduce their E&O risks.
So what makes a good leader? As defined by the Search Inside Yourself Leadership Institute (SIYLI), good leaders have the ability to motivate others, have optimum social awareness and self-awareness, and have a vision for the future. In the insurance industry, a good leader will have a clear understanding of the goals for the future of their agency, and also know how the agency can achieve them. Good leaders are said to be those who seek the skills, knowledge, effort, and resources needed to accomplish all agency goals.
Some industry experts feel that an effective leader is one who focuses on total enterprise value. This means that leaders are those who strive to create an environment where all employees try to leave their customers or prospect in a better place than where they were found. Establishing a positive customer experience, in turn, leads to a unique and memorable contact with the agency. Long term relationships with customers lead to cross-sales opportunities, referrals, and increase income and equity for the agency.
As stated by members of SIYLI, good leadership is an essential key to corporate success, and this doesn’t change in the insurance industry. At PL Risk Advisors, we understand that running a professional services business exposes you and your clients to extraordinary liability risks. An Insurance Agent Professional Liability Policy provides you with coverage that contributes toward legal defense costs, damage awards and settlements. Please contact us today at (855) 403-5982 to learn more.