Tag Archive Brokers

Brokers and Agents

Professional Insurance for Brokers and Agents

When you work in the insurance industry, you occupy a position of trust, just like in other financial services. Like those other financial professions, the decision-makers who ultimately take responsibility for the coverage paperwork by writing policies and closing deals wind up taking risks because of the liabilities they take on with regard to their clients. Insurance agent E&O is a bit different from what you’d see in the real estate or stock investment communities, but it does cover a wide range of similar mistakes and omissions, and it does provide similar protection against financial losses associated with liability for a client’s losses due to mistakes or intentional omissions.

What Exactly Does an Insurance E&O Policy Cover?

Confidentiality and information handling regulations are more stringent than ever, so modern E&O policies include provisions that cover you in the event of HIPAA violations, as well as longer-standing issues like insolvency, coverage for actions undertaken by independent contractors working on your behalf, and other common industry risks. That includes innocent insured coverage, too. For more specifics, you really need to talk to an agent who specializes in quoting E&O policies to other insurance professionals, because the exact coverage and cost is determined by your business risk profile, and as you know, that’s something it takes time to work up because it’s different for every business every year.