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E and O insurance for insurance agents protect agents from going bankrupt and help protect their reputation to some extent. Being a professional or an expert definitely increases the level of legal liability However, even when you are extra-careful, the possibility of committing an error cannot be entirely ruled out

Hence, in such circumstances, there is always E and O insurance for insurance agents to help cover for losses.

Research shows that 90% of E and O claims are due to an error than an omission. The severity of E and O claims involving commercial lines is much higher than the personal line. Nevertheless, personal lines involve a large number of E&O claims as well. Another research shows that 25 to 30 percent of total E and O claims pertain to product lines

There are a few ways agents can adopt to avoid falling victims to such legal lawsuits

Clarity of Clients’ Needs

Risk Analysis

Diligent Procurement

Meticulous Policy Review

Proper explanations of policy terms

Thank you for watching this video, hope it helped you understand more about errors and omissions. If you are an agent and wish to learn more about errors and omissions insurance. Click the below and get detailed learning.

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