As a wholesale insurance broker, you may face several professional risks that could require specialized e&o for insurance brokers to help mitigate. If you haven’t added errors and omissions coverage to your insurance package in the past, here’s why you should consider including it in your next policy.
It May Help Protect You Against Potential Lawsuits
One of the most important reasons to consider getting E&O coverage is that as an insurance agent, you face potential lawsuits and allegations of mistakes, negligence and more. Some lawsuit areas that E&O could help mitigate include:
· Professional oversights
· Allegations of negligence or lack of due diligence
· Errors, professional mistakes or breaches of contract
It Could Offer Comprehensive Coverage Beyond Your Existing Insurance
Additionally, your current coverage may not encompass the same protections typically included in errors and omissions insurance. Some common offerings of an E&O policy include:
· An aggregate deductible
· A carrier insolvency cover
· First dollar defense
· A 50-50 hammer clause
Working as a wholesale insurance broker may require errors and omissions coverage to provide key personal protections that might be left out of your other insurance policies. Review these key facts about e&o for insurance brokers to help guide you to a comprehensive policy.