Reducing Insurance Agent E&O Risks

Posted on: August 15, 2016 by Huntersure

While insurance agents do their best to provide the guidance and professional advice their clients need, mistakes can still happen. As no insurance professional is immune to claims, it’s imperative that your clients carry the necessary Insurance Agent Errors & Omissions insurance. Furthermore, here are some tips to share with your clients to prevent these claims from occurring.

According to the National Ethics Association, the odds of facing a lawsuit are one in seven. This sobering statistic demonstrates the importance of carrying this coverage and understanding how to minimize potential claim activity. Here’s how:

1. First and foremost, your clients should remain ethical at all times. While this may seem obvious, abiding by proper regulations, guidelines and requirements can keep them out of hot water. Further, serving employees to the best of their knowledge and offering the necessary coverages is critical to their success.
2. Sell insurance by the book. Take a close look at each prospective customer and determine what coverages they need and with what limitations. This will ensure customers are well taken care of and know that your clients have their best interest in mind.
3. Be diligent. Take the time to follow-up with clients to make sure their needs have not changed. Have they bought another house? A new car? Had a baby? These life events are likely to spark some new insurance needs, so be diligent.
4. Accept feedback. Mistakes are bound to happen so accept feedback from clients and work to resolve the issues with a sense of urgency.
5. Update policies regularly and solidify changes with a signed copy. Document all changes and cancellations to ensure regulations are strictly followed.

At Huntersure, we specialize in providing quality insurance programs designed to safeguard this industry and its staff from financial loss. To learn more about our operation as well as our allied healthcare insurance programs, contact us today at (855) 585-6255.

 

Posted in: blog Insurance Professionals

Tagged: insurance agent E&O Insurance Agent Professional Liability Insurance reducing insurance agent e&o