Errors & omissions insurance for insurance agents is a beneficial type of insurance that can help an agent should some client become unhappy with certain services where a mistake may have been made and decides to sue. Although many agents may be familiar with the insurance process, it is usually helpful to understand how an insurance policy can help you and the way it may work.
As for this type, errors & omissions insurance for insurance agents helps you by reducing your out of pocket expense for a defense in the case of a client suing for one reason or another. Depending on your personal policy, the insurance may also help with past claims, and to protect you from accusations of libel or slander and copyright infringement. Without such insurance, many agents would have to foot the cost of a defending themselves against a client. This may cost up to thousands of dollars, no matter what the final outcome is. Having an insurance policy can help to reduce some of the stress involved with being sued and having to defend one’s self in court.
Overall, having errors & omissions insurance for insurance agents is beneficial because it can help reduce stress and monetary costs associated with being accused of a mistake, whether that is an error, and accusation of slander, or even negligence. For more information, look into your own policy today.