Finding Insurance for Insurance Agents

Insurance Agents

Finding Insurance for Insurance Agents

Professional liability coverage is a must-have in most of today’s trades and professions, especially for practitioners who work for themselves. Insurance brokers and independent agents alike need protection against the everyday errors and omissions that can happen due to unforeseen emergencies or even simple but unfortunately expensive mistakes. Sooner or later, everyone winds up in a situation where a customer makes a claim for damages, whether or not it’s justified. Robust E&O insurance for insurance agents doesn’t just cover those damages, it also helps pay for the costs of litigation where necessary.

Professionals Serving the Insurance Industry

There’s a reason why most insurance advice comes down to working with the experienced agents who really understand your industry, and when you work in the insurance industry, the advice still holds. Your most effective and well-written coverage quotes are going to come from people who have a lot of experience covering the people who sell insurance to others, no matter what kinds they sell. While the kinds of insurance offered vary, the kinds of liabilities faced by agents and brokers are broadly similar across the industry. That makes it easy for experienced players to quote accurate coverage for insurance industry clients. It’s easy to see why you benefit from working with someone whose expertise in this niche goes as deep as your own expertise in yours.


Do Insurance

Do Insurance Agents Need Insurance?

In the same way that a surgeon cannot operate on himself, those in the insurance industry must also find an insurance company to protect them from financial risks. One of the primary coverages is insurance agent E&O, also known as professional liability.

What Is Errors and Omissions Insurance?

An insurance agent is a trusted professional who helps people navigate the complicated world of insurance by advising they purchase policies to mitigate their financial risks. If clients claim an agent gave them bad advice, an errors and omissions policy covers the expenses associated with legal defense. It also  reimburses the client if the agent is found to be at fault.

Who Is Eligible?

The word agent is a general term that means anyone who acts on behalf of another person. Because most people lack the expertise needed to make good decisions about insurance policies, an insurance agent selects coverage for them. Other job titles eligible for insurance agent E&O include the following:

  • Managing general agent
  • Wholesaler
  • Surplus line broker
  • Program administrator

With so many policies at their fingertips, it may seem that insurance agents do not need insurance for themselves. An errors and omissions insurance policy, however, is not just required by law, but also is a smart way for agents to protect themselves.