Ever hear the adage, “The two happiest days in a person’s life are the day they buy their boat and the day they sell it”? The same is true of the insurance professional who views acquiring another agency through rose-colored glasses.
If you want the next generation of your agency to find the path to success, you’ll need to let your example show the way. Here are five good habits that can help reduce or prevent errors & omissions claims.
Errors & omissions protection or agency growth? They’re not mutually exclusive.
Stick to procedure to avoid the errors & omissions pitfalls of everyday agency operations.
If your agency website is collecting dust, it could be exposing your business to errors & omissions claims—and even fines. To avoid the potential E&O fallout, ask the following questions about your agency website.
Placing special events coverage for a client is generally not the cakewalk you were expecting.
Because the amount of cyber coverage available is normally several million dollars, the potential errors & omissions exposure for mishandling such a policy is substantial.
Between now and the day you retire, unforeseeable circumstances may get in the way of your workplace farewell. How can you minimize disruption?
Marijuana, mold, drones—why turn a blind eye to a new risk when it could be so lucrative for your business? Before agreeing to write that policy, make sure you’re not walking straight into an errors & omissions disaster.
You may not even realize it, but your agency’s website could be exposing you to an errors & omissions claim. Keep these two issues in mind to protect your agency.
