Though the vast majority of the language contained in these two policies may be identical, subtle differences can lead to very different outcomes. And take it from an E&O professional: They’re not all good.
Unless your clients only accept cash and do not receive anyone’s personal information, they need cyber insurance. Do not fall prey to the thought that a traditional CGL policy will cover a cyber event.
An agent needs two sharp eyes at all times to stay on top of the market. Keep abreast of new product offerings to prevent a future E&O claim.
Within every agency’s customer base lies a labyrinth of coverage limitations and policy exclusions—a potential roadmap to increased revenue.
Effectively utilizing an agency management system can reduce potential E&O exposure, position an agency to build a quality defense against allegations and ultimately lead to overall revenue growth.
It may seem like a natural extension of the service agents provide to customers, but advocating on behalf of the customer on claims can create E&O problems for you in the long run.
What does the clear upward trend in E&O claims carriers make against agents and brokers mean for your agency?
Any misrepresentation in a life or health insurance application could give a carrier grounds to rescind a policy or deny a claim—possibly resulting in an E&O claim against your agency.
First someone sued you or your agency. Now, your E&O carrier has sent you a reservation of rights letter. What else could go wrong?
Many agencies are starting to expand their business reach beyond the confines of one metropolitan area. Here’s how to make sure your right hand knows what your left hand is doing.
