E&O Loss Control

Wouldn’t it be nice to know? This month’s Student of the Industry article takes a look at the data.

Should agents let the insured know and track down the premium past due or just let the policy lapse?

Some people may not consider a data breach a catastrophe, but then maybe those people aren’t small business owners with their livelihood tied to their business.

As many as 13% of all U.S. drivers are uninsured, according to the Insurance Research Council. Protect your customers and yourself by offering uninsured/underinsured motorist coverage.

With a $5-million aggregate limit in place, most agencies believe they are unlikely to be overcome by a series of small, unrelated claims in a single policy period. There is some truth to that but some peril, as well.

People are growing up in a world where their primary forms of communication include texting, Snapchat and Instagram. Unfortunately, with these forms of communication, agencies open themselves up to significant potential exposures.

It shouldn’t be news to anyone that technological advancements are shaping the world around us. But because new technology changes the way we live, work and play, independent agents need to keep up to date.

Without a doubt, purchasing or selling an insurance agency triggers additional errors & omissions exposure. What processes can successful agencies employ during a transition in order to help reduce their exposure to E&O claims?

Errors & omissions claims happen, and many of the worst ones—those in excess of $1 million—come from the same lines of business and involve similar types of errors.

Here are 10 suggestions for new agents that can help reduce your errors & omissions exposure.