E&O Issues When Buying or Selling an Insurance Agency
Before buying or selling an agency, thinking about errors & omissions issues beforehand will help avoid difficulties down the road.
 
	Before buying or selling an agency, thinking about errors & omissions issues beforehand will help avoid difficulties down the road.
 
	Things such as how you care for your customers, empower your staff and celebrate your wins make a world of difference during crisis moments.
 
	Owners love their cars, showering them with tender loving care. They want coverage that will take care of them, too. Classic car insurance is the best way to keep your client’s classic or antique car safe and sound.
 
	Insurance agents need to be careful and take appropriate steps to avoid errors & omissions claims that allege they failed to offer uninsured/underinsured motorist and umbrella coverage.
 
	Before placing errors & omissions coverage with any carrier you are appointed to represent, consider these five factors.
 
	An agency has several clients that are nonprofit private swimming pool clubs. They are looking to the agency for help to reopen safely, including advice with waivers and standard procedures.
 
	An insured is under scrutiny by media and news outlets for what reporters are alleging is improper employee terminations. If the insured’s agent sees the news, is there any duty on the agent’s part to report the potential claim to the insurer?
 
	How inadequate training, merger & acquisition slip-ups and faulty technology processes cost agencies.
 
	A prospect bought a warehouse for $1 million. The replacement cost is $25 million but the owner only wants to protect their investment and has said they wouldn’t replace the building in the event of a total loss.
 
	Here are a few simple reminders that will help insurance professionals avoid many of the errors & omissions pitfalls associated with the procurement of builders risk policies.
