Markets

To mitigate the risk of an errors & omissions claim, insurance professionals need to approach offering umbrella coverage with diligence and consistency.

Coverage will help medical technology, pharmaceutical, biopharmaceutical and digital health companies with the costs of product-related claims.

Proactive conversations with clients about catastrophe risks can surface potential coverage gaps and open the door to more forward-looking planning.

Agents must strike a balance between recommending suitable coverage and refraining from providing opinions on whether specific losses are covered under a given policy.

As trusted advisors, agents can identify the trends in specific types of professional services, understand the risks and translate them for their clients

Seventy-three percent of independent insurance agencies saw an increase in their agency errors & omissions renewal premium in 2024.

Here are five proactive ways to maximize your chances of successfully defending against an errors & omissions claim.

As the market for real estate agents has continued to change, one of the results has been an increase in the frequency and severity of claims made against them.

The wave of post-pandemic lawsuits has prompted independent insurance agents to review their errors & omissions (E&O) coverage and risk mitigation strategies.

“In the past, E&O coverage for seed dealers has been very cost-prohibitive,” says independent agent Shelly Turner. “Educating both clients and other agents on the availability of a lower cost, higher coverage option is a big focus.”