E&O

​Hi, Santa. It’s Brian, your favorite agents and brokers errors & omissions claims handler, writing after a year of diligently navigating the complexities of E&O claims.

In today’s volatile market, independent agencies face various emerging challenges that can lead to significant financial consequences.

As agency managers strive to perpetuate their agency, here are key areas to focus training and administrative efforts to reduce errors & omissions exposures.

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.

Before implementing artificial intelligence in your agency, understand the product and what it can do, Test the product before purchasing it, and simultaneously use human processes.

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.”

A well-documented agency file can mean the difference between outright vindication and a murky swearing contest that results in a lawsuit, settlement or both.

Generally, when consumers feel they are paying more and receiving less in return, problems arise.

At a time when agencies are feeling the squeeze from increasing operational costs and companies cutting commissions, solidifying relationships will help retain clients and protect income.