Offering Umbrella Coverage: 4 Reminders for Independent Agents
To mitigate the risk of an errors & omissions claim, insurance professionals need to approach offering umbrella coverage with diligence and consistency.

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
Rising costs within the sector threaten coverage affordability and, in the long run, availability. Yet, insureds still need coverage.
The excess policy provides follow-form coverage on professional liability coverage with limits up to $5 million and a minimum attachment point of $500,000.
Claim activity, social inflation and third-party litigation funding are leading carriers to reduce their financial risk for abuse exposures, leaving health care organizations struggling to attain adequate insurance.
The product addresses unique risks in the rapidly evolving field of health care technology, including coverage for medical malpractice, technology bodily injury and cybercrime.
Seventy-three percent of independent insurance agencies saw an increase in their agency errors & omissions renewal premium in 2024.