Just as managing a client’s professional liability exposure properly is critical, insurance agencies must also ensure that their own Errors & Omissions (E&O) policies are adequately addressing their risks. This means making sure your coverage terms and limits correspond to your operation’s exposures, looking at whether your exposures have increased due to the type of business you’re writing (high-end network clients, niche markets), and the impact that new ownership or an acquisition may have on your coverage, among other issues.
Another concern is finding tailored E&O coverage at competitive rates for insurance agents and brokers specializing in insuring difficult risks such as program managers, aviation, long haul trucking, environment niches where you may be exposed to greater professional liability exposures. Agencies with previous E&O claims also may find it difficult to find a home for coverage.
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