Cheapest E&O Insurance For Insurance Agent
The Cost, Inclusions And Exclusions
Obtaining the cheapest e&o insurance for insurance agent is a requirement to become insurance producer. Professional liability insurance, as the name implies, covers any liabilities that may emerge as a result of your mistakes at work. As a result, all insurance producers must have errors and omissions insurance. Getting errors and omissions insurance after making an error will be too late. Hence, before you begin dealing with customers, be sure you have a professional liability insurance policy.
The importance of professional liability insurance is equal for a fresh insurance agent and an accredited advisor in insurance. Similarly, all insurance service-providing individuals and companies need errors and omissions insurance. If you sell property and casualty insurance or any other kind of insurance, you need E&O insurance.
Especially if you have an AAI Designation, be sure to get professional liability insurance to protect your financial health and career. After all, you definitely don’t want to lose your hard-earned position.
In this article, we will talk about the cost of professional liability insurance and the inclusions and exclusions for an insurance producer.
What is the Cheapest E&O Insurance For Insurance Agent?
First, let us talk about the cost of errors and omissions insurance for an insurance producer. According to Insureon, 47% of insurance professionals invest between $500 to $1000 every year on errors and omissions insurance. On the other hand, just because you have insurance does not mean you should be irresponsible. So, professional liability insurance is only for the worst-case scenario after you become insurance producer in Atlanta.
Inclusions and Exclusions of Errors and Omissions Insurance
Professional liability insurance will cover you if you make an error while providing advisory or other insurance services. Likewise, it can lead to losing your client and even legal consequences when you make an error. So, any potential litigation will be covered by even the cheapest E&O insurance for insurance agent.
Additionally, any liabilities due to omissions, misrepresentation is also an inclusion. However, if any error turns out to be intentional, the errors and omissions insurance will not cover the liabilities. Furthermore, do not expect the policy to protect you if the liability results from an illegal act. So, be diligent and focus on your customers insurance needs when you become insurance producer in Atlanta.
Lastly, if you are looking to expand your business, then try out the membership plan of the right platforms.
Furthermore, if you want to know are all employers required to have workers compensation insurance, you can reach out to us.