It is estimated that one out of every five agents has an error or omission “incident,” every single year, and one out of eight agents actually has a claim.
A staggering 22% of agents had claims in the last five years! Insurance Agents NEED Professional Liability Insurance coverage to protect their agency as well as their personal assets. In addition, agents require proof of E&O coverage for an appointment with an insurance carrier.
At AJ Wayne we have access to most of the companies that offer professional liability to insurance agents. Our markets write standard agents, agents with claims activity, or specialty agents.
Insurance Agents Errors and Omissions Insurance potential program features include:
Duty to defend
Defense costs in addition to the limits of liability
First dollar defense coverage
Coverage for independent contractors
Broad definition of covered services
Low minimum premiums
Prior acts coverage to match expiring
Coverage for personal injury
Insolvency coverage carve backs or no exclusion in some cases
Because we have a large book of Insurance Agents Errors and Omissions Insurance, we have excellent relationships with our markets. As your advocate, we can often negotiate better terms with the insurance carriers and offer superior coverage options.