Insurance Agent / Broker Insurance
Coverage considerations for insurance agents and brokers who advise clients, place coverage, and manage policies.
What this coverage is intended to address
- ✓Professional liability insurance and Errors & Omissions (E&O) insurance are generally intended to respond when a client alleges that you failed to procure coverage, placed the wrong limits, or made another error or omission in handling their account.
- ✓Defense costs that may be associated with a covered claim arising from your professional services as an agent or broker.
- ✓General liability is generally intended to respond to third-party bodily injury or property damage that may arise in your office or during client meetings.
Coverage products commonly considered
Most insurance agent / broker operations consider one or more of these coverage types:
Hypothetical claim scenarios
These are hypothetical examples only. Actual coverage depends on the policy form, exclusions, and carrier determination.
- A client alleges you failed to bind a policy they requested and they suffered an uninsured loss; professional liability / E&O insurance is generally intended to respond to a covered claim of this type.
- A client alleges you procured limits far below what they asked for, leaving them underinsured at the time of a loss; professional liability / E&O insurance is generally intended to respond in the event of a covered claim.
Frequently asked questions
Why do insurance agents and brokers need their own E&O insurance?
Because the work of placing coverage carries its own exposure: a client may allege a failure to procure, incorrect limits, or another error or omission. Professional liability insurance and Errors & Omissions (E&O) insurance are generally intended to respond to that kind of claim against the agency itself. A licensed insurance professional can review your operation.
Does general liability matter for an insurance agency?
Where clients visit your office, general liability is generally intended to respond to third-party bodily injury or property damage. It complements the professional liability / E&O coverage that addresses your advisory errors. A licensed insurance professional can help you confirm the right mix.
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