There are a few types of insurance for insurance brokers. These plans not only cover your office and necessary equipment, but also shield you from problems that may arise due to disputes with clients. In general, these types of policies should take care of your basic needs:
Why Do Insurance Agents Need Insurance?
As an insurance agent, your primary concern is making sure your clients have the coverage they need, but what about your protection? There are numerous reasons why insurance for insurance agents should be higher on your priority list, if it isn’t already.
In addition to protecting your business’s assets from the usual concerns over theft, property damage or natural disasters, errors and omissions insurance for insurance agents safeguards you in the event you and a client don’t see eye to eye. B2Z offers a wide array of professional liability insurance for insurance agents as well as other policies to help ensure you have everything you need.
What Kind of Insurance Coverage Do You Need?
Business Owner’s Policy (BOP).
A business owner’s policy combines commercial property and general liability insurance as well as some additional coverages. It is meant to cover you for contingencies such as property damage to your offices and their contents, loss due to theft, damage to a client’s property caused by you or your staff, lost income stemming from a covered event, any injuries suffered by clients at your location, and lawsuits surrounding advertising claims.
Practically every state requires that you carry this to protect you and your employees in the event of an injury or illness suffered while on the job. This is necessary to provide for medical bills, to cover lost wages and to eliminate your liability if the worker in question files a lawsuit against you. Failing to obtain this type of policy can result in heavy penalties and fines.
Errors and omissions insurance for insurance agents and brokers is one of the most important policies you can carry. This better ensures your legal fees and damages can be paid in the event a client sues your office for financial losses or disputes over services rendered. Having E&O insurance for insurance agents can be critical in these situations because without it you could be left facing serious consequences your business may not survive.