E&O Tips

E&O Tip – Is there an E&O impact when the rating of one of your carriers changes?

While most agencies are pretty good about checking the ratings of the carriers they do business with, these same agencies seem to focus on the ratings changes that...

E&O Tip – Are you providing the coverage the customer asked for?

In most, if not all states, there are specific duties and standards that insurance agents will be held to. Essentially, absent a “special relationship”, an insurance agent has a duty...

E&O Tip – Does your Homeowners Policy cover Social Media?

There is a good chance that most of an agent’s personal lines customers present some form of social media exposure. If a claim were to develop, to what...

E&O Tip – When a customer’s signature didn’t help

Most E&O seminars will stress the importance of securing the signature of the client on the appropriate applications. This is certainly very sound advice since in most, if...

E&O Tip – Are you doing the necessary follow up?

There is no doubt that life at the agency side of the business is hectic and there are no signs that it will be slowing down any time...

E&O Tip – Account Reviews – is your agency at least making the offer?

As I interact with agents in my travels and especially in my seminars, the discussion of account reviews will oftentimes come up. In most of the conversations, the...

E&O Tip – Are you using your Agency Management System to Reduce your E&O exposure?

One of the capabilities that that you should look for when purchasing a system, does it provide the capability to focus on cross-selling opportunities. Some system allowed an agency to...

E&O Tip – Do all of the employees in the agency know what is expected of them?

“Agencies don’t make mistakes, people do”. While this is an old saying, there is no doubt that it is still extremely accurate. For an agency to be successful,...

E&O Tip – Sending a Cover Letter with the Policy: Is General Better than Specific?

In many (probably most) states, there is a standard/expectation imposed on the client requiring them to read their policy. If an E&O claim were to develop, based on...

E&O Tip – Broker of Record letters A Potential E&O Issue?

While acquiring accounts via a BOR certainly occurs frequently in this business, it is important to realize they have the potential to result in an E&O headache if...