The Most Common Misconceptions About Insurance Agent Errors And Omissions You Should Know

Whether trying to sell or buy professional liability insurance, you must learn some of the most common misconceptions about this particular policy, especially when dealing with insurance agents.

The next few paragraphs will help you deal with any problems you might have regarding errors and omissions insurance policies for insurance agents.

1. Insurance Agents Don't Need Professional Liability Insurance First of all, just because you are an insurance agent, it doesn't mean that you don't need professional liability insurance anymore. This is far from the truth. It’s time for you to get the policy for yourself as soon as possible.

2. It Will Not Protect You from Litigation Fees In The Future It will protect you from incurring any additional fees that you might have to pay out of pocket if someone sues you for any mistakes or erroneous information contained in the policy you are selling.

3. Lack of Informational Sources You will discover more information about errors and omission insurance if you decide to update your policy. From the scope and limitations to the coverage and deductibles, your company will be able to provide you with information regarding what you need to know as soon as you update your existing policy.

4. The Policy Protection Only Applies To You This is another misconception that needs to be dealt with. The good news is that you will be able to protect others using your policy. By declaring people as beneficiaries of your professional liability insurance, you will also be able to provide them with the protection they need if something happens to you.

5. It Doesn't Cover All Your Legal Expenses Although it may have some limitations regarding what coverage it can provide, you could shoulder the brunt of any financial damage that you might have to pay for after potentially losing your case using your professional liability insurance.

Closing Statement

There is no reason for you not to get professional liability insurance as soon as possible with these benefits. You will become well protected as you go out on your own to sell insurance.

At Second Western Insurance Services, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (818) 952-5203. You can also request a free quote by CLICKING HERE. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!