To protect your customers and your property
All Basic plan benefits and:
These policies provide coverage for the most frequent risks faced by insurance agencies and brokers:
Most claims will result from clients who believe their brokers made errors in judgment when managing the account. Errors and Omissions (E&O) will help mitigate costs of the majority of the common issues that arise for brokerages and brokers by covering legal defense costs and, depending on the result, potential damage restitution.
General liability insurance covers the common business risks facing insurance agents and brokers. These include customer property damage and advertising injury. General liability also helps you qualify for leases and contracts.
A Business Owner's Policy (BOP) helps protect the property you own, as well as cover your business against any third party claims. This includes equipment necessary for your business. Should these get lost in an accident, you may experience significant setbacks to your business.
As a business, you are legally obligated to make sure your workplace is safe. However, accidents happen when you least expect, and Workers' Compensation provides the coverage. Workers' Compensation provides injured workers medical care and partial compensation lost when they are unable to work. It also protects your business from lawsuits by the workers injured while working.
Identity theft is one of the fastest growing crimes in the United States. Although there are a number of ways this can occur, stolen information from data hacks is one method criminals use to grab bulk data from victims. Many high-profile cases exist, proving that even large technology companies are not immune to this issue.
The cost for an insurance agent's Errors & Omissions coverage is most often rated on the premium sold per year and the types of insurance products provided. Most insurance carriers will also review industry experience and loss history.
Insurance is a massive financial service utility for the modern world. It is insurance agents who are most responsible for placing the right coverage for their customers. If an error is made in the process the liability exposure is much larger than for other professional services. Errors could arise when:
During these regular duties, and with many others, your business can make mistakes. For example, you may forget to suggest an Employment Practices policy when selling D&O, which later turns out to be necessary. Even if you do not represent yourself as a full-service advisor, the client could make a claim against you for negligence in the placement of management insurance.
Business transactions over the internet are key to business function today, and it's nearly impossible to provide a professional service without utilizing the infrastructure. Unfortunately, there are countless bad actors also utilizing the internet and its easy access to the information. Cyber Liability insurance protects your digital footprint and is there to keep you in business if your customer's information is compromised.
To get a certificate of insurance, simply call your business insurance provider and explain your needs. Explain the minimum coverage amounts and the agent will confirm if the policy meets your requirements.
CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.
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