Insurance for Insurance Agencies and Brokers
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To protect your customers and your property
Business Owners Policy (BOP)Instant quote »
- Bodily Injury
- Damage to third party property
- Business Personal Property
- Personal Injury
- Lost business income
- Equipment Breakdown coverage
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As insurance is a service-based industry, agents and brokers have their own risks related to the services they provide. Brokers not only collect private information from their clients but also handle claims and provide advice to clients. Any of these services can be risky, particularly if some errors occur somewhere in the process of managing client accounts.
Errors & Omissions
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.
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.
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.
Hired & Non-Owned Auto
When your company hires vehicles or your employees borrow company vehicles to conduct business, Hired & Non-Owned Auto is your safety net against accidents and lawsuits. This includes medical benefits for the passengers or drivers involved in the accident if they obtain any injuries. Regardless of who is affected, this insurance protects your business, employees and the vehicles.
This insurance generally covers your business liability for data breaches like a leak of customer information, social security numbers, account numbers, credit card numbers, and the like. The insurance often pays for the legal fees and fines, credit monitoring, customer notification and other expenses that happen after the breach.
Business Owners Policy
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.
Frequently Asked Questions
How much does insurance cost for insurance agencies and brokers?
The cost of insurance varies on several factors. Most insurance carriers will review your experience and loss history before they can define the cost of your insurance.
Do I need Cyber Liability as an insurance agency?
Business transactions over the internet are key business functions today, so it's highly likely that you use the internet to conduct services to your clients. Cyber Liability insurance protects your business from cyber attacks that could be potential data breach and severe loss to your insurance business.
Why do I need insurance as an insurance broker?
Insurance brokers and agents perform many important duties, carrying the risk of errors. These include:
- Advising clients on their insurance needs
- Pairing clients with the appropriate insurer
- Collecting premiums
- Renewing client policies
During these regular duties, your business can make mistakes. For example, you may suggest a Cyber Liability insurance, which later turns out to be unnecessary. A broker may also erroneously enter an incorrect amount of premiums, resulting in the client paying more than necessary.
How to get a certificate of insurance as an insurance agent?
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.
Why Insurance Agencies and Brokers need insurance?
Insurance agents and insurance brokers provide a valuable service to their customers. Insurance products cover a wide range of potential risk factors, and insurance brokers and agents step in to help consumers navigate the often complex insurance industry. As insurance agents must be certified, the value they provide customers comes with years of experience and study in different insurance products. As insurance is a service-based industry, agents and brokers have their own risks related to the services they provide. Brokers not only collect private information from their clients but also handle claims and provide advice to clients. Any of these services can be risky, particularly if some errors occur somewhere in the process of managing client accounts.
What risks could Insurance Agencies and Brokers face?
Insurance brokers and agents perform a number of important duties, many of which are carrying the risk of errors. These can include:
- Advising clients on their correct insurance needs
- Pairing clients with the appropriate insurer for their situation
- Collecting premiums
- Regularly updating client records
- Handling claims and providing clients with advice
- Renewing client policies
During the process of performing any of these regular duties, insurance brokers may make mistakes. For example, a broker may suggest a product that he or she thought was well suited for a client, which later turns out to be unnecessary. A broker may also erroneously enter in an incorrect amount for premiums, resulting in a client who unwittingly pays more than was necessary.
It is also possible for client data to get out somehow. Cybersecurity is an important issue for all businesses these days, especially those that house private customer information. Insurance brokers especially keep client data on file that, if stolen, would lead directly to a client’s identity getting stolen. Social security numbers, bank account information, names, and addresses are all commonly collected by insurance brokers and stored on private servers. Should those servers get hacked, that puts the client at risk.
Handling client documents can also come with some risks. Paper documents can get lost. Files can get corrupted. Although these accidents are generally not purposeful, if they do occur, the agency is held liable for lost information; as well as any slowdowns in the processing of claims.
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