Why does this matter?
You have E&O insurance to protect your agency in case you make a mistake while selling or servicing a policy. That coverage can be a lifesaver when something goes wrong.
But many agents don’t really understand how this coverage does – or does not – work. You and any of your staff need to know how E&O works so you can both reduce your need to submit a claim, and know what to do if you find yourself in a situation where you might need to submit a claim.
Common misconceptions and ways to reduce E&O risk
Tabitha DeGirolano, RPLU, and E&O risk management specialist at Utica, joined us for a live webinar to clear up common misunderstandings about E&O, and to share some ways you can reduce your risk of having a claim.
Below the video are some excellent documents from Utica with more details about several subjects.
The video includes far more than we can write up in text on this page. Watch it all, or use the chapter markings in the video to jump to the sections that you’re most interested in:
Here’s what’s covered in the video:
- 00:00 : Meet Fritz, your host
- 00:21 : Meet Tabitha DeGirolano (from Utica)
- 01:48 : Agents tend not to read contracts . . .
- 03:17 : Disclaimer
- 03:47 : What you don’t know about E&O CAN hurt you
- 04:58 : . . . My customers would never sue me
- 06:52 : . . . words like “apples to apples” 🍎 can get you into trouble
- 09:47 : . . . calling customers about pending non-pay cancelation is risky 😮
- 13:37 : . . . you have a duty to ask customers about changes
- 16:22 : . . . never sign an app for a customer
- 18:39 : E&O carriers are not vending machines
- 20:57 : ⭐ It’s best to quickly notify your carrier of a potential claim
- 23:24 : Your aggregator’s coverage will not cover you
- 27:53 : Question: If the error is less than your deductible can you just pay it out of pocket❓
- 30:47 : 1️⃣ Document all customer interactions
- 34:16 : 2️⃣ Don’t sell coverage you don’t fully understand
- 36:38 : 3️⃣ Consider using disclaimers in your proposals
- 37:32 : 4️⃣ Certificates of insurance can be a minefield
- 40:20 : Question: Do you need to increase E&O limits as your premium increases?
- 42:49 : What if a client wants a coverage they don’t need?
- 43:54 : Download additional documents – and consider Utica for your E&Ol
Downloadable Articles from Utica:
Utica has given us permission to share these articles with you. Each one addresses a topic related to E&O. Which one does your agency need to improve on?
- 6 common causes of agents’ E&O claims
- Add disclaimers to your quote proposals
- Watch out when providing certificates of insurance (COI) for customers
- Failure to obtain proper coverage
- Failure to renew
- Failure to notify of cancellation of coverage, replacing canceled coverage, and reporting of claims
- What to do in the event of a claim
Need help with your own E&O policy?
Firefly (and almost all of our agents) have been covered by Utica’s E&O for several years. Their coverage is great, and their rates are too.
If you’d like to review your insurance with Utica, or get a quote, call Tabitha at: (315) 734-2439. She’ll find out a bit about your situation and connect you with someone who can help.