The insurance you need while insuring others.
Insurance broker insurance to cover your company.
Insurance brokers and agencies sell insurance to their clients, but they also need specialty coverage. As an insurance broker, you have a significant amount of risk when it comes to dealing with your clients. Here are the most important coverages to consider incorporating into your insurance broker insurance policy.
Even insurance brokers and agencies need insurance.
Just like any other business, insurance agencies face risks that need to be adequately covered. For example, if an insurance broker sells a policy to a client but fails to send necessary information or premium to the carrier, the client would be uninsured. If that client suffers a loss and finds they don’t have insurance, the insurance broker would be held responsible. Another example is if an insurance broker misinforms a client about their policy specifics and the client believes they are covered for something they are not. If the client suffers a loss and a claim is rejected by the insurance carrier, the client could file a lawsuit. Having the right insurance can protect your agency from instances like these.
Essential insurance for insurance brokers and agencies.
The most important aspect of an insurance broker insurance policy is professional liability, or errors and omissions insurance (E&O). This covers everything from negligence, errors, and omissions, to the costs of lawsuits that arise from mistakes the broker or agency made. Another essential coverage, particularly for those with an office where they receive clients in person, is general liability insurance. For instance, this can cover the costs related to personal injury claims on your property. In addition, workers’ compensation insurance can help cover medical costs for employees who are injured while on the job. Similarly, if employees use a company car or personal vehicle to visit clients, proper business auto insurance should be secured.
The business side of running an insurance brokerage.
Every insurance brokerage has to take the business side of their operations into account when deciding on coverage options, many of which are common to any business. First and foremost, a business owners insurance policy (BOP) offers coverage for commercial property and general liability under a single policy. An agency of any size and type can benefit from this coverage. Another common coverage includes cyber liability insurance. Because your agency has clients’ personal information in your records, if there were a data breach that information could get into the wrong hands, and this coverage would protect from lawsuits or losses related to a cyber incident.
Are you an insurance broker looking for coverage for your insurance brokerage? Contact us to discuss your options with an insurance broker insurance policy.
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