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Insurance Agents’ Move to Specialize Causes E&O Issues


E&O Issues Facing Insurance Agents As the Move Into Specialization Grows, On-line Data Capturing Increases

Many insurance agencies are making the move from generalists to specialists, targeting specific markets and industries to provide insurance and risk management strategies, in addition to employee benefits, HR consulting, and financial planning. They’re offering turnkey professional services to industries they cater to, such as, for example, hospitality, food processing, energy, technology, municipalities, and others.

With a specialized focus and claims of expertise come additional exposures for insurance agencies and brokers. In stating that you are an expert in a specific class of business, then you’ll be held to the standards that are expected from an expert in a court of law. If a customer has a loss and it’s not covered and they have read that you are an expert in their sector, you could be looking at an E&O claim if there are gaps in coverage.

What’s more, with the proliferation of internet marketing and the gathering of consumer data on-line, E&O carriers are requesting that agencies have specific security and encryption requirements set up to capture information in their call to actions and requests for quote forms. Without these requirements, third-party breach of personal data coverage, depending on the carrier, could be excluded from an agency’s E&O policy.

These are just two examples of the types of issues facing insurance agencies today when it comes to E&O. And just as you advise your customers about assessing their exposures and looking at the risks they could face when it comes to providing professional services, you obviously should do the same for your own firm.

Axis Insurance can design a competitive program that addresses many of the risks that traditional E&O programs just don’t provide, including: Surplus Lines Business, MGA, MGU, Captive Management, Insolvency Coverage, Innocent Insured Coverage, Independent Contractors, Contingent BI/PD (Bodily Injury/Property Damage), Adverse Loss History (Insurance Claims), HIPAA Compliance, and Placement through RPG, PPO, MET, and other non-standard markets. Call us to discuss your E&O program. Our number is: (877) 787-5258.

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Blogged on: February 7, 2012 by Mike Smith
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