Error Omissions
Error Omissions
Submit your information below so we can contact you with a FREE quote
[All fields are required.]
Actual Annual Revenue:
Verify:
=
I have read and agreed to theTerms & Conditions
Error Omissions
Error Omissions

Social Media and Insurance Agency Errors and Omissions


More insurance agents, large and small, generalists and specialists, are using social media to connect and engage with clients and potential customers. You’re probably one of them. You’ve got a Facebook page, Google +1 page, Twitter account, YouTube videos, a blog, and have unleashed the power of Internet Marketing and SEO with the combination of social media integration in your overall agency’s website. It’s all good.

But what are the implications of social media on an agency’s errors and omissions exposures? Some states have issued guidelines; others have said that existing advertising rules apply to advertisements that appear on the Internet, while others have yet to weigh in on the matter. While the regulatory agencies governing the industry continue to grapple with this digital form of communication, there are steps that you can take in social media practices to help mitigate E&O risks. In culling through articles written in National Underwriter and for the Agents Council for Technology (ACT), we have put together these quick tips for you.

  1. Be sure you read the user agreement and privacy statement on your website. Comb each detail carefully, and have your legal counsel review the statements to make sure you have a full understanding of the liabilities to which your agency is agreeing.
  1. Establish procedures in your agency that address to what extent employees have permission to link to your agency’s sites, or use the agency name, logo, or other advertising material on their personal social media sites. You don’t want your employees making false statements about the agency and its products or services.
  1. When blogging, be sure to vet any comments and posts you receive carefully to make sure nothing is taken out of context and to limit your exposure to defamation.
  1. Set guidelines for your employees defining who can participate on the agency’s social media platforms. Be sure to define acceptable behavior. For example, as obvious as this may seem, be sure their comments are professional and that no misleading statements are made. An illustration of this involves an agent’s Facebook post that included a promise that “there will be no premium increase if you have an at-fault accident.” When a premium increases or a claim is not covered because promotional information did not disclose coverage exclusions, an agent may face an errors and omissions claim. Also, be sure that your employees don’t participate in attacks on individuals or businesses. Underscore the consequences of non-compliance.
  1. Use the standard disclaimers on your websites that you use in email and voice mail. Your staff should follow the same agency procedures in place about risk analysis, recommendations, and documentation to all content and discussions on social networking sites.

Axis Insurance Services specializes in Insurance Agents and Brokers errors and omissions insurance (E&O Insurance) programs specifically tailored to each insurance agent, insurance agency, insurance broker, and insurance brokerage. 

Comments

comments

Blogged on: October 12, 2011 by Mike Smith
Error Omissions
Error Omissions
Submit your information below so we can contact you with a FREE quote
[All fields are required.]
Actual Annual Revenue:
Verify:
=
I have read and agreed to theTerms & Conditions
Error Omissions
Error Omissions