Errors and omissions insurance, commonly referred to as “E&O” coverage, protects businesses and individuals from claims and lawsuits arising from failure to perform contracted work as well as mistakes made in the course of doing business.
There are a few simple steps that can help reduce the risk of creating an E&O exposure for yourself and your agency.
- Have your clients sign off on unwanted coverages
- Use the most updated version of a carrier’s application (if applicable)
- Discuss any coverage restrictions or limitations that are included in the quote or policy
- Educate insureds by providing examples of coverages or explaining the intention of certain coverages (see download link below)
- Inform clients if you are using a non-admitted carrier or a carrier with a lower A.M. Best rating
- Offer professional E&O coverage specific to the client’s industry just as you would for your own agency
MiniCo has created a “Coverages in Action” flyer to help agents explain some of the optional coverages available in our specialty self-storage insurance program. Click the link to download a brochure, and contact your MiniCo underwriter at 800-528-1056 for more information.