Insurance agencies and individual agents act as brokers in selling insurance policies to individuals and entities. The risks these businesses face are complex, which is why we offer custom-tailored Insurance Agency Insurance that can include General Liability, Errors & Omissions, Property, Workers’ Comp, Crime, Business Auto and more.
The chances of an on-site injury occurring is moderate as agents frequently have clients visit their office and have documents picked up and delivered by courier, making protection with General Liability insurance from third-party claims and lawsuits necessary. Likewise, agents often visit their clients’ homes, offices or work sites and can cause damage to property that could result in a claim.
Regardless of the type of insurance you sell, you deserve the same level of expert advice and service that you provide to customers who are looking to protect their businesses. Even the most diligent and through insurance agents are susceptible to claims alleging negligence or errors in the services they provide. Insurance agency employees may make mistakes in their daily activities, especially if the agency does not maintain specific policies and procedures, does not maintain regular signoffs or does require regular review of records. Insurance agents face errors and omissions exposures for failure to bind requested coverages, failure to document, and failure to disclose policy exclusions and optional coverages that may be available.
Insurance agency employees are subject to office-related injuries caused by repetitive motions, slip and fall hazards, heaving lifting and, if work is conducted off-site, injuries at the workplaces of clients or while traveling. Worker’s Comp covers the cost of the medical care resulting from such injuries as well as any lost wages attributed to the injury.
The risk of automobile accidents for an insurance agency may require employees to drive owned, non-owned or hired vehicles for business purposes resulting in an automobile accident risk. MVR’s should be run on all drivers to verify acceptable driving records. Drivers using their own vehicles should maintain a personal auto policy with auto liability limits equal to at least $300,000 combined single limits.
The property damage risks to an insurance agency is generally the same as any other office. Fires could occur and spread quickly due to the high paper volume. Important items that may be lost include customers’ records and computers. All businesses can suffer property damage from severe weather, natural disaster, or from faulty plumbing or electrical wiring..
Crime Insurance covers your business and your clients from theft and embezzlement by your employees. Insurance agencies pose a relatively high risk for crime by dishonest employees because of the access employees have to clients’ personal information. A special coverage part if required to add coverage for losses to clients. Losses resulting from outsider theft of cash, securities and property or hackers stealing from your bank account are also covered under Crime Insurance.