Get the insurance you need to protect your insurance company
Insurance is an essential component in modern society. It is pooled risk; it gives individuals protection against the contingencies of illness, injury, and death. Not everything in life can be anticipated. Even the most careful and conscientious persons will confront the unexpected. And such unanticipated events can involve adverse financial consequences for them. Insurance gives them a lifeline; it helps mitigate the worst effects of the worst things that can happen in life.
It is your job as an insurance to manage and organize the products and services that help people protect themselves and their families against such incidents. People depend on you, as they should, to be there when they need you. They also trust that you will provide them with the financial resources that are stipulated in the particular product they have paid for.
However, you do not have perfect knowledge of every possible incident that can befall your clients. While it is important to be rational and methodical about judging the validity of a claim it does not always mean that your decision will be accepted. In some cases, the facts of both the policy and the circumstances of the claim are on your side. In other cases, things are not so clear-cut. And if your client has suffered serious financial loss owing to an error or omission in the policy you offered, they might have a very good legal case against you.
It is important to protect your company against such suits. You engage in litigation to stave off any further challenges by clients who may be in a position to make a similar claim against you.
This all takes money. A long legal battle requires serious financial resources—the kind of resources that can threaten the very existence of your insurance company. E & O insurance for insurance agents helps offset the cost of fighting such a legal contest. E & O insurance is designed to help insurance providers defend themselves against claims of negligence. The people who sue you will be well-represented, as there is an entire legal industry dedicated to this sort of court action. You will be facing lawyers who have the prospect of taking a piece of a big settlement at the end, and they will be well-staffed and well-resourced in pressing the case of their clients.
You must be likewise prepared. You must be able to employ a legal team that will be effective in securing an outcome that is favorable to you. This takes money, and the best way of securing it is to have insurance that pays out for this specific purpose.
You may be in a situation in which all is against you, and there was a legitimate error or omission committed by your firm. In this case, you will be forced to pay-out. Having E & O insurance will ensure that the settlement you are compelled to offer does not take the whole of your business down. You should be able to recover from a mistake. E & O insurance will ensure that you do.
It is your job as an insurance to manage and organize the products and services that help people protect themselves and their families against such incidents. People depend on you, as they should, to be there when they need you. They also trust that you will provide them with the financial resources that are stipulated in the particular product they have paid for.
However, you do not have perfect knowledge of every possible incident that can befall your clients. While it is important to be rational and methodical about judging the validity of a claim it does not always mean that your decision will be accepted. In some cases, the facts of both the policy and the circumstances of the claim are on your side. In other cases, things are not so clear-cut. And if your client has suffered serious financial loss owing to an error or omission in the policy you offered, they might have a very good legal case against you.
It is important to protect your company against such suits. You engage in litigation to stave off any further challenges by clients who may be in a position to make a similar claim against you.
This all takes money. A long legal battle requires serious financial resources—the kind of resources that can threaten the very existence of your insurance company. E & O insurance for insurance agents helps offset the cost of fighting such a legal contest. E & O insurance is designed to help insurance providers defend themselves against claims of negligence. The people who sue you will be well-represented, as there is an entire legal industry dedicated to this sort of court action. You will be facing lawyers who have the prospect of taking a piece of a big settlement at the end, and they will be well-staffed and well-resourced in pressing the case of their clients.
You must be likewise prepared. You must be able to employ a legal team that will be effective in securing an outcome that is favorable to you. This takes money, and the best way of securing it is to have insurance that pays out for this specific purpose.
You may be in a situation in which all is against you, and there was a legitimate error or omission committed by your firm. In this case, you will be forced to pay-out. Having E & O insurance will ensure that the settlement you are compelled to offer does not take the whole of your business down. You should be able to recover from a mistake. E & O insurance will ensure that you do.
