As you might expect, insurance carriers who provide Insurance Agent’s E&O are adapting to the pandemic in various ways.
Some are making efforts to educate their insured agencies by reminding them of proper claims handling procedures and best practices for avoiding E&O claims. Others are adding specific endorsements designed to exclude E&O coverage for claims arising from Covid-19 exposures. And some E&O carriers are exiting the Agent’s E&O marketplace altogether.
How should an agent protect the agency’s E&O program?
The primary way is to prepare for your next E&O renewal well in advance.
- Complete your renewal application and send it to your provider as early as possible….60 days in advance would be a good goal.
- Review your procedures manual for compliance with best practices.
- Communicate with your staff about the importance of proper claims handling.
Read Will Agency E&O Claims Be the Next Wave of COVID-19? for more information.
The IIAT Advantage E&O Team is ready to assist you!
Contact IIAT Advantage E&O today at 512.493.2431 or email EOAccountmanager@iiat.org