Selling insurance can be a difficult business. After all, insurance agents are banking on risk and exposure to problems that can create issues for businesses in order to generate sales. And oftentimes the insurance agency or brokerage’s reputation is on the line. When something goes amiss, either in the handling of claims, or areas where mistakes generally can occur, clients often become extremely upset and this is the type of situation where lawsuits end up being filed.
Professional Liability Insurance Brokers need to maintain strong client relationships while achieving bottom-line results, which represents a great value to their clients. You need to partner with an insurer that is deeply committed to continuously improving their knowledge and experience of the prevailing laws, and are determined to make sure that it is as favorable to insurance agents and brokers as is possible.
Brokers must keep up with changes in the industry
Things are constantly changing, and so should your knowledge of the business issues that you face as insurance agents and brokers, including changes in the insurance industry along with industry technologies. These changes may affect your errors and omissions exposures and require updated loss control techniques.
The job of any agency should be to actively assist clients in trying to prevent errors from occurring that could not only damage their reputation, but also quite possibly destroy everything that they’ve worked so hard to create. It’s important to provide insurance agents and brokers with cutting-edge, practical errors and omissions loss control advice and to help them implement those techniques. In the event of an errors and omissions claim or lawsuit, you need someone knowledgeable to step in and take charge.
It’s an unfortunate fact that agents and brokers are often caught in the middle between the relationships that they have with their customers and the involved insurers. With an understanding of those relationships and the contractual agency agreements that may govern them, brokers must find solutions that will be agreeable to all of the concerned parties. Professional Liability Insurance Brokers can use their extensive knowledge and fact-finding capabilities to navigate their clients to a successful outcome with their expertise, care and advice.