Anyone providing professional services is at risk of being sued. Even if no mistakes are made, clients may encounter unfortunate circumstances and sue in order to attempt to recap some of the losses they experienced. An unwarranted lawsuit can cause permanent financial damage to a business just as easily as one where a mistake was made. E&O insurance is professional liability insurance that protects professionals from lawsuits based on an error or omission of service. When searching for an E&O wholesaler, expertise, coverage, and performance history are key factors to evaluate.
- Expertise – E&O coverage is highly specialized. When choosing a wholesale broker, it is important to find one who has expert knowledge of the insurance industry, and also a thorough understanding of your profession and how to adapt and shape a policy that will meet the needs of your business.
- Coverage – There is no standard or basic error and omission plan to apply for. Professional liability coverage is unique to each professional, and a quality wholesaler will make sure the coverage matches the risks.
- Performance History – Due to the importance of the success of the coverage, it is particularly essential to examine a wholesale broker’s performance history. Because there is no way to predict the costs of potential lawsuits, finding a broker who has experience with companies of similar size and type can predict future success with your business.
The connection between a professional and an E&O wholesaleris not a one-time transaction but an ongoing relationship. Whenever changes are made to services, policies should be adjusted to reflect changes. Finding the broker who anticipates needs and has proven expertise in providing the best coverage can keep your business safe.