Errors And Omissions Quotes
When you are looking for Error and Omission insurance agents, there are certain things that you have to take into account if you are going to get the right people to sell you insurance. Because so many people make costly mistakes when it comes to choosing the right Error and Omission insurance, we have prepared a small article you can use as a guide.
1. Look precisely for Error and Omission agents
Your local insurance man is probably not the perfect person to sell you Error and Omission insurance. Most insurance companies will not be solely focused upon Error and Omission, but rather will have lots of property and casualty insurance agents. Error and Omission insurance is a specific skill set. An agent has to come in and look at your place of work, your employees, the kind of clientele that you engage and a few other things before he can assess the level of risk that you may face. With the level of risk, he can then work out your premiums.
2. Shop and compare
When it comes to comparison shopping, you should treat Error and Omission insurance agents like any other insurance agents. There are some that are cheap, but that does not mean they are bad; others are expensive but this does not mean that they are good. The perfect Error and Omission insurance agent is the one who gives you the broadest coverage for the most ideal price. This means that you have to get quotes from several before contracting one of them.
3. Check litigation background
You must never buy any kind of insurance, whether E&O or P&C without checking how much time it takes an insurance company to settle claims. Error and Omission is an area of insurance that cannot wait; it is not like auto insurance or homeowners insurance where you may wait one or two weeks before settlement. Error and Omission requires swift response - your carrier should avail money immediately to pay for your defense and court costs. In case you have to pay a settlement, the money has to be available immediately.
The best way to find out if a company is litigious is to look online. Check in forums where people discuss such topics and ask them who is good and who is not good. You can also ask the errors and omissions broker agents that you talk to how long they take to come through whether this is stipulated in the contract that you sign.
4. Read the small print
What gets most people into trouble when it comes to all kinds of insurance are the terms and conditions. They don’t check it thoroughly enough to make sure that what is written is what they are looking for. Should things go wrong later, it will be hard to get restitution. Go through every document in the Error and Omission insurance policy that you choose.
Error and Omission agents come with the qualities that we have listed here. To make your search for the right agent short, call them or email them instantly for a quote.