subject: E&O-4 Tips For Finding The Best E&O Coverage [print this page] E&O-4 Tips For Finding The Best E&O Coverage
Should you get E&O (error omission) coverage? The truth is, it does offer critical protection if you are in a high-risk business. Sure, it is technically sold to everyone, but some companies are more in need of it than others. However, there are a number of companies that offer this coverage. For this reason, here are four tips to help you find the best policy:
#1) Ask others
First, if you want to locate the best company for you, then asking others you know in your business is a great strategy. This is such a highly specific line of insurance that some companies are better at insuring certain industries than others. For this reason, while one firm might offer good coverage to doctors, they might not be so effective at covering attorneys. Therefore, asking others who do what you do is important.
#2) Look for companies with lenient early termination agreements
Obviously, in some cases you are just paying on a month by month basis, so this does not apply. However, if you do sign a contract and have to end it early for some reason, it is important you know how the firm handles that. For instance, you might have a 12-month contract that costs $3000 for the life of it that you want to end it after a half year.
In this case, you might think you will only have to pay for the six months you use the E&O coverage for. However, with some companies this is not the case. Each company has a different way of figuring out what you owe in this situation, so make sure you are aware of how this works before signing any contract.
#3) Use a respected broker
While using a broker is always quicker than getting individual quotes, going with a respected broker is important. Try to find ones that have relationships with a lot of different companies. This way, they will be able to return you a wide range of quotes, which will give you a good idea of what you will be paying.
Try to find brokers that have licenses to do businesses in every state, as they are typically the most reliable. Also, look for ones that you can talk with over the phone. This way, they will be able to explain to you the differences in the different policies, so you know what you are looking at when comparing prices.
#4) Find a knowledgeable agent
Once you have used the above three tips to find a good company, it is very important that you find an agent in the firm that knows error omission coverage. Remember, this is not the same thing as general liability coverage. Therefore, an agent that is an expert in liability might not be as knowledgeable about this field, even though they claim they are. Therefore, look for someone who specializes in E&0.
The bottom line-finding good E&O coverage is hard, but not impossible. Implement these four tips, and you will find the right company for you.
welcome to Insurances.net (https://www.insurances.net)
