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How to Avoid falling victim to E&O Claims 

Agents must be diligent and honest with their work Such practices help avoid E&O insurance claims being filed. Read more here:<br>https://agencyheight.com/errors-and-omissions/

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How to Avoid falling victim to E&O Claims 

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  1. Importance of E&O Insurance for Agents - What Agents Must Understand

  2. Errors and Omissions insurance • Agents tend to overlook such coverages as they believe errors from their side cannot occur • Legal lawsuits can be time consuming and expensive. • E&O insurance protects agents from going bankrupt • E&O can turn out to be good investment for agents.

  3. A few steps to remember in order to avoid falling victims to E&O claims are as follows,

  4. Documentation • Documenting everything, from the first email to the point the policy is sold. • Agents must keep records of everything. • This ensures proper management and reduces the risk of losing valuable. records. • In case a client does file a lawsuit. These records can act as evidence if necessary.

  5. Honesty • Agents must prepare their sales process with due- diligence. • Agents must never exaggerate benefits that are not mentioned in the policy. • Such practices can land agents in the mud and destroy careers. • In addition to this, agents may face bankruptcy as well.

  6. Proper risk assessment training • A commonly disregarded topic by many. • However, plays a significant role as many claims are filed because an agent fails to recognize the risks. • There are cases where agents fail to provide the right coverage as well. • Agents and agencies must schedule training programs to help build strong risk assessment skills to avoid future problems.

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