Errors & Omissions Exposure
E&O Loss Contol - Ways to reduce your exposure
So what can you do to reduce your risk now that you know how many claims occur? Here are some simple things that you can do to protect yourself.
- Make sure that you have adequate E&O coverage and a good understanding of the policy.
- Think defensively, act professionally.
- Standardize and document your policies and procedures.
- Put communications in writing.
- Listen to and respond to your clients.
- Don’t generalize, be specific.
- Stay within your area of expertise.
- Stay current, train yourself and your staff.
- Do your own due diligence, investigate the companies you represent.
- When co-brokering business don’t assume anything, follow up.
- When filling out an insurance application with a client, don’t assume anything, make sure that the client answers the questions.
Errors and Omissions Insurance (E&O) Search