5 Questions To Ask Your Insurance Broker: Professional E&O

5 Questions to Ask Your Insurance Broker About Professional E&O Insurance

Professional E&O insurance, also known as errors and omissions insurance, is a type of liability insurance that protects businesses and professionals from claims of negligence, misrepresentation, or mistakes made in the course of providing services. If you are a professional, it is important to have E&O insurance to protect yourself and your business from financial losses in the event of a claim.

Here are five questions you should ask your insurance agent about professional E&O insurance:

1. What is the policy's coverage limit? The coverage limit is the maximum amount of money that the insurance company will pay out in the event of a claim. It is important to choose a policy with a coverage limit that is high enough to protect your business from significant financial losses.
2. What types of claims are covered? Not all E&O policies cover the same types of claims. Some policies may only cover claims related to specific services or industries. It is important to make sure that the policy you choose covers the types of claims that are most likely to be made against your business.
3. What are the policy's exclusions? E&O policies typically exclude certain types of claims, such as claims for intentional acts or claims that are covered by other types of insurance. It is important to understand the policy's exclusions so that you are aware of the types of claims that are not covered.
4. What are the policy's deductibles and copays? Deductibles and copays are the amounts that you must pay out of pocket before the insurance company begins to pay on a claim. E&O policies typically have higher deductibles and copays than other types of liability insurance.
5. What is the policy's claims process? If you are ever involved in an E&O claim, it is important to understand the policy's claims process so that you can file a claim promptly and correctly. Your insurance agent should be able to provide you with more information about the policy's claims process.

In addition to these five questions, you may also want to ask your insurance agent about other factors that are important to you, such as the policy's renewal terms, the insurance company's financial strength, and the agent's experience in placing E&O insurance for professionals in your industry.