Professional Liability Insurance
CITA delivers affordable coverage without sacrificing quality protection.
Professional Liability Insurance for Insurance Agents is a necessity for any insurance professional. Your clients have high expectations of you. Without proper coverage, you could end up with costly out of pocket expenses.
Professional Liability Insurance Options We Offer:
- Errors and Omissions Insurance for Insurance Agents
- Includes: P&C Agents, Life Agents, and Wholesale Life Brokerage Agencies
- Errors and Omissions Insurance for Registered Investment Advisors
- Cyber Liability Insurance
We look forward to delivering the value and service you expect from CITA Insurance Services; your professional liability insurance provider now and in the future.
How do I select the best Professional Liability Insurance for my business?
When it comes to Professional Liability Insurance, not all policies are created equal. Similar premiums do not guarantee similar coverage. Additionally, policies may renew with important changes that affect your coverage. Consider using the tips below when purchasing or renewing your Professional Liability Insurance coverage:
- Review your current Liability Insurance policy. If you have renewed coverage for several years without rereading your policy, your current business activities may not be covered. Changes in your business, such as providing additional services, may require additional coverage.
- Look beyond the lowest premium quote. Identify whether the policy offers the benefits you need in addition to competitive rates.
- Select a Liability Insurance policy that will grow with your business. Do you plan to offer additional services or expand your scope of business?
Ultimately, your Liability Insurance policy should provide coverage that best matches the products and services you offer and the size of your book of business.
CITA’s Liability Insurance policy offers competitive features and the flexibility to customize coverage for your business.
Debunking Common Myths about Professional Liability Insurance Coverage
1. I document all my business transactions so I’m protected should a claim arise.
Although you may utilize a traditional or online filing system, many agreements or promises made regarding the sale of an insurance product are completed verbally, by telephone or in person. Often times, these conversations, or portions of the conversation, remain undocumented. As a result, a large number of Liability Insurance claims become a “he said, she said” scenario that can result in losses for an agent. In this instance, Liability Insurance would help agents pay for legal or settlement fees associated with a claim, lawsuit and/or litigation.
2. Professional Liability Insurance is not necessary because I never make mistakes.
Agents with a perfectly error free business history have experienced claims “out of the blue” from clients for a number of reasons. Regardless of the whether or not the agent is at fault, the agent must respond to the claim and spend time and money resolving the claim. Liability Insurance reduces the time, effort, and cost of dealing with a claim, allowing the insurance agent to continue focusing on selling policies instead of responding to a claim.
3. I no longer sell insurance so I will never have a claim brought against me in the future.
It is possible for a client to bring a claim against an agent even after the agent has retired. Many scenarios occur in which a client finds a coverage error or omission after the agent who sold the policy has retired or moved on to a different career path. Because insurance agents are always susceptible to claims, even after retirement, continuous Liability Insurance protection is necessary to help reduce loss and mitigate costs associated with an Liability Insurance claim.
4. Professional Liability Insurance is too expensive and I probably won’t need it.
Liability Insurance coverage can be affordable and comprehensive for insurance agents who know how to find the right policy for the business they conduct. By selecting insurance coverage that is customized to an agent’s individual needs, agents not only receive E&O protection, but they also only pay for the coverage they truly require. Agents can’t predict when or if they will experience a claim in the course of their career. Because of this, no agent can say with certainty that Liability Insurance is something they will not need in the future. In fact, some agents experience an Liability Insurance claim for the simplest errors he or she had never realized making. As a result, Liability Insurance becomes the most affordable way to stay protected from potential loss associated with Liability Insurance claims.