1 / 7

How to Avoid Committing Errors and Omissions 

Agents must not exaggerate policies not originally mentioned in the contract. Such practices lead to legal lawsuits being filed. Read more here<br>https://agencyheight.com/errors-and-omissions/

errorsandomissions2
Download Presentation

How to Avoid Committing Errors and Omissions 

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Errors and Omissions A guide for Insurance Agents

  2. What is Errors and Omissions and how does it occur? • Errors and omissions occur when agent to deliver the service they promised or made a mistake when writing the policies. • It can also occur when agents fail to calculate the risks and provide the wrong coverage • Sometimes these errors are honest mistakes and can slip under an agent's nose • However, some are deliberate actions of negligence that end up in legal lawsuit

  3. What are the consequences? • While mistake can be made by anyone, one on a professional level is going to have severe consequences • Such lawsuits can lead to penalties, suspensions, or even loss of their license altogether • Furthermore, it can leave a hefty dent on an agent's wallet and sometimes cause them to go bankrupt • Such lawsuits can also impact an agent's career and reputation in the eyes of the public

  4. How can agents avoid such claims? • Things to keep in mind • Documentation – Keep record of everything from the very start • Avoiding the practice of exaggerating or oversellingjust to meet daily objectives • Failure to provide accurate informationis a major reason agents fall victims to E&O lawsuits • Provide the required coverageby assessing the client'sneeds and financial status

  5. Why do agents fall victim to Errors and omissions claims?

  6. Here are a few reason agents fall victim to such lawsuits • As trained professionals, agents find it hard to believe that a mistake can occur from their part • Some agents tend to oversell exaggerate benefits not mentioned in the contract to meet their daily objectives • Agents are busy people with a hectic schedule; hence, they fail to spend quality time with the clients and assess the client's needs and risks.

More Related