Insuring clients today comes with a lot more challenges. Insurance market conditions in the P&C sector have made getting coverage limits, terms and conditions for many business clients and in some cases on the personal side (think homeowners insurance in wildfire-prone areas in California) more difficult. You explain the changes but, if and when a loss occurs, they’ll question why they aren’t properly insured. Some may sue for negligence.
Economic challenges also have insureds looking at trimming costs, sometimes that may mean scaling back on insurance coverages. You’ve explained why lowering limits or going bare can be costly in the event of a claim. The client declines coverage and is left with out-of-pocket expenses when a loss occurs. You are left facing a lawsuit.
Life insurance is an intangible and complex product that can result in a professional liability claim, too, especially if a client doesn’t really understand what he or she is purchasing and the benefits of that purchase. For example, policies sold for estate-planning or business buy-sell purposes can be extremely complicated. A client may mistakenly believe that the life policy will generate certain tax benefits when it doesn’t, resulting in negative financial consequences and looking to you to make things right.
IPRO-West Insurance Services has been providing insurance agents and brokers and related industry professions throughout California with custom Errors & Omissions (E&O) coverage for nearly three decades to protect against professional liability lawsuits. We provide specific policies to address the risk profile of your firm, depending on the products and services you provide. We understand that your exposures as an insurance specialist in certain niche markets, let’s say transportation, construction or healthcare, are different from those of a generalist, an MGA or TPA. That’s why at IPRO-West we never take a cookie-cutter approach in constructing our policies.
We provide tailored E&O policies for:
Retail P&C Insurance Agencies
Wholesale E&S Brokers
Retail Life/Health Insurance Agencies
We can design an E&O policy to include the following:
Clients look to you to guide and advise them on how to best protect against risk and unforeseen events. They expect you to navigate them through the benefits and shortcomings of the insurance products you are recommending. It’s a relationship built on trust. Strengthen that trust with strong risk-mitigation measures supported by a robust E&O policy with IPRO-West.