How Much E&O Insurance Does A Signing Agent Need?

Are you looking to get more insights into how to become an insurance agent and how much e&o insurance does a signing agent need? If you are, then this article is perfect for you. Firstly, you need to learn about different insurance types that you will sell to your prospective clients. However, you also need to know about how much e&o insurance does a signing agent need. So, as someone who will be selling insurance, you need to buy insurance yourself.   

Did you already learn about how to get an insurance license? If you have, you might already be an accredited advisor in insurance. However, even if you have the AAI Designation, you are vulnerable to making mistakes.   

Here, we’ll talk about why professional liability insurance is vital for an insurance agent or an insurance producer like you.  

How Much E&O Insurance Does A Signing Agent Need?

First of all, making mistakes in the insurance business is expensive. It can result in a variety of costs for you, ranging from legal fees to settlement sums. So, if you have professional liability insurance, it will cover any prospective litigation. According to Insureon, 84% of insurance experts get professional liability insurance with a limit of $1 million per event and $1 million as the total limit.

Also, if you are concerned about how much workers compensation insurance do I need, let us know.

A professional liability insurance, also known as errors and omissions insurance, will include any liabilities arising from omissions or misrepresentation. However, remember that making mistakes as an insurance agent will have a negative effect on your image. So, be wise and double-check your work so you can avoid any mistakes in the first place.  

how much e&o insurance does a signing agent need

Likewise, if the insurer discovers your error is deliberate, the insurance will not cover the liabilities. Furthermore, don’t expect your insurance to cover you if your lawsuit stems from a criminal act. A big part of how to become an insurance agent in Atlanta is doing honest work.  

For instance, if you’re selling property and casualty insurance, and you forget to mention an important clause in the contract. The insurance policy will compensate you for such mistakes if it is not purposeful.  

Key Takeaway  

Overall, professional liability insurance will protect you from having to pay a large sum of money out of your own pocket. So, regarding how much e&o insurance does a signing agent need, the more the better. If you wish to expand your reach, there are various online venues where you may join up for a membership plan. Also, feel free to reach out anytime to learn more about how to become an insurance agent in Atlanta.

how to become an insurance agent
how to become an insurance agent