As an insurance agent, you spend your business hours finding your clients the coverage they need. But what about you? Does your business have the coverage it needs? Here are the top 4 types of insurance you, as an agent, should have.
1.Errors and Omissions Insurance
We know that the last things you’re planning on doing are choosing the wrong plan for your client, or missing a renewal deadline, but mistakes happen. That’s where errors and omissions (E&O) insurance comes in. E&O covers you if a client claims that you made a mistake that cost them money.
Any business that provides professional advice or services to their clients should have E&O. Insurance agents specifically benefit from this type of insurance because it covers you for a number of situations, including:
Forgetting to obtain coverage
Recommending the wrong plan
Making errors on paperwork like certificates or policy documents
Misjudging your client’s risk
Keep in mind this type of insurance is usually a claims-made policy, which means you need to have coverage at the time of the claim. Any lapse in coverage will leave you vulnerable to claims made by clients.
2.Cyber Liability Insurance
Size doesn’t matter when it comes to cyber security. Whether your business is small or large, if you own a website, email, or storefront, the client information you store online could fall prey to a cyber-attack. The cost to recover a business after a cyber-attack can be more than $100,000, so it’s not surprising that 60% of small businesses go under within 6 months of being attacked.
Cyber liability will cover cyber ransoms, data breach response costs, loss of income, and legal fees. Some cyber liability coverage even comes with advice and training for your company on how to better protect your assets online.
3.General Liability Insurance
If you meet with your clients in person, either at their homes or in your office, you need general liability insurance. This will cover you in case you accidentally cause injury or property damage to your client. Your policy will cover any medical bills or repair costs, as well as legal fees or compensation if they decide to sue.
It’s important to note that if you usually bring any equipment, like a laptop, with you to meet a client you should add personal business property to your general liability policy. That way both you and your client are covered in case of any mishaps.
4.Worker’s Compensation Insurance
If you have even one employee you need worker’s compensation. This policy will cover any medical bills for workplace injuries or illness. It can even cover the employee’s lost wages. And just in case your employee decides to sue, your worker’s compensation insurance will cover any legal fees, regardless of fault.
Most states actually require businesses to carry a worker’s compensation policy – but even if it wasn’t required, it would be a good safety net to have. After all, if an employee is out of commission, it can be stressful for you both, but without the proper coverage it could be crippling.
Your insurance business is always changing, so regularly assessing your coverage will help make sure your insurance changes with it. Once you’re fully covered, you’ll be ready to better serve your clients.
Need Help?
We understand choosing which policies you need to protect your business can be difficult and time consuming. You of all people should know who you work for to get your coverage is important! Benepath provides you with the tools, training, and guidance you need to save yourself some of the headache. Our highly skilled agents can help you get the coverage you need. Reach out to one of our agents and we can make sure you are covered, so you can ensure your clients are covered.
