What’s the solution? Documentation.
As an agent, you must be clear about all the documents that you need to bind a policy.
Record every single minute information about the client since it will likely influence their behavior. Analyzing their behavior is a must for correct risk identification and assessment.
Remember, an agent is the only medium between an insurer and the insured. They are usually responsible for any miscommunication between both parties.
Therefore, you should continuously follow-up with your clients regarding any occurrence or events that are causing them distress.
Not just clients, you should also maintain contact with the carriers about any policy changes or issues that may confuse the client in the future.
For instance, your client experienced a loss and needs to file for claims. You’re the first person your client will call in times of need. You need to guide your clients with care throughout the entire process until they get what they require. If your clients are satisfied with you, there is no question of filing an E&O claim against you — pretty simple!
And again — always record the communications. Using e-mails to communicate with the parties is highly recommended.
Failure to report accurate information is a grave error. It will only harm your reputation in the eyes of both your client and your partnered carriers. To protect your agency from this kind of E&O exposure, your effort to retain and report consistent and reliable data flow counts!
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