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What kind of insurance is best for insurance agents?
As an insurance agent, you make sure your clients are protected against risk. Yet you face unique risks in your own business. Hiscox understands these risks and we customize coverage for your specific business needs.
Professional liability insurance, sometimes called errors and omissions insurance (E&O insurance), is insurance coverage for claims against businesses that provide professional and personal services – for businesses like yours. When is it important to have professional liability insurance? Examples include:
- Negligence: An insurance agent writes an auto insurance policy for a cost-conscious customer with an older vehicle. The customer decides to forego collision insurance on the vehicle in order to save on the premium. Six months later, the customer is in an accident that totals the car. They claim that the insurance agent never told them they would not be covered, and they sue the agent. A professional liability policy could protect the agent, including paying defense costs.
- Dissatisfied client: A life insurance agent sells a term life insurance policy to a young executive who has small children and a stay-at-home spouse. The agent does not discuss the need to also insure the spouse. The spouse passes away unexpectedly, and the executive sues the agent for failing to recommend coverage on the spouse. The agent could be protected by a professional liability policy.
Learn more about professional liability insurance.
General liability insurance, sometimes called Commercial General Liability (CGL), could protect your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. Having this kind of coverage is beneficial in several instances:
- Bodily injury: A client comes to the office of an insurance agent on a rainy day and slips on the floor in the waiting area, breaking her hip. She makes a claim for medical costs. A general liability policy may cover these costs, up to the limit of liability.
- Property damage: An insurance agent goes to a client’s office to take a policy application. While they are there, they knock an expensive collectible off a shelf and it breaks. Their general liability policy could protect them for the cost to replace the item, up to their limit of liability.
- Personal injury: While at lunch, an insurance agent's receptionist talks to the owner of the deli about a client in a false and unflattering way. The client learns of this conversation and sues for slander. We may cover the subsequent claim up to the limit of liability, and pay for an attorney if necessary.
Learn more about general liability insurance.
Business owners policy (BOP) is a combination of general liability and business property insurance. BOP is often used to provide balanced coverage for small businesses who also want to protect their own business equipment. Some examples of what could be covered are below:
- An insurance agent’s home office is damaged by fire. There is damage to a high end computer caused by the fire which is not covered by their insurance agent's homeowner’s insurance policy. However, it is covered by their business owner’s policy which replaces the computer and lets the agent get back to business.
- There is a gas leak in the strip mall where an insurance agent's office is located, forcing the office to shut down for a week. A business owner’s policy that includes business interruption coverage could protect the agent from the costs associated with the loss of business.
Learn more about business owners policy.
Why insurance agents choose Hiscox:
- Fast and simple: Online quotes or speak to a licensed agent – immediate coverage.
- Confidence: Hiscox Insurance Company Inc. is ‘A’ rated (Excellent) by A.M. Best.
- Passion for Service: Agents knowledgeable about business concerns will provide you with excellent service – 4.8/5 of people surveyed recommended us.
- Coverage for contracts: Our professional liability coverage satisfies most standard contract insurance requirements.
Get a fast, free quote now and get that Hiscox confidence behind your business. If you prefer, you can call us at 1-866-283-7545 and speak with a Hiscox licensed agent, Monday through Friday from 8am-10pm EST.
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Hiscox Customer Reviews
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Yes I would and I tell other techs about Hiscox all the time.
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Hiscox is giving every small business a fighting chance to be successful. Thanks.
Sheldon, Stone Mountain, GA
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So seldom do you deal with an online company that works so hard and fast , to answer all your questions and concerns and sends your policy back with the utmost professionalization that I received. I would recommend this company to anyone needing their services.
This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverages are subject to underwriting and may not be available in all states.