Even insurance agents need insurance. If there is ever an oversight with a client’s claim and that client sues, the agent could need to pay quite a bit in legal fees. That is why omissions insurance for insurance agents is a protection worth getting, and it can pay for quite a bit.
Going to court and hiring an attorney can cost a pretty penny. That is why omissions insurance helps with covering all legal expenses. This includes attorney fees and court fees such as document filing.
It is an unfortunate prospect to consider, but there is always the possibility that you will go to court and lose. Settlement amounts can vary greatly, but with a comprehensive insurance policy, your insurance can help cover a good amount of the settlement.
Any Additional Administrative Costs
Lawsuits are intensive and detailed. There are numerous papers you may need to photocopy, ship or process. All those little fees add up quickly, but your policy may help cover some of these minor expenses.
While no one ever wants to actually use their insurance policy, you definitely do not want to be caught without it just in case something does come up. Omissions insurance for insurance agents is available, and you should speak with a professional to learn more about it.