Errors and Omissions insurance is commonly abbreviated as E&O insurance. It is also called professional liability insurance, or professional indemnity insurance. It is a method used by insurance agents who offer advice and services to their clients to help protect them from their customers who may want to sue them. Many business professionals fall at risk to being sued by a customer that misunderstands their E&O policy and coverages. Their customers may claim that the insurance agent was negligent in properly explaining the benefits of their policy, and more importantly, the exclusions and limitations. Errors and Omissions insurance policies are written by legal firms to protect the insurance company from their customers against such claims and lawsuits, whether real or frivolous. A civil lawsuit can award monetary damages of over $1,000,000 due to an alleged error or omission by the insurance agent.
As a Health and Life insurance agent you may also sell the products of; Medicare, Disability, Long Term Care, Accident, Critical Illness, and several other Ancillary products. Many times these additional lines will greatly increase your sales amount and income level. You may also find that customers that have multiple products with you will remain with you on your books longer. They may even refer their friends, family and colleges to you. You will find, as you grow your business, that referrals and renewals are the foundation to a strong, healthy, and long-term business.
Most Errors and Omissions insurance policies are written in such legal-eeze that the average person cannot understand what they mean. This is to the benefit of the large insurance corporation. They typically hide exclusions, limitations, and conditions of coverage within the legal and fine print. Many won’t even give you a sample policy outline until you have gone through their tedious application and underwriting process. This manipulative business practice is unfortunately common in the insurance industry. They may quote you a low annual premium up front, but by the time you have endured the gauntlet of red tape, endless paperwork, delays, policy exclusions, riders and rate ups, you may have a rate that is double what you started with. Then, every 6 months you can expect a single digit rate increase on your policy. Getting a claim paid is normally a long and difficult process. You will be likely be cancelled if you ever have a claim.
You don’t have to settle for the typical “insurance” games and run-around. ACE Financial Group Ltd proudly breaks the mold. ACE offer a customizable E&O Policy, where you can select each individual coverage type you need. Therefore, you only pay for the exact coverage and product that you sell. You may upgrade or down grade at any time. If you’re searching for the lowest price on your E &O, you’ve found it with ACE Financial, as they offer a Lowest Rate In The Industry, Guaranteed. They will beat any competitor’s rate by 10%, every time! Simply click on the "Instant Quote" link below to take advantage of their quick and easy online quote and application process.