Professional Liability Insurance
As an insurance agent, you know the importance of having the right coverage.
With IIANC’s variety of professional liability products, you can be assured that your agency is well protected. IIANC members have access to the Big “I” Professional Liability program, the most respected and complete program in the business offering a variety of insurance agent’s Errors & Omissions (E&O) products that are hand-selected for their superior reputation and exceptional performance.
With stable rates and a long-term market, the Big “I” Professional Liability program is properly positioned to meet your professional needs and protect the future of your agency. The coverage is sold and administered locally by IIANC’s Insurance Products team who has over 25 years industry experience. You will get the same attention and commitment to service that you give to your clients.
You trust us to represent your interests at the highest political level, and as your association, we also want to provide you with the security of knowing you are getting the best overall E&O value in the marketplace – not just a policy, but an all-inclusive program. IIANC represents the two leading carriers of insurance agents’ E&O coverage: Swiss Re / Westport and Fireman’s Fund. Learn more about these great programs below.
Click here for highlights from both carriers
Click below to complete an application:
Swiss Re / Westport E&O Application
Fireman’s Fund E&O Application
If any questions please contact our team:
Denise Miller dmiller@iianc.com 919 863 6526
Gina Stallings gstallings@iianc.com 919 863 6530
Looking for E&O Insurance for Your Insurance Agency?
As an insurance agent, you spend countless hours protecting your customers by taking complex risk management matters out of their hands and attempting to do your best to protect their financial well being.
The reality is, the gap in knowledge between the insurance consumer and the insurance agent couldn’t be wider. Consumers don’t know what they don’t know about insurance, so they rely on insurance professionals to provide them with accurate advice, and adequate coverage.
As we all know, mistakes and oversights happen, even to the best of us. This is why having a robust Professional Liability (E&O) policy for your insurance agency is critical.
Just like we tell our clients — it only takes one claim to cause significant financial hardship. The same can be said about your insurance agency.
Whether it’s just you as a solo agency owner, or you have a team of employees relying on you, having the right E&O coverage is something you simply can’t overlook.
Important E&O Coverages for your Insurance Agency
Claims-Made Coverage in Errors and Omissions Policies
Most Errors and Omissions policies available are based on “claims-made” coverage. That means your policy must be active when an alleged incident occurs and it must be in force when the claim is filed.
Claims-made policies only kick in when you meet both requirements. For this reason, most insurance agencies carry their E&O policy as long as their business doors are open.
If you have an Errors and Omissions policy and want to switch in favor of a new policy or carrier, you’ll want to purchase a “tail” for the transition period. Otherwise, you may leave your business vulnerable to claims if any are filed during this interim time.
Tails and Prior Acts for Coverage Gaps in Errors and Omissions Insurance
As mentioned earlier, if you need to end your current E & O coverage, you won’t be able to file any claims until you procure a new policy. Even then, your new policy may not cover incidents that happened during the life of your former Professional Liability plan.
To account for these cases, carriers often offer what is called “tail” coverage and “prior acts” coverage. These policies keep your business from the financial pitfalls you may encounter due to gaps in your protection.
Tail coverage allows you to report claims even though your previous policy has ended and your new one has yet to begin. Prior acts coverage allows you to file a claim for events that may have already taken place but hadn’t been reported.
Get Started with Your Quote
The team at IIANC is ready to help! Please contact either of our professional liability team members and they will work with you to gather the information needed to provide you with an accurate and timely quote.
Denise Miller dmiller@iianc.com 919 863 6526
Gina Stallings gstallings@iianc.com 919 863 6530
Testimonial
In October 2016, Hurricane Matthew struck causing devastation in my community. I then experienced the “value” of being a member of IIANC, the “value” of our staff, and the “value” of my Westport E&O policy. IIANC’s E&O staff told me about the Catastrophe Benefit under my Westport E&O policy.
The IIANC staff, including those in the E&O department, went far beyond their call of duty to try to help an agent in the midst of absolute devastation and despair, to figure out a way to cope with the challenges presented so we could continue to serve our clients. Words will never be able to adequately express my appreciation for the IIANC staff or the decision makers at Westport that made a rather difficult time in my life a bit more tolerable. I would strongly recommend Westport’s E&O policy, just as I would recommend anyone with any questions to contact the IIANC E&O team for a review of your current E&O.
Danny Cook
Cook Insurance Services | Lumberton, NC