Business Insurance for Insurance Agents

Being an insurance agent has its benefits. However, it also comes with unique risks. But have you wondered about the risks you face as an insurance agent? Does this mean that you need business insurance too?  

Yes! You guessed that right! Agents do need insurance for their business. Not only do agents provide coverage, but they also need business insurance for themselves.  

Why, you ask? Because, just like any other business, you need coverages for property damage and liability claims.  

If you own a business, you know the risk associated with it. It’s no exception for agents.  

Without any further ado, let’s jump into the various types of insurance for agents.  

General Liability Insurance

First things first, this insurance for business covers injuries, customer property damage, and related lawsuits.   

But why would agents need general liability insurance?  

Agents are not free from risks. They can face risks in any instances. For instance, you might cause customer injuries, damage their property, or also advertising injuries. General liability insurance insures you from these risks. You can benefit from this insurance as it covers losses and expenses when damage or injuries occur.   

Accidents can occur anytime. It is no exception for agents. What if a client trips over a wire and breaks off his ankle? Well, you would not have to worry about it too much if you have general liability insurance.  

Let’s assume you happen to damage your client’s laptop by accident. What would you do? You would pay the compensation out of your pocket. But don’t panic! General liability insurance will cover it for you.   

For P&C insurance, you ought to use advertisements. Sometimes you might copy advertising strategies for your competitors. Don’t forget to include this insurance forbetter protection.  

That’s just not it!  

There are other essential insurance policies that agents can embrace.   

General liability insurance covers agents from risks. However, it doesn’t provide complete protection. Consider other policies as well.  

Business Owner Policy

Another essential business insurance is the business owner policy (BOP). Business owner policy is a must for agents. Why? Because it provides comprehensive coverage. 

BOP is a combination of general liability insurance and commercial property insurance. This policy covers property risk and standard liability in a single plan.   

Wondering what risks it covers? This policy covers damage to your business’s property, lawsuits related to customer and property damage as well as advertising injuries.  

A BOP includes general liability insurance. As previously mentioned, it covers you from risks associated with customer property damage, third party bodily injuries, and advertising injuries. Dealing with clients opens gates for third party risks.  

Your business property is an asset to your business. For its protection, BOP can help you cover unexpected expenses. A BOP can pay for the damages caused due to fire, theft, or other setbacks.   

BONUS: A temporarily closed business can face financial loss. A business interruption policy will help you cover this loss.  

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!

Errors and Omissions Insurance

Errors and Omissions (E&O) Insurance protects businesses from lawsuits by clients from errors that occurred in by you.  

So, what does E&0 insurance covers as business insurance?  

Everyone makes mistakes. Mistakes can happen from agents as well. If your clients sue you for a mistake you’ve done, you can cover it through E&O coverage. This insurance will help you avoid significant losses.   

For instance, a client of yours claimed that the advice you gave didn’t provide enough coverage. In this case, E&O insurance can save you from financial losses. Additionally, this insurance can help you pay for the legal fees. Agents are not immune to professional negligence.  

Worker’s Compensation Insurance

There is a requirement for this business insurance in every state. Workers’ compensation protects agents from work-related injuries.  

Just like property, employees are also valuable assets for your business. If your employee gets injured at the office, you need to cover the losses. With this insurance, you can cover the medical costs for them.   

Is workers’ compensation insurance a must for all insurance agents?   

No! Independent agents or self-employed agents don’t need to get this business owner’s policy. However, you can get it to protect yourself.  

Let us take Georgia, for example. The state law requires every business with three or more employees to provide workers’ compensation insurance. With limited exceptions and several special considerations, this business insurance is applicable.  

Summing it up

Small business insurance protects your business from claims & lawsuits and helps you to plan for the unexpected. Policies can keep you in business by covering the costs of a lawsuit, including defense and business interruption costs, as well as any agreement costs.  

The right insurance for business can even protect your business from the costs associated with the risks! By taking the vital step to protecting your business, you will have the courage to choose the right risks to help companies to grow. 

These are a few business insurances for agents. What business insurance have you applied for your business? Let us know in the comments below. 

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!