Virtually every day, E&O Plus agencies make a very concerted effort to minimize the potential to face an E&O claim. They have established procedures and use auditing to assist in evaluating to what degree those procedures are followed. When bringing on new staff, a solid...
Thank you for the difference you make! I hope you have a great Thanksgiving with family and friends. HAPPY THANKSGIVING! ...
As agencies look to grow, attracting new business is certainly a key issue. Typically, this involves new clients. However, to complement that new client activity, evaluating the potential for new business activity within your current book of business can yield significant potential. What if your...
Most E&O carriers will probably advise you that with the right set of facts, you (the agent) have an excellent chance of winning an E&O claim. In fact, due to the heightened focus in E&O loss prevention, agents are winning over 60% of E&O claims brought...
When meeting with a client or prospect, is this is a phrase that you hear? I doubt it happens on large, more sophisticated accounts. But could it? Whenever those words are stated, some caution should be exercised. Essentially, the client is saying they want you to...
On any given day, agents are asked to review contracts/leases on behalf of their clients. The objective is to determine how well the client’s insurance program meets the requirements of the proposed contract. There are several areas for agents to be aware of when they...
As all agencies in the E&O plus program are no doubt aware, the issue of auditing is viewed as one of the top QMP components because it is one of the most effective means to assess whether the “quality agency staff” are adhering to the...
Looking back 45 years ago, when I started in the insurance business at the agency side (S-Z for Commercial, Personal, and Claims), I wound up handling the E&O for the agency since the name of the agency fell in my portion of the alphabet. Back...
Throughout the years, I have heard many agency executives and staff comment that they “know what needs to be done” or “we are a veteran staff that knows our jobs.” Said a different way, they feel their competency is “good enough” and is their reason...
In all likelihood, this is a time where your agency is knee-deep in the 2022 budgeting process. Without question, this continues to be a challenge with the impact of the pandemic. Projecting the various components (new business, retention, expenses, staffing, etc.) and the subsequent overall...