Insurance agencies encounter numerous exposures as they conduct business. Securing a comprehensive insurance plan that provides coverage for these perils can help mitigate the losses from these events.
The experienced team at U.S. E&O Brokers can help you get the optimal insurance policies for your agency. Contact us today for more information.
Available Coverages for Insurance Agencies
Each insurance agency has a different risk profile. Conducting a risk assessment to help ensure you obtain the policies that best suit your operations is essential. Some of the available options include: 
- General liability insurance—This may provide coverage if your agency is responsible for third-party bodily injuries, property damage, personal injuries or advertising injuries (e.g., copyright infringement). It may help cover legal expenses (e.g., defense costs, settlements and judgments) associated with these claims.
- Cyber liability insurance—This may pay for losses to your business and your clients after a data breach, data loss or a cyberattack. It may also pay for other expenses related to the incident such as reputational recovery costs and notification costs.
- Errors and omissions (E&O) insurance—Also known as professional liability insurance, this may provide coverage for claims that your professional services lead to a client’s financial loss.
- Management liability insurance—This may provide coverage for the exposures managers, directors or officers of your agency face as they carry out their roles within your organization. It typically includes four types of insurance which may be written as standalone policies or combined into a package policy:
- Directors and officers (D&O) liability insurance
- Employment practices liability insurance (EPLI)
- Fiduciary liability insurance
- Special crime insurance
- Commercial property insurance—This may provide repair or replacement expenses if your agency’s property (e.g., your building and its furnishing) is damaged or destroyed by covered events (e.g., theft, fire or vandalism).
- Business interruption insurance—This may help cover your agency’s lost income if you are forced to shut down your operations temporarily due to a covered event.
- Workers’ compensation insurance—This may provide financial assistance to your employees if they suffer a work-related injury or illness to help cover medical expenses and lost wages.
- Umbrella Insurance—This may provide an added layer of coverage if a significant liability claim exceeds your other liability policy’s limits.
- Commercial crime insurance—This may provide coverage for business-related crimes committed by employees or third parties, such as fraud, forgery or embezzlement.
Your agency may need other policies to address your risks adequately. Contact your agent for details regarding options, exclusions and limits.
Get Insurance for Your Insurance Agency
The knowledgeable professionals at U.S. E&O Brokers can help you determine which insurance policies best meet your agency’s needs. Reach out to us today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.