Checking policies for accuracy and completeness is commonly perceived as an administrative task, with many agencies using policy checking as a training ground for junior and early-career associates. Unfortunately, this scenario is an errors and omissions (E&O) liability claim waiting to happen.
Certificates of insurance are more complex than they appear. Agencies may not realize just how much time, effort, and risk responding to those requests and issuing certificates can entail, making it crucial for agencies to manage the risks and opportunities in the certificate process.
Policy checking is an essential part of many insurance agencies’ E&O risk reduction strategy, but there are many other steps agencies can take to ensure accurate policies and satisfied clients. In our latest blog, Brenda Grow, Senior Solutions Specialist, shares best practices for avoiding E&O in five key aspects of the policy lifecycle.
In part one, we shared several E&O prevention best practices that agencies can apply prior to binding coverage. In this post, we’ll discuss what agencies can do to protect themselves during certificate issuance.
Certificates of insurance are a vital and often urgent deliverable for insurance customers. But for insurance agencies, they can be a stressful interruption and a potential source of errors and omissions (E&O) risk.
Should insurance agencies attach complete endorsement or policy forms to certificates of insurance? Here’s why doing so is in their best interest.
Certificates of insurance can be a vital moment of truth for insureds, yet are often delegated to entry level employees. Here’s why most solutions to certificate requests fail.