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Economic Recovery Means Opportunity for Insurance Agencies

of all agencies saw higher revenue from personal and commercial lines

According to Future One’s 2014 Agency Universe Study, revenue for all lines is up 10 percent since the last study. The improvement is mostly attributed to increases in overall premiums as the economy recovers from the Great Recession. If you market to other insurance agencies, this growth means that your clients have more assets to protect and it may be time to check in about policy updates.

Our Happy Agents

We get a lot of requests for just general liability or D&O, so I am able to use Insurance Noodle for these types of risks. I am happy to know that new business through Insurance Noodle will count towards our growth goals as well.

- Sally Mercer
Mercer Insurance Agency

Important Insurance Policies for Insurance Professionals & Stock Brokers

Every industry has unique risks that make finding the appropriate coverage complicated. Even though you've written hundreds of policies for your clients, you might not have had the opportunity to write one for another insurance professional or a stock broker. And even though you are well acquainted with the ins and outs of your profession, it's easy to overlook some of the quirks that you experience every day.

Any business can face a lawsuit, including insurance professionals and stock brokers. Being able to recommend coverages that protect them from multiple angles will make you a trusted partner in their risk management strategy. We suggest insurance and stock brokers carry the following policies:

Errors and Omissions (E & O) / Professional Liability Insurance

As an agent, you know how common it is for a small business to be sued. An unsatisfied customer could sue if they believe your client was negligent when providing advice about insurance or stock options. For example, if a claims adjuster fails to process a Workers' Compensation claim within the mandatory time frame, he could easily face a lawsuit alleging negligence. E&O Insurance, also called Professional Liability

General Liability Insurance

Insurance professionals and stock brokers can also be sued for premises liability (i.e., someone getting hurt on their property) or damage they cause to a third party's property. In the office, the risk of these claims is fairly low; however, the potential cost of a lawsuit can be high, making General Liability Insurance a smart investment. GL covers lawyer fees and court costs. It can also pay to repair or replace a third party's damaged property.

Property Insurance

This coverage protects your clients if their business property - e.g., office space, furniture, equipment - is damaged by a covered event. For example, if your client's laptop is ruined in a fire, Property Insurance cover replacement or repair costs.

Workers' Compensation Insurance

If your client has employees, most states will require them to carry Workers' Compensation Insurance . In fact, some may mandate Workers' Comp even if your client only has one part-time employee. Workers' Compensation covers medical expenses and replacement wages when employees suffer a work illness or injury. As office workers, insurance professionals and stock brokers mostly face repetitive stress injuries, such as carpal tunnel syndrome, but stress-related illness may be covered, too.

Umbrella Insurance / Excess Liability Insurance

Also called Umbrella Liability Insurance, this single policy allows your client to draw on additional coverage and apply it to multiple policies. For example, if you client's General Liability policy provides $1,000,000 worth of coverage, but they are found liable for $1,500,000 in expenses, Umbrella Insurance can cover the difference.

Tips for Covering Insurance Professionals & Stock Brokers

As an insurance agent, you are probably very familiar with the unique risks of the industry. However, there are some important things to pay attention to when covering insurance professionals and stock brokers:

E&O Insurance is imperative

The value of Errors and Omissions Insurance cannot be stressed enough. Because your clients offer professional guidance and advice, E and O / Professional Liability is fundamental to the financial security of your client's business.

Umbrella Insurance applies to certain policies

Umbrella Insurance can be used for General Liability, Hired and Non-Owned Auto, and Employer's Liability Insurance (usually included in Workers' Comp policies). However, Umbrella Insurance does not apply to your client's E&O policy.

A Business Owner's Policy (BOP) can save your clients money

Because your insurance and stock broker clients have a low level of risk for Property Insurance and General Liability claims, they may qualify for a Business Owner's Policy (BOP). A BOP packages these essential policies into one convenient bundle that helps lower your client's annual premium.

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