Is Your Guard UP?

ID TheftYou have E&O Insurance in place in the event you are sued for having rendered covered professional services.  However, doing business through the use of a computer has opened a whole new world of exposures to insurance agents.

If you haven’t been paying attention to the vast amount of articles regarding businesses whose computers and websites are getting hacked, you should.

Cybercrime is on the rise.  A recent survey revealed that ransomware isn’t only after big businesses, it’s targeting small businesses too.

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While the Steaks are Sizzling on the Grill, Are You Taking Full Advantage of the Summer?

Life Insurance for Grads & HomebuyersTo many, this question leads to the thoughts of exciting getaways and vacations.  While “the many” will be doing just that, a smart agent will use the summer months to sprinkle seeds, develop meaningful relationships and cultivate potential clients.

As graduation parties and weddings are taking place, an agent should keep their eyes on those announcements.

Agents should also check the notices regarding homes that are sold in their marketing area. Summer time is moving time especially for families with children.

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E&O Insurance Doesn’t Have To Be Difficult to Obtain

E&O Insurance for Health and Life Insurance CoverageInsurance Specialties Services, Inc. is pleased to offer a streamlined process for Life and Health Insurance Agents to obtain affordable Errors and Omissions Insurance Coverage. Our agency is the administrator of the new A+ E&O Insurance Program, which is underwritten by Berkley Insurance Company.   Berkley Insurance Company is rated A+ (Superior) by A. M. Best, W. R. Berkley Corporation was recognized as one of the 2014 Ward’s 50 Top Performing P&C Insurers.

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Why Your Client File Notes Should Not Look Like A Grocery List

May picDocumentation is the most important key to your defense when your E&O carrier has their Claim Department or an assigned law firm handling an E&O claim.

What is your documentation process?  Do you have a routine process?  Are having meaningful file notes something you think you should have but don’t commit to practicing?

It’s very important to train yourself and your staff to routinely document every conversation that you have with your clients and prospects.  If you are not paperless, make a specific form that you use just for this purpose and give it a title; even consider using a different color paper so these notes are easily accessed.  If you are paperless, take the time to update your file notes so that your files tell a detailed story.

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Claims Made and Reported E&O Coverage

Manage Your RiskExperience has demonstrated there is a lot of confusion on the part of many producers and agents concerning the operation of their Claims Made and Reported Errors and Omissions coverage.   This confusion can be costly and allow the agent to become a victim of one or more potential pitfalls, which exist. We hope the following information will be helpful.

Key terms you should know:

Occurrence – An event or chain of events that ultimately causes a claim.   Example:   The sale of a policy

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Department of Labor Fiduciary Ruling

Dept of Labor Fiduciary RulingThere is much talk in the insurance industry regarding the possible upcoming Department of Labor Fiduciary Ruling and the impact this will have on insurance agents and advisors. Whether the new administration approves or does not approve the proposed ruling, many companies have indicated they will still be implementing best interest contracts.

The basis of the ruling really comes down to how an insurance agent or advisor is compensated by the insurance company so that the insurance agent or advisor is working in the best interest of the client and not swayed by the compensation offered by different products available. Much information regarding the ruling can be found here.

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Part 6 of a 6 Part Series: Why Didn’t This Agent Offer an Inflation Rider?

E&O Claims in Bucks CountyWhen selling insurance, you need to have more in mind than just finding the sweet-spot where you think your prospective client is comfortable with the premium.

Selling a disability policy can be compared to buying a car.  Would your client want a compact car at claim time, or would they prefer to have a luxury model? Although many E&O claims in Bucks County can stem from buyer’s remorse, it’s important that you have documentation that you took the time to offer the best options available through the insurer that you are representing and explained the differences in benefits.

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Part 5 of a 6 Part Series: Long Term Care Insurance – Know What You Sell

Tell Me More: Errors and Omissions InsuranceBefore you sell Long Term Care Insurance, it is extremely important that you take the time to educate yourself not only on the various policies offered among competitors but also in understanding the very limited circumstances under which Medicare may cover some care in a skilled nursing facility.

One out of two people over the age of 65 will need some form of long term care, whether it is homecare, assisted living, nursing home care or a combination of the various levels of care.

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Part 4 of a 6 Part Series – When You’ve Really Done Nothing Wrong, E&O Steps Up

E&O insurerOne of the most important aspects of having Errors & Omissions Insurance is the defense that it provides to you as an insured.  There are many claims made against insurance agents that are groundless; however, without having an E&O coverage policy, you, as the agent/defendant, would be left to secure your own attorney in order to be defended.  Your E&O Insurer has a network of attorneys that are experienced in handling matters that arise from your profession.

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Part 3 of a 6 Part Series – Be certain to fully explain benefits and pitfalls of a policy!

errors and omissions coverageMeeting with a prospect that has already expressed an interest in needing life insurance is an exciting time for an insurance agent.  Once the prospect is aware of the need and has you as the agent they wish to use for securing insurance, it is extremely likely that the application will be completed and a sale will be made.  As a well-versed agent you are also likely to receive referrals from this client and should not hesitate to ask for them when delivering the policy.

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