One out of four insurance agencies get sued for mistakes each year. The risk is even greater during a pandemic.
With losses related to COVID-19 potentially ending up in litigation, professional liability coverage for insurance firms is critical. For more than a decade, Business Risk Partners has specialized in underwriting insurance agents E&O and worked with hundreds of producers to help them secure the necessary coverage for their clients. (Read what they have to say here.) BRP truly understands the exposures facing insurance agencies whether it's a commercial retailer with $250,000 in revenues, a benefits broker with $10 million in revenues or a managing general agency with $50+ million in revenues. Our team of underwriters are some of the best in the business and known for their out-of-the-box solutions. Our ability to turn around customized policies backed by best-in-class carriers is unmatched. Coupled with our partners’ stability and claims paying capacity, BRP offers the ultimate in protection and service.
BRP’s Insurance Agents E&O facility provides $10 million of A rated capacity, on admitted terms for both primary and excess coverage in most states. With no minimum or maximum revenue threshold, we can build a policy that addresses a myriad of potential exposures for insurance firms – whether traditional or niche players – including offerings such as risk management and loss control services. Highlights include:
• Administrative Proceedings Coverage
• Subpoena Inquiry Coverage
• Court Attendance Costs Coverage
• First and Third Party Cyber Coverage
• Consent to Settle Provision 70/30
• Deductible Reduction Coverage
• Insolvency Coverage for Placements with carriers rated B+ or Better by A.M. Best/Demotech rated A or Better/ State Guarantee Fund
• Punitive Damages
• Multi-Year Extended Reporting Period Options
• Automatic Sixty-Day Post Reporting Period Options
• Personal Injury Coverage
• Worldwide Coverage
PLEASE NOTE: This list is solely intended to be a summary of policy coverage. Please reference the actual policy for specific terms and conditions. The policy supersedes all representations made above.
We welcome submissions from a wide variety of insurance concerns and all types of insurance agents, brokers and consultants. Remember, there’s no minimum or maximum revenue threshold, and we pride ourselves in responding within 24 hours!