The importance of an annual E&O insurance coverage review

Monday, November 11, 2013

If you set some big business goals for this year -- such as securing more clients, earning additional income, and scaling up your business -- chances are good that your insurance needs might have changed as well. 

We're almost to 2014, so now is a perfect time to conduct a coverage review if you haven't already done so. It will help you to protect the investment of time and money that you are making in growing your business this year. 

Here are some tips for reviewing your E&O insurance coverage:

  1. Identify anything that's changed about your business over the past year.  Did you add a new employee or hire extra contractors?

  2. Identify the constants in your business. What aspects of your business will remain steady into 2014? Knowing what remains constant will help when deciding how much and what type of coverage you need.

  3. Identify what you want to do more of in the year ahead. If you want to double the number of appraisals you do each month, that will make a difference in the amount of E&O coverage you want to get.

  4. Identify the best provider for your needs. Insurance is an investment. Don’t buy without doing some recon first. Asking the same questions of several different providers will allow you to compare policies side-by-side.

Many Appraisers and Inspectors shop for E&O insurance with one goal in mind: to make the smallest ding in their bank account as possible.

That strategy is right on target, as long as all you want is a great rate. If you want coverage that’s got your back when push comes to shove, then make sure to ask a few more questions as you’re shopping around.

We’ve developed Complete Guide to Choosing the Best E&O Policy which walks you through powerful questions you should be asking when shopping for E&O coverage. To download this free guide, click on the link below.  

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