Avoiding E&O Claims In A Hard Market

Just a few short years ago, competing against a lower priced competitor was one of the top business concerns of insurance agents. Today, agents face a drastically changed environment that presents challenges in handling their agencys errors and omissions exposure.

Its no secret that combined loss ratios of well over 100 percent and the crashing of investment returns have forced insurance carriers to look to pure underwriting results to drive profitability. Add to that social and environmental loss drivers such as skyrocketing medical malpractice awards, mold claims and asbestos liability, and the resulting mixture is a recipe for the hardest insurance market in almost two decades.

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