NU Online News Service, May 13, 2:45 p.m. EDT
The sale of professional liability insurance has increased dramatically in recent years. Up to 500 percent at some agencies, members of an agency cluster said.
Austin, Texas-based Combined Agents of America, LLC, a 44 member independent agency managing general agency cluster located throughout Texas, Oklahoma and Kansas, said its members have seen dramatically increased demand from their clients for errors and omissions, directors and officers, and employment practices liability insurance coverage.
CAA said many agency owners expect the growth to continue and predict a rise in these kinds of claims because of the number of failing businesses in 2009 and continuing layoffs.
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