Insurance agency errors and omissions (E&O) situations and solutions from consultant Chris Burand.
Always use a coverage analysis checklist on new and renewal business! When was the last time you went to the hardware store or grocery store to pick up more than a few items? Did you use a list of some kind or a note in your Smartphone? I’ll bet you don’t forget many items when you use a list! The very same process applies with the way we manage our prospects and renewal customers.
A great opportunity for E&O protection is provided when all the agency’s staff discusses every applicable coverage with every customer and prospect by always using a complete coverage analysis checklist. This list can be attached in the system or customer file to help you document everything that was discovered, suggested, and proposed concerning a customer’s risk. An efficient coverage analysis checklist is simple to create and maintain, yet helps everyone in your agency “stay on the same page” of providing sound and adequate insurance advice.
Create one, make it easy for everyone to find and use, and then make certain everyone in your agency uses it! Go here for some examples.