If you’re one of the many independent insurance agencies to offer Errors and Omissions (E&O) Insurance to small business clients, you’re likely well-versed in the ways that this type of coverage can provide much-needed protection and peace of mind. You might even be aware that E&O insurance is a must-have for your own agency. Even though E&O insurance premiums can be upwards of $10,000 a year, the coverage is well worth the cost to any independent insurance agency, but a 10% E&O insurance discount makes it even more valuable.
How Can I Get an E&O Insurance Discount?
Any insurance carrier would prefer to know that the people and business they’re insuring have taken the steps to minimize risk and avoid making a future claim. The same goes for your agency’s carrier. They want to know that you have been educated on the best practices for E&O risk management before they write your policy. So they’re more willing to offer discounts to those agencies whose owners and employees have taken an E&O insurance course.
These courses review the best practices for offering coverage and provide recommendations for agencies to minimize their risk for an E&O claim, all while including real-life claim examples from Florida agencies and data on E&O claim frequency and types to provide a comprehensive training.
E&O insurance classes typically run about $100 a person, which quickly adds up for a growing agency. But membership in IIACF entitles your entire staff to attend for free every year. Once a certain percentage of your employees have taken the course, your agency qualifies for a 10% discount on E&O insurance premiums (contact FAIA Member Services to find out how many of your employees will need to attend). For example, if your E&O insurance premiums are $30,000, your agency would save $3,000, which more than covers the cost of your IIACF membership.
By joining the IIACF, your growing agency will have access to E&O insurance classes, E&O insurance discounts, seminars, networking events, and so much more. The cost of membership pays for itself; join today!