“Actions speak louder than words,” goes the old saying. This is especially true in life insurance, where agents who deliver on their promises outpace those who breach them. One especially important action is purchasing E&O insurance for your business. This doesn’t just protect your finances against client lawsuits; it sends a powerful message to your customers that you are a responsible financial professional . . . one who will make them whole should you ever make a mistake.
For this reason, buying E&O insurance is likely the most powerful method available for building client trust. Why? Because it sends your clients five compelling messages:
- That you have a fiduciary mindset. Even if you are not legally required to uphold a fiduciary standard of care, buying E&O insurance shows you have a fiduciary attitude. It conveys the message that you care about your clients’ financial well-being and will do your best to preserve and enhance it.
- That you believe in the value of risk assessment and mitigation. In other words, when you buy E&O insurance, you model for your clients the same steps you’d like them to take . . . assess risks, identify key exposures, and transfer those exposures to an insurance company in exchange for paying premiums. When you buy E&O insurance, you encourage clients to purchase the insurance they need to keep them and their families safe.
- That you believe in being a responsible life insurance agent . . . willing to own up to and remediate your mistakes. E&O insurance is a cost-effective way to make clients whole after you make a costly mistake. Knowing that you have this protection in place will be a tremendous comfort to your customers. And they will respect you for it.
- That you are in this for the long haul. Having E&O insurance tells people you intend to stay in business for years. Since your policy serves as a financial backstop in case you lose in court, you won’t have to liquidate personal assets or shutter your business to cover a legal judgment. Clients will appreciate your financial resilience and longevity.
- That you will focus 100 percent on their needs because you won’t always be worried about making mistakes or getting sued. In short, having E&O insurance liberates you to do your best work for your clients; constantly second-guessing your actions and worrying about your legal exposures will be things of the past.
For all of the above reasons, it makes great sense for you to buy E&O insurance and to keep your policy in force at all times. It’s an excellent way to demonstrate your long-term commitment to your clients, in good times and in bad.
If you’re ready to begin sending these messages to your clients, take the next step and visit EOforLess, an online provider of affordable E&O insurance. There you’ll find options for protecting your business and a user-friendly shopping portal that will bind the coverage you need in just a few minutes.
So don’t wait any longer. Build client trust by getting E&O insurance today!
