How quickly are you reporting claims for your clients to their carriers? Are you reporting the claim to all carriers that could respond? These are important questions to ask yourself.
- Report claims immediately – ideally, no later than 48 hours after receipt by your agency. Any delay can negatively impact your client, particularly when the coverage involved is claims-made.
- Report claims to all policies that could potentially provide coverage. It is best to err on the side of caution, even if you think there is unlikely to be coverage. Let the carrier make the coverage determination. Don’t forget about any umbrella or excess policies in place. Failure to report to these policies is a common reason for E&O claims.