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E&O Sales Tear Sheet 

October 2023

 SALES PRACTICES  

Are You Asking Your Insureds for Referrals?

Referrals from your existing clients are one of your best sources of new prospects.

Referrals have a 30% higher conversion rate – and referred clients have a 37% higher retention rate than insureds gained through other marketing channels.

Source: FinancesOnline

 COVERAGE MATTERS  

 Let Your Agents Know About Investment Advisory Coverage 

Do your agents have clients with investment advisory exposure? We can endorse the policy to cover this activity.

Limits available

  • $250,000/$750,000
  • $500,000/$1,000,000
  • $1,000,000/$1,000,000
  • $2,000,000/$2,000,000

Endorsement: 14-E-1138
Application: 14-A-148

This summary represents an outline of coverage available from the member companies of the Utica National Insurance Group. No coverage is provided by this summary. All coverages are individually underwritten. Coverage availability, terms, and conditions are dictated by the policy and may vary by state. In the event of a loss, the terms of the policy issued will determine the coverage provided. 

 RISK MANAGEMENT TIPS  

 Documenting Conversations can Significantly Reduce Your E&O Exposure 

Solid, consistent documentation can significantly reduce your E&O exposure while also better servicing your clients – especially with over-the-phone or in-person conversations. It’s not unusual for a client to disclaim what was discussed verbally. In “he said, she said” situations, the client is likely to prevail over the agent. When a dispute arises, good documentation is your best defense.

WHAT SHOULD YOU DO?

  • Document conversations immediately. Details become less clear when there’s a delay.
  • Provide details when documenting. Details should be clear enough for another agency member to easily understand what was discussed and any next steps. Use abbreviations sparingly, and note the name of the person you spoke with, not just that you “spoke with the insured.”
  • Memorialize conversations back to the client in writing. While notes in your agency management system are helpful, they may not be sufficient to eliminate your claim exposure. Memorializing conversations helps protect your agency and gives the client an opportunity to address any miscommunications or lack of clarity on the coverage. Summarize the conversation, note any next steps, and be clear they should contact you with questions or concerns.
  • Memorialize discussions with wholesalers, MGAs, carriers, etc. You may believe the carrier will back you if there’s a problem, but that’s not always the case. This will also help if the person you spoke to is no longer with the company.
  • Management should stress the importance of documenting these communications. Audit files periodically, too, to ensure standards are being met.

 UPDATED FORMS/FLYERS  

 READY TO HELP  

Do you have a client looking for risk management guidance on a particular topic and you aren’t sure what to suggest?
 
Reach out to Tabitha DeGirolano of our E&O team for help at tabitha.degirolano@uticanational.com. 


This information is provided solely as an insurance risk management tool. Utica Mutual Insurance Company and the other member insurance companies of the Utica National Insurance Group ("Utica National") are not providing legal advice or any other professional services. Utica National shall have no liability to any person or entity with respect to any loss or damages alleged to have been caused, directly or indirectly, by the use of the information provided. You are encouraged to consult an attorney or other professional for advice on these issues. 

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