The foundation for E&O risk management is communication, documentation, and consistency.
Why have an E&O Audit?
- Review agency operations with goals of improving operations
- Identify areas that could lead to E&O claims
- Achieve consistency and implement standard industry practices
- Increase sales opportunities
- Potentially earn a premium credit up to 10%
A 10% credit will be applied if the agency completes and implements the Critical and Urgent Improvements from a voluntary agency procedures and operations assessment program administered by an approved auditor. The credit is valid for (5) five consecutive policy terms. The credit is applied at the first policy year following completion and implementation of the assessment program.
What to expect with an E&O Audit:
- Interview all employees
- Review workflows and procedures
- Review department processes
- Agency website review
- Customized report outlining recommended updates shared with agency
- 30-minute consultation w/agency
- Implementation of recommendations will be confirmed
- Certificate of completion issued to agency