Every New Year, many of us resolve ourselves to changes intended to improve our lives. In the past, I offered resolutions agencies and brokerages might consider in order to improve customer service and help prevent errors and omissions claims and lawsuits. While each agency and brokerage knows the specific areas it might need to resolve, I submit for your consideration my suggested resolutions for change in the New Year:

 

1. Resolve not to write business that is beyond your knowledge or experience.
2. Resolve to follow the state law and insurance company procedures when issuing certificates of insurance.
3. Resolve to provide timely notice to all appropriate insurers of any incident, claim or lawsuit reported to the agency or brokerage by a customer.
4. Resolve to respond to customer questions or inquiries promptly and accurately and provide the best customer service possible.
5. Resolve to get signed applications from all customers even if a signed application is not required by the insurer.
6. Resolve to seriously consider your need to continue business relationships with customers who are chronically difficult.
7. Resolve to do business with insurers that have a strong financial rating and keep current on any changes in those ratings.
8. Resolve to place business with insurers that have a history of paying claims and that do not have a reputation for taking unreasonable coverage positions.
9. Resolve to be prudent when it comes to the E&O coverage for your agency or brokerage. Insure with an E&O insurer that has a strong financial rating and reputation and make certain that your limits are high enough.
10. Resolve to be committed to E&O loss control. Provide education to employees and adopt procedures concerning the best practices to follow to help prevent potential E&O claims and lawsuits.
11. Resolve to have all employees consistently document and confirm all communications with insureds and insurers.
12. Resolve to report any potential claim or lawsuit against your agency or brokerage in a timely manner to your professional liability insurer.
13. Resolve to make certain that the required procedures are followed when placing coverage in the excess and surplus lines market.
14. Resolve that your agency or brokerage will have a happy, prosperous and E&O-free New Year!