E&O Audits and Self-Assesssments
A periodic review of your agency's business practices can give you an understanding of what procedural breakdowns may be occurring within the agency. Included on this page is information on Agency E&O Audits (fee based) as well as Agency E&O Self-Assessments (free). If your agency completes the audit, or self-assessment and addresses the fidings, you will greatly reduce your risk of future E&O claims.
Swiss Re policyholders have the opportunity to receive a 10% premium discount on their E&O policy annually for five years for having an approved agency E&O procedures audit and implementing recommendations. That is significant savings considering that the cost of these agency reviews is generally absorbed by the first year’s premium savings. But there are more benefits to agencies that have an approved E&O audit than just discounted E&O premium.