Agency Management

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.
For years the Big “I” Professional Liability and Swiss Re Corporate Solutions have touted that an agency’s file needs to “tell a story.” It’s our belief that if your files tell a story of what happened and includes all documentation and client communications, this effort may help your agency build a solid defense when faced with an E&O claim. The questionnaire features 27 yes/no questions and is broken into several review categories, such as risk assessment, communications, policy form and endorsements. The questionnaire is customizable allowing for the review of multiple policies for the same policyholder, as well as providing space for criteria that is specific to your agency. A scoring system has also been provided to tally the number of “no” responses, and items requiring more frequent customer contact.
How is your agency doing from an E&O perspective? The free agency E&O self-assessment provided below walks you through all aspects of the business cycle, from writing new business to processing claims. It will provide you with a good understanding on where your agency workflows and procedures need attention. When completed by different staff members, it can provide an indication if procedures are consistently being followed. Click and download the below documents to get started.