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Why Insurance Agencies Need Business Insurance

Insurance agents have clients and others visiting their office on a daily basis. This can expose your agency to some specialized risks. And that’s in addition to the typical issues most small businesses, including insurance agencies, deal with like workplace property damage or the loss of important company files and records. Learn about the small business insurance coverages, including errors and omissions that insurance agents typically need, and most often purchase, from The Hartford.

Business Owner’s Policy

Most insurance professionals have a Business Owner’s Policy (BOP). Why? Because it helps protect your small business in much the same way a homeowner’s insurance policy helps protect your home and personal possessions. 
By combining three basic insurance coverages that are important to virtually every small business, including insurance agencies, a BOP can help save you money on insurance rates while safeguarding what you’ve worked hard to build.
  1. General Liability – helps protect your insurance business from certain lawsuits alleging injuries or property damage that occurred as the result of your insurance agency operations. For example, if a customer trips and is injured at your agency’s office or one of your agents causes damage to a customer’s property while presenting an insurance proposal at their home. It even helps cover certain claims of slander and libel. Business Liability insurance does not cover liabilities directly arising out of the professional insurance services you may provide.
  2. Commercial Property – helps protect the place where your agency does business and the things you use to conduct business, like office equipment, furniture, file cabinets – whether you own or lease them.
  3. Business Income – helps cover the loss of income when you can’t service your insurance agency’s clients because of covered property damage.
Learn more about our Business Owner’s Policy for your small insurance agency business.
Easily Add Optional Insurance Coverages to a Business Owner’s Policy
Professional Liability insurance helps cover the costs and legal fees your insurance agency may incur in the services it provides. For example, one of your insurance agents makes a clerical error and causes a policy to cancel. The cancellation notice goes unnoticed and the customer has a loss. Professional Liability insurance can help cover the expenses your business might incur as a result.
Insurance agencies like yours often store sensitive information about their employees and clients, including social security and credit/debit card numbers. And if that information is lost or stolen, it could leave your business vulnerable to lawsuits and damage your reputation. Data Breach Coverage helps pay the costs of notifying impacted individuals, managing public relations, good faith advertising, and more if personally identifiable information is lost or stolen. from your insurance business.
Insurance agencies may potentially be sued by current or former employees who claim discrimination, harassment or wrongful termination. Your insurance agency may face significant legal fees if it was taken to court for these claims. For example, say your business downsized and a group of terminated employees claimed that your company only let go of older employees. EPL may help cover the legal costs your business incurs to defend this discrimination claim.
Employee Benefits Liability insurance may help cover costs to your insurance business that arise from claims that errors or omissions were committed in the administration of your company’s employee benefits plan. For example, if an employee of your insurance business claims that due to an error by your company, she was not properly enrolled in her vision plan, The Hartford’s Employee Benefits Liability insurance may help cover the costs to your company that are associated with the claim.
If you are working outside of your place of business and a customer’s property is damaged while in your care, custody or control, Limited Care, Custody or Control Property coverage may help cover the costs related to the damage claim. For example, if you are having a client meeting at their kitchen table and you accidentally damage that table, this coverage may help cover the costs your business incurs due to the damage claim.
Bundle Insurance Coverage for Insurance Agencies
It’s easy to increase your insurance agency’s Business Owner’s Policy (BOP) protection at an affordable price with The Hartford’s Stretch® endorsements that bundle valuable key coverages. For insurance agents like you we offer:
  • Basic Stretch
  • Financial Services Stretch
  • Super Stretch
  • Super Stretch for Business Services
Contact an agent or a representative from The Hartford about these cost-effective solutions that help take the guesswork out of selecting the right coverage for your insurance agency.

Additional Solutions

If you have employees, use a car for work, or work from home, your insurance agency business may also benefit from:
Other Important Insurance Options for Insurance Agency Businesses
Required by most states, workers’ compensation insurance provides benefits to your insurance agency employees for work-related injuries or illnesses including medical care, wages from lost work time, and more. And if the employee’s family decides to sue you, coverage can help you with related legal fees. Businesses, including insurance agencies, have been turning to The Hartford for workers’ compensation coverage for more than a century. 
Do you ever use your car to visit insurance clients at their home or business, pick up supplies for your agency’s office, travel to an insurance conference or training opportunity, or for other work related purposes?

A Business Auto Policy provides coverage generally not included in a personal auto insurance policy. It can cover you or an employee when an owned vehicle, used for your insurance business purposes, is involved in an accident. 
If you run your insurance business out of your home, you probably want a Business Owner’s Policy (BOP). A BOP provides coverage not generally available with a homeowner’s policy. 

Ask yourself, “Do I have customers come to my home, receive business correspondence, mail or packages at my house, or have employees or store business items or documents in my home?” If so, your agent or a representative from The Hartford can help you select the right coverage to protect your home-based business.

Learn More About Home-Based Business Insurance
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.