A frequent question I receive from new people is: "where should I buy E&O insurance?" I actually had to look that up more recently than I care to admit.
What is E&O? It's Errors and Omissions insurance. Essentially, it protects a person or company from claims of negligence. In the case of claims, if an adjuster's actions can be construed as negligent and that results in a material loss to another party, they might have a claim against that adjuster.
I personally don't have it because the vendors I work for have assured me that they have protections in place for their adjusters if a claim ends up in court.
*I'm not advising to NOT get E&O insurance. That's a personal choice. Remember also that being sued for negligence is not the same as having to give a deposition on a claim.
The other thing that I've heard is that "it's not IF but WHEN you'll end up having to do a deposition in court." I've got 20 years in the business and closing in on 10,000 claims of all kinds under my belt. Not once have I ended up in a court room on a claim (knock wood).
Am I just lucky? Or is it something deeper?
Watch the video and find out!