Big I Professional Liability, in partnership with Swiss Re Corporate Solutions, offers a risk management credit program that can help your agency reduce its E&O premium. This program increases awareness of situations that may lead to E&O claims and provides valuable strategies to avoid or minimize their impact. Discover how you can save up to 20% on your agency’s E&O premium by taking advantage of these risk management credits!
Complete An E&O Risk Management Seminar
A risk management premium credit may be earned by attending an approved 3-hour risk management seminar prior to your policy anniversary (or within 30 days after your policy inception date.) If you are a Swiss Re Corporate Solutions policyholder, training can qualify you for a 10% or 15% credit. The credit is applicable for two consecutive years and is subject to minimum attendance requirements. Here’s how to get training:
Option 1: Complete An Online Risk Management Seminar
Register for one of the online E&O courses available on Big I Maryland’s ABEN catalog (Agents & Brokers Education Network). There are several courses to choose from, including CE approved options.
Swiss Re Risk Management Approved Seminars:
- Power of Prevention: Agency Risk Management Essentials of Service (3 P&C)
- Power of Prevention: Agency Risk Management Essentials of Management (3 P&C)
- Power of Prevention: Agency Risk Management Essentials of Sales (3 P&C)
- Coverage Essentials: Policy Analysis – Reading, Interpreting and Understanding Insurance Contracts (3 P&C)
- Coverage Essentials: Homeowners Part I – Policy Definitions, Liability Coverage and Policy Conditions (3 P&C)
- Coverage Essentials: Homeowners Part II – Property Coverages (3 P&C)
- Coverage Essentials: Coverage B – Personal & Advertising Injury Under the CGL Policy (3 P&C)
- Coverage Essentials: Avoiding E&O in the Personal Auto Policy and Personal Umbrella (3 P&C)
- Coverage Essentials: Business Income – More Important and Much Simpler Than Agents Believe (3 P&C)
- Coverage Essentials: Certificates of Insurance and Evidences of Commercial Property Insurance (3 P&C)
- Coverage Essentials: Understanding Commercial Property Gaps and Knowing How to Fill Them (3 P&C)
- Coverage Essentials: Introduction to the Homeowners Policy (3 P&C)
- Coverage Essentials: Cyber Insurance Coverage and Employment Practices Liability Insurance (P&C)
Option 2: Request Custom E&O Training
Have one of our knowledgeable instructors present an E&O seminar at your agency or preferred location on a specified date. Contact our Education Department at education@bigimd.com for more information.
Earn An Additional 10% Discount
Earn an additional 10% discount by completing two of three options listed below. These credits are only available in conjunction with the attendance at a risk management seminar as outline in the previous step. Each option is worth an additional 5% credit (max of 10% from two of these three options).
Option 1: Complete An Online Risk Management Seminar
Earn an additional 5% credit by having 50% or more of your staff attend an approved E&O Risk Management Seminar (see above).
Option 2: Agency Coverage Checklists
A major cause of E&O claims is the failure to recommend proper coverage. Regularly using coverage checklists can help reduce your exposure. Westport offers a 5% discount for utilizing approved coverage checklists.
Option 3: Conduct An Agency Website Review
Your agency’s website is a valuable marketing tool, but its language can also be a potential risk if used improperly by claimants. Have an expert review your website to pinpoint problem areas and potential exposures. Westport offers a 5% discount for implementing the reviewer’s recommendations.
For additional information or questions:
For questions about your E&O policy or who should attend from your office, contact Kate Langford at kate@bigimd.com. For help with registration or course details, contact Kyrsten Langford at kyrsten@bigimd.com.