E&O Tips

Keep these things in mind:

Limit who can accept cash payments. Have a second person, who doesn’t collect cash, reconcile the cash drawer at the end of the day.

Cash payments are more vulnerable to employee theft and your E&O policy probably won’t reimburse you for stolen premiums – so you’ll need coverage in place to cover employee theft.

Premium theft can lead to an E&O claim when your client has a claim, but no coverage. Your agency’s reputation can be damaged, too.

Suggest other options to customers – like money orders, pre-paid credit cards and payment services. Fees for these methods are typically low.

Congratulations! You're helping to safeguard your agency from things like E&O claims and employee theft.