Strategies To Use When Buying Error Omission Insurance

Any professional who is searching for error omission insurance will find a wide range of prices quoted in regard to getting coverage. The reason is that insurance companies will quote prices in their advertising to get your attention. None of the policy prices quoted are necessarily final, the prices listed are often just a starting point. It is often possible to negotiate a lower price with an insurance agent if you know how to do it.

If you already have other kinds of insurance policies from the same insurance agency, ask if your error omissions insurance can be bundled with your previous insurance. For example you may have homeowners insurance or vehicle insurance with the same company. They may be willing to offer you a good deal when you bundle all the policies since there is a low risk that you will require all the policies to pay out in the same year.

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Ask the agent how you can reduce the amount you pay for error omission insurance. For example, you might offer to take a policy that comes with a higher deductible. This kind of policy will still offer protection against the real big lawsuits, while you pay for the smaller problems by yourself.

One common negotiating strategy is to always behave as if you are ready to walk away from the deal completely if you are not happy with the way it is going. This can make the agent more desperate to get your business. If you are the person in the negotiation who is acting desperate to get any kind of deal at all then they know they can take advantage of you. They will be more able to sell you a plan that offers poor coverage at a high price.

By keeping these points in mind you can often get a good deal the next time you purchase an error omission insurance policy.

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