In today’s society, it’s important to do all that you can to avoid professional liability claims. This is no different in the insurance industry. Insurance agents provide a valuable service to their customers, and may be held just as liable for a mistake or omission as any one of their service clients.
While the only sure-fire way to protect yourself financially from a claim of this type is with Professional Liability Insurance (also called errors & omissions) there are steps you can take to potentially reduce your own liability. It starts by using what are called your “soft skills”. Hard skills are what will get you selling insurance, but soft skills are what will gain you trust and client retention. So what exactly are these soft skills? According to insurance experts, they include the following:
Communication. It’s important to stop for a minute when listening to a client and think “am I truly listening to the needs of the person I am conversing with, or waiting for my turn to speak?” Being able to explain your policies or answer questions clearly is essential of course, but active listening is a huge part of good communication skills as well.
Empathy in Problem Solving. Producers and agents often find themselves working with people who are under a lot of stress. By putting yourself in the shoes of the person or business that has suffered a loss, you can truly understand where they are coming from, which can not only help you solve their problem in the best way possible, but also help you gain your clients’ trust.
Emotional Intelligence. Do you have the ability to “read” another person’s mood and react appropriately? Called emotional intelligence, this is an ideal skill for any type of sales person to have, but especially an insurance agent.
The above mentioned traits are not the only soft skills that agents should have. Knowing how to manage your time, being adaptable to change, and critical, calm conflict resolutions are all vital soft skills as well. By implementing these skills, you are more likely to retain customers, and potentially reduce your Insurance Agent Professional Liability risks.
In addition to Insurance Agent Professional Liability, PLRisk Advisors offers customized insurance coverage for many different professions. Also called an Errors and Omissions (E&O) policy, this coverage provides you and your clients with coverage that contributes toward legal defense costs, damage awards and settlements. To learn more, please contact us today at (855) 403-5982.