Time Saving Tips Buying E&O Insurance
Saving time is as important as saving money. Here are a few tips to help you save time during the E&O Insurance process.
1. Organize
As a real estate professional, you know the importance of good record keeping. Setting up your record keeping system to organize data – like your company’s income and activity breakdown – to be consistent with the information typically requested on E&O applications will save you a ton of time during the application completion process. For example, applications will require a breakdown of the firm’s total commission income into different types of real estate transactions. If your records lump all your income together without breaking down the types of properties (residential vs. commercial, or land vs. 1-4 family), you will spend countless hours going through transactions to find accurate information of the breakdown.
2. Work with a Broker
Working with a professional dedicated to meeting your firm’s insurance needs can be a significant time saver. Often you will want to shop coverage with multiple carriers to ensure the most comprehensive coverage and competitive premium are received. The shopping process can be incredibly time consuming if you’re trying to keep track of multiple submissions, carriers, responses, etc. A broker will do all of that for you. On top of that, they will typically analyze the quotes and coverage terms of each carrier and provide the information to you in a concise, easy-to-understand format for comparison and decision-making.
3. Be Prompt
Begin your E&O Insurance renewal process at least 60 days prior to your policy expiration date. Better yet, begin gathering and organizing your data 90 days prior. That way you can be prepared to submit your renewal application at least 60 days prior and ensure there is plenty of time to shop coverage, address requests for additional information, and choose the best option for your company.
4. Avoid Interruptions
In today’s busy, hands on, always available and accessible world, it’s increasingly difficult to dedicate uninterrupted time for any task. However, by doing just that, you will save not only time, but frustration as well. E&O Insurance applications can be tedious – especially if you’re not following the above tips, but it doesn’t have to take more than 30 minutes of uninterrupted time to complete. You’ll also be more likely to provide accurate information – which will result in fewer requests for clarification or additional information in the process.
5. Stay in Contact
Congratulations! You’ve finally completed the application. But, it’s not over yet. It’s important to stay in contact with your broker – or carrier(s) if you’re shopping on your own. Keep a look out for e-mail communications or an ear open for calls and voicemails. Sometimes additional information is needed in order to proceed with a submission. If information isn’t provided promptly, the entire process is delayed. And finally, while you shouldn’t have to follow up with a good broker/carrier all the time, if you feel you haven’t heard anything in a while, don’t hesitate to follow up. It’s important you know when to expect to receive responses.