E&O Insurance
E&O Insurance, also known as Errors and Omissions Insurance or Professional Liability Insurance, is a type of business insurance that protects professionals against claims of inadequate work or negligent actions. Think of it as a safety net for professionals who give advice or provide services to clients. Insurance professionals need to understand this product well because they often sell it to other professionals like real estate agents, consultants, or accountants. It's similar to malpractice insurance that doctors have, but for non-medical professionals.
Examples in Resumes
Managed portfolio of 200+ E&O Insurance policies for technology companies
Increased E&O Insurance sales by 45% through targeted marketing to professional services firms
Created training materials for new agents on Professional Liability Insurance and E&O Insurance products
Processed over 500 Errors and Omissions Insurance claims annually
Typical job title: "Insurance Underwriters"
Also try searching for:
Where to Find Insurance Underwriters
Professional Organizations
Job Boards
Online Networks
Example Interview Questions
Senior Level Questions
Q: How would you handle a complex E&O claim for a large accounting firm?
Expected Answer: A senior professional should explain the process of evaluating policy coverage, coordinating with claims adjusters, understanding the specific professional standards involved, and managing the resolution process while maintaining client relationships.
Q: How do you determine appropriate coverage limits for different types of professionals?
Expected Answer: Should demonstrate knowledge of risk assessment, industry standards, client size and revenue, claim history, and specific professional risks involved in different industries.
Mid Level Questions
Q: What are the key differences between E&O Insurance and General Liability Insurance?
Expected Answer: Should explain that E&O covers professional mistakes and negligence, while General Liability covers physical injuries and property damage. Should provide clear examples of when each type applies.
Q: What factors do you consider when underwriting an E&O policy?
Expected Answer: Should discuss business type, revenue, claims history, risk management procedures, and professional experience of the insured.
Junior Level Questions
Q: What is E&O Insurance and who needs it?
Expected Answer: Should be able to explain that it protects professionals against claims of mistakes or negligence, and list common professionals who need it like consultants, real estate agents, and insurance agents.
Q: What are common E&O Insurance claims?
Expected Answer: Should provide examples like missed deadlines, professional mistakes, oversight errors, and incorrect advice, using simple terms and real-world scenarios.
Experience Level Indicators
Junior (0-2 years)
- Basic understanding of insurance policies
- Customer service skills
- Policy application processing
- Basic risk assessment
Mid (2-5 years)
- Policy underwriting
- Claims processing
- Risk evaluation
- Client relationship management
Senior (5+ years)
- Complex risk assessment
- Team leadership
- Strategic planning
- Advanced underwriting expertise
Red Flags to Watch For
- Limited understanding of professional liability concepts
- No knowledge of insurance regulations
- Poor risk assessment skills
- Lack of experience with claims handling
- No understanding of different professional service industries
