Risky Business
A Small Business Insurance Guide for Independent Insurance Agents and Brokers


Chapter 3: Special Concerns for Independent Stock and Insurance Agents

Because they work with money, sensitive personal data, and the tricky matters of managing risk and finance, agents and brokers face certain risk exposures that most business owners don't have to worry about. For example: if a restaurant owner messes up, a customer might get the wrong meal. If a broker messes up, a client might not have enough money to get through retirement. The stakes in your industry are high, and the risk management strategy you implement has to reflect that.

In this chapter, we'll explore some of the risks you face because of the nature of your work. We'll also look at some of the risks associated with the way you work. A lot of brokers and agents act as sole proprietors representing a larger corporation. While they get the name recognition associated with that corporation, they usually don't receive traditional employee benefits such as health insurance. This is because they're often considered independent contractors or business owners in their own right.

Read on for a look at how to manage your Professional Liability Insurance and health insurance needs.

Next: Part 1: Understanding Common Professional Liability Claims

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