Collection Agencies

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An insurance collection agency must emphasize attention to detail, as minor mistakes can tarnish a brand and be an added expense to an insurance collection.

 

Do you work, within the collections sector? You’re a brave individual and have decided to perform a task, which many people would steer clear of. Many individuals do not understand the importance of your job and prefer hanging up, when they receive your phone call. Unfortunately, collection agencies shoulder a lot of responsibilities and these aren’t only associated with collecting payments. You are also responsible for negotiating payment plans and responding to client inquiries. You should also be willing to provide the customer with an alternative plan, when possible.

As a collection agent, you need to be quick on your feet and ready for any complication, which could arise. One of the best ways to do this is by obtaining a sufficient amount of insurance. Below, you’ll learn about the benefits of errors and omissions insurance for collection agencies.

If you own a collection agency business, you know the dangers your business can risk during face to face interactions. But debt collectors can have other liabilities as well, both due to having office space for their business and due to acts of retribution or vandalism. If it’s been some time since you’ve reviewed your business’s insurance policies, make sure it includes the following areas of coverage to keep you and your bill collectors safe.

Obtaining a sufficient amount of Professional Liability Insurance is pertinent and will help to protect your company, as well as your clients. Although each entity’s requirements and needs will vary, obtaining at least $2 million in Errors and Omissions insurance is recommended.