Benefits of an Educated Team
- Lower your E&O Premium
- Increase awareness by agency staff of the importance of E&O Risk Management & accountability
- Improve overall agency operations while increasing revenue opportunities
- Reduce exposure to the cost and hassle of E&O claims
- Keep your deductible dollars in your pocket
- Earn 3 OGI CE credits
Effective 1/1/2020, new risk management (formerly loss control) credit comliance and credit options will be available to Westport clients.
Changes Include:
1. The credit will remain on your account for 2 years instead of 3.
2. Credit will no longer be lost because of claim activity.
3. E&O seminar attendance requirements will be 3 hours instead of 6.
4. Required number of staff reduced for the base 10% credit per list below:*
1-4 staff = 1 attendee
5-11 staff = 3 attendees
12+ staff = 25% of staff with a maximum of 15 attendees
*One active agency principal, owner, partner or officer is required for allthree levels.
5. If you qualify for the 10% risk management credit, you can also earn upto an additional 10% credit with the options below:
50% or more of staff attendance at an E&O seminar or webinar = 5% credit.
If you have an odd number of employees, round up for the proper number of attendees.
Agency use of a coverage checklist = 5% credit.
Checklist must be submitted for underwriter review and approval prior to the renewal for credit to apply.
Voluntary website review = 5% credit.Website review must be done by a Westport approved auditor, and findings
Contact the VFSC insurance department at 804-747-9300 for more details or questions.
