My E&O carrier just requested to audit my client files and procedures as part of their risk management program. They want to see how I document my work, what software I use, how I handle data security, etc. Is this becoming standard practice? Seems pretty invasive to me.
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E&O carrier wants to audit my files - normal?
Yeah, this is becoming more common Tony. MLGW actually requires their consultants to have insurance carriers that do these risk assessments. It's a pain but honestly it helped me spot some gaps in my documentation. They gave me a premium credit for implementing their recommendations too.
My Chubb underwriter did this last year. They were especially interested in my cybersecurity practices and how I handle client data. SDG&E requires pretty strict data handling protocols now, so having the carrier sign off on my procedures actually helped with that contract.
Thanks Randy and Grace. I guess I'll cooperate and see what they recommend. Maybe it'll help me tighten up my processes. Just caught me off guard since they've never done this before in the 8 years I've been with them.