Cornerstone Support Marks One Year of E&O Insurance for ARM Industry

For the past year, Cornerstone Support, Inc. has provided collection agencies and debt buyers with a centralized option to shop for better insurance rates.  One year after adding errors & omissions (E&O) insurance to its list of risk management services, Cornerstone Support has helped drive down premiums throughout the collections industry.

“We decided to launch this service after talking to numerous agencies who felt like they were paying too much for their E&O coverage,” says Cornerstone Vice President Matt Pridemore.  “Cornerstone’s entry in the market has provided much needed options for insurance never before available to the collection industry.”

Cornerstone Support has an in-house insurance agency working to help collectors take advantage of the competitive insurance market without compromising their level of coverage.

“We found that many of our licensing clients were turning from their trade association – ACA International – to shop for better rates with local insurance agents not familiar with the risks unique to the debt collection industry,” Pridemore said.

Cornerstone Support’s unique position as a provider of risk management services to the collection industry gives it the leverage needed to secure the best coverage at the best rates available to collectors.

“The response from agencies across the country over the past year has confirmed the need for competition among insurance carriers,” says Cornerstone President Paul McCranie.  “We have even spoken with agency owners who have said that their incumbent provider offered them a discounted renewal rate in advance this year, simply because they know Cornerstone has opened the door for competition.”

Over the past decade, Cornerstone Support has built a reputation as the premier licensing service provider to the collection industry.  More than one thousand agencies have turned to Cornerstone for licensing assistance since 1998.  For more information, visit www.cornerstonesupport.com or call (770) 587-4595.