Collection Agency Insurance Coverage Checklist
The coverages a collection agency business may carry — core, prevalent, and situational — why each matters, and the gap most often missed.
Pull out your current policy and check the box next to any coverage you can confirm is already in place — anything unchecked is worth a quick conversation with your advisor. Coverage checklist for collection agencies and debt buyers. Priorities reflect typical exposure; confirm against account volume and channels.
Tick each coverage you can confirm you carry — anything left unticked is a good question for your next policy review.
| Have it? | Coverage | Why this business needs it | Priority |
|---|---|---|---|
| Professional / E&O (FDCPA, | FCRA, TCPA) Covers consumer-law lawsuits — confirm TCPA and class actions aren't excluded. | Core | |
| Cyber Liability | Covers consumer data breaches and notification costs. | Core | |
| License & Collection Bonds | Required by many states to collect. | Core | |
| Crime (Trust Funds) | Covers theft of funds collected for clients. | Prevalent | |
| General Liability | Covers office premises and advertising injury. | Core | |
| Employment Practices | Covers collector and staff employment claims. | Prevalent | |
| Workers' Compensation | Covers employees. | Core |
The coverage gap most often missed
The most commonly missed gap for this class is TCPA coverage. Many E&O policies exclude or sublimit telemarketing and calling claims — and most TCPA suits against collectors are filed as class actions. Agencies should confirm their E&O covers FDCPA, FCRA, and TCPA claims including class actions, and keep consent and call-frequency records current.
Send us the checklist and we'll review your collection agency coverage line by line, then market it across multiple carriers that compete for your account.
Related: Collection Agency Insurance · Collection Agency Supplemental (apply) · All coverage checklists
Frequently asked questions
What insurance does a collection agency business need?
The core coverages for a collection agency business are Professional / E&O (FDCPA,, Cyber Liability, License & Collection Bonds, General Liability, Workers' Compensation. This checklist also lists the prevalent and situational coverages worth considering, with a plain-English note on why each matters.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my collection agency coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.