anybody know how much e&o ins cost for an independent ag

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PostPosted: Thu Jan 10, 2008 9:03 pm   Post subject: anybody know how much e&o ins cost for an independent ag  

anybody know how much e&o ins cost for an independent agent selling p&c only ???



need to get more details or contact a good provider that has reasonable premiums for errors and ommissions ins. Also, do all carriers require that of their independent agents???

jackamp
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PostPosted: Thu Jan 10, 2008 9:59 pm   Post subject:   

Hi jackamp,



Quote:
anybody know how much e&o ins cost for an independent agent selling p&c only ???




That's really an open question and it can be dangerous to "ball park" commercial insurance rates. You can purchase E&O in multiples of $1 Million. The best way to find out is to get some quotes for your particular situation. I would think you could get a good $1 Million E&O policy for under $2,500 (but I certainly don't guarantee that).



Quote:
Also, do all carriers require that of their independent agents???




I personally have found that most, if not all, of them do require it, but that's not what's important. We all make mistakes, but as an insurance professional, you can't afford to make too many. Honest mistakes can be costly. The E&O protects us if we should make a bad mistake. So, even if the carriers did not require it, I would still have it to protect everything I own.


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PostPosted: Fri Jan 11, 2008 7:32 pm   Post subject: E&O  

good advice....I appreciate an honest reply...thank you.

jackamp
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PostPosted: Sun Jan 11, 2009 7:22 pm   Post subject:   

Quote:
has reasonable premiums for errors and ommissions ins
I think they call that an oxymoron.. WinkLaughing


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PostPosted: Mon Jan 12, 2009 7:55 am   Post subject:   

Quote:
anybody know how much e&o ins cost for an independent agent selling p&c only ???




I certainly agree with Teacher....its hard (if not impossible) to quote an amount with knowing much about the situation)



The premium I guess would depend upon your business location. Some places are overpriced than the rest. Mostly the urban areas.



Also, the rates vary amongst the insurer, I'm sure that you are aware of this.



Third would be the volume of coverage. Higher is your volume of operation, higher would be your requirement for coverage.



E&O policy is a professional requirement and the professionals are advised not to operate without proper coverage. Insurance agents without enough e&o IMO shouldn't be allowed to do business.

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