$3,000+ E & O for Start Up?

[GeorgiaAgent]

We are a start up agency and received a quote from an MGA for a little over $3,000 per year for E & O insurance (P & C, Life, and Health). Should I jump on this or is there a more affordable option?

Should I look into the Big "I" E & O?

Can anyone out there, who works with E & O frequently, provide some additional quotes?

I am in Georgia

Thanks!

 

[rocketboy]

I was quoted $3500, but what is "Big I E & O?"

 

[moeasadi]

I started my agency last year and that's about how much I paid thru Colony. E & O of America is about $700 but I am not sure if It's acceptable by Carriers. Check E&O of America thread.

 

[warrenins]

Try Marsh Affinity Group or
PIA of Georgia (Professional Insurance Agents of Georgia)

 

[saieddie]

A one man office in GA can get a policy for less than $400 if you're contracted w/smart choice.

 

[GeorgiaAgent]

Thank you all for the suggestions!

I sent applications to two different companies and I am waiting for a response.

 

[blasphemy]

Hello,

Did you go with the 3000? Is that the right one to choose?

Also, do you have to get a 10,000 bond? How much is that and where do you get it from? Most P and C carriers require this.

Please share your findings when you get a chance.

Thanks

 

[GeorgiaAgent]

I am still waiting on the quote from iiaba....so no commitments signed as of yet; I plan on binding sometime before the middle of next week.

 

[moeasadi]

Hello,

Did you go with the 3000? Is that the right one to choose?

Also, do you have to get a 10,000 bond? How much is that and where do you get it from? Most P and C carriers require this.

Please share your findings when you get a chance.

Thanks

You can buy bonds from Safeco, costs about 100-120 dollars

 

[blasphemy]

Moeasadi,


Have not purchased the E and O as of yet. Have you? If so, what price did you get? And is it accepted by all carriers?


Blas