$3,000+ Per Year 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!

 

[Mark]

I'm not sure about p and c, but with life and health the price is between 400 to 700 a year. You might want to talk to healthagent, he has a great deal on e and o.

 

[dgoldenz]

I'm not sure about p and c, but with life and health the price is between 400 to 700 a year. You might want to talk to healthagent, he has a great deal on e and o.

Depends on the amount.....maybe for $1 million/$1 million. For anything more than that should be $1000-$1500 or so. Some carriers base the premium on your previous income and tier it that way too. I currently have $2 million/$2 million "just in case".

 

[tkirk97]

Sounds about right for a start up. I started a scratch P&C 3 years ago, and the premiums were right around 3k. Our State Big "I" program requires a minimum of 2 years of experience rating before they will look at you. Premiums are 905 now, 2/4 million limits. We primarily do person lines. ALso that premium is without, L,A,H because I carry that E&O through my broker dealer.

 

[URDRWHO]

Sounds about right for a scratch agency.

I've been doing this stuff for a long time and my P&C 1mil/2mil runs about $1700 a year ($5,000 deductible). That is for P&C/L&H. You are lucky because I don't think the E&O market is currently in a hard trend because it it were, you would be hard pressed to find an offer.

I always shutter at renewal when the market turns hard. A non-renewal is a business killer. In L&H you can get away without E&O but that isn't going to fly in the P&C business. I have notice that more and more the L&H business carriers want to see an E&O dec page.

I do mostly commercial stuff with a little bit of personal lines.

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!