E&O for Agency and Agent

Discussion in 'General Insurance Agent Discussions' started by InviewFinancial, Aug 30, 2017.

  1. InviewFinancial
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    InviewFinancial New Member

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    Hello Everyone,

    I received my Life and Health Insurance last year. Now i am about to open an LLC and get an E&O for that LLC. Then start doing business with Brokers to write policies for my clients.

    Do i need to have E&O for the LLC and for me as individual?

    are there any disadvantage of doing business via LLC in terms of insurance business (not in terms of Tax).

    Thanks
     
  2. BADTROUT
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    BADTROUT Super Genius

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    Typically the agency E&O will cover you, your employees, and subcontractors (although you should have your subs get their own as primary IMO).
     
  3. Glen Shelton
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    Glen Shelton Guru

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    Your E&O Policy should cover you, your LLC, and any of your employees. I would definitely double check with your E&O provider if you have further questions!

    Here is an article I wrote comparing 11 different E&O providers if you are shopping around -

    Top 11 Errors and Omissions (E&O) Providers for Insurance Agents
     
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