E&O for Agent/agency

Discussion in 'E&O - Errors and Omissions for Insurance Agents' started by Pal, Sep 23, 2016.

  1. Pal
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    Pal New Member

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    Hi,
    I am a new agent who has been licensed for Life&Health recently and planning to start my own agency(LLC). I will be the sole producer for the agency. Can anyone please let me know if I have to take E&O for me or agency.

    Thanks in advance for your time...
     
  2. goillini52
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    goillini52 Well-Known Member

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    You don't have to carry it unless the carriers you write for require it. It only runs about $40 a month and it's tax deductible. CYA!:yes:
     
  3. marindependent
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    marindependent Well-Known Member

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    You should speak with your lawyer and your E&O Insurance agent on this one.

    However generally speaking as a One Person Agency, Your E&O policy would be listed with both your name and your Agency's name.

    This however may be changed by the state that you are in and the differences in state laws. lastly check with your State Insurance regulator as to what they require.
     
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