EOCoverage.Com

Errors and Omissions

Apr 18, 2008

  1. InsuraJob
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    InsuraJob New Member

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    It seems like most on here sell insurance and I've been wanting to do something with E & O. It seems more needed for agents rather than adjusters because with a claim, they just re-open and pay more or supplement payment.

    Few questions:

    1. Is E & O really needed for agents?
    2. How much coverage would you seek typically? (With claims people went for around 2 million)
    3. It seems like most E & O is bought through someone that goes to a large wholesaler so to speak, is this right?

    The reason I ask is because there was a company that advertised for E & O and was "selling" it but all they really did was take information and call this large company to get the policy for the client. Is there good money selling E & O?
     
  2. djs
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    djs Super Moderator Moderator

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    Not really sure what you are looking for, it appears you are fairly new to the business.

    Most agents carry E&O insurance, usually $1M, though it varies, and some agents don't carry any (yikes!).

    All E&O that I'm aware of is bought through someone that has access to a carrier. I doubt, unless it is a very large policy, that you could go direct.

    E&O is a tough sell. You would compete against organizations that provide it at more of a group rate.

    Dan
     
    djs, Apr 18, 2008
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  3. NewHealthStrategies
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    NewHealthStrategies Super Genius

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    I think you'll find that any reputable carrier will REQUIRE that you own E&O in at least a $500K/$500K amount.

    I would seriously doubt the integrity and character of a broker/agent that DIDN'T have it...

    1. It's part of owning your own business
    2. It's common sense to protect yourself from the liability (sounds like insurance advise....oh, I thought that was the business YOU were [email protected]!!)
    3. Your wife is gonna be really pissed off and you'll go for years without sex after losing your house, car and 1st born to the person that sued you.

    Just a thought..........
     
  4. Newby
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    Newby Guru

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    I'd stay far away from them. I've heard they spam a lot of internet forums with garbage posts and don't contribute anything worthwhile.
     
    Newby, Aug 12, 2009
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  5. Norwayguy
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    Norwayguy I have spent way too much time here.

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    1 I guess you can sell insurance without E&O if you wish not to be protected and only sell for carriers that do not require proof of coverage

    2 That would depend on what you are selling and if you misrepresent, omit or make an error how costly could that be and what the carrier requires

    3 I don't have the luxury of shopping for my E&O my B/D requires I carry their coverage
     
  6. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Guru

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    Spam Spam Da Bears Spam Spam Spam Ditka Ditka Spam Da Bears Spam
     
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