NAPA or EOforLess.com for Life Agent

[308ar10]

EOforLess is $495/yr

Napa has one for new agents that is $374/yr

Only difference I see is the annual and aggregate figures.

Napa is 1mil/1mil annual.
EOforLess is 1mil/2mil aggregate.

First off, not 100% sure what the difference between them is, wouldn't aggregate be the 'annual aggregate'? If so, is the extra $1mil necessary? Just can't see a life insurance agent having this many/large claims against them unless they are being really shady on their deals.

Advice??

 

[GreenSky]

Be sure you get E&O that applies to all the potential products you sell. If you can guarantee you'll never sell an annuity, then you don't need that rider.

Or you can pay $430-460 and get a policy covering everything you can do with a L&H license.

Rick

 

[308ar10]

That is good advice. For right now, at least my first year, I plan to avoid annuities.

Still makes me wonder about the coverage for aggregate. Any life agents that have been subject to claims ever approach this limit?

 

[goillini52]

That is good advice. For right now, at least my first year, I plan to avoid annuities.

Still makes me wonder about the coverage for aggregate. Any life agents that have been subject to claims ever approach this limit?

The EOforLess is 1mil/2mil aggregate. You have $1 million per claim...$2 million per year. Assurant sponsors one through NAPA that is I believe $1 million/$3 million aggregate.

That's a good deal for a new agent.

 

[simpleguy]

I am running an 120 agent health agency. I need to find good E&O that will cover my agency and agents. Any suggestions?

 

[308ar10]

I should have updated this... I went with the NAPA policy. $374/yr.

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I got a pm asking for the link. This is where I got it from:
Life & Health Agent Errors and Omissions Insurance

 

[RonM]

I used NAPA for my Life/Health/Annuity, it seemed pretty good, I hope i never have to make a claim with it. Now I currently use a E&O that is offered through the FMO i work under, and it is dirt cheap, but it only applies to business I write through them, of course all of my business goes through them, so i am not at a loss.

 

[Mark]

http://calsurance.com/eo4lifeagents/ I pay $450 a year to Calsurance.

 

[DHK]

NAPA also has a deal for those who hold the CLU or ChFC designations:

American College Errors and Omissions Insurance

 

[LifeWorth]

Both options are less than 100 bucks a month. Both are less than 50 a month. Why not go for the "best" protection possible you can reasonably afford? I mean, it's the least you can to do invest in your business.

Funny how agents become penny pinchers when we need to buy something, meanwhile we complain about prospects huffing and puffing about their premium

Just my two cents.