EOCoverage.Com

No E&O, what can I sell?

Aug 19, 2008

  1. wildfire
    Offline

    wildfire New Member

    Posts:
    3
    Likes Received:
    0
    :cool:What health, life, etc. plans can I sell in CA without E&O insurance? I'm signing with Assurant and Pacific Care, is there anyone else.

    Thanks
     
    wildfire, Aug 19, 2008
    #1
  2. joshril
    Offline

    joshril Guru

    Posts:
    1,326
    Likes Received:
    3
    State:
    Oregon
    Why not pony up $500 and get some E&O?? Some carriers even have monthly options around $50....

    You're crazy to operate without E&O
     
    joshril, Aug 19, 2008
    #2
  3. GreenSky
    Offline

    GreenSky Guru

    Posts:
    15,339
    Likes Received:
    453
    State:
    Nevada
    I always worry about someone who wants to sell insurance with E&O. It's our ONLY overhead cost and it's $460 a year in California. If you can't afford $40 per month to be in a career, you should be an employee.

    The correct answer is YOU CAN'T SELL ANYTHING WITHOUT BEING RESPONSIBLE ENOUGH TO BUY E&O.

    I'm getting off my high horse now. Continue talking amongst yourselves.

    Rick
     
    GreenSky, Aug 19, 2008
    #3
  4. Paradigm
    Offline

    Paradigm Guru

    Posts:
    868
    Likes Received:
    6
    State:
    Georgia
    You can sell any plan that wil permit you to sell without Errors and Omissions. However I would not sell until you have insurance as the liability is on you and protects you. Woithout insurance u are naked in the face of a complaint or a possible settlement. About the only thing I would reconnend selling with it would be dental discount plans and plans for which you dont need an insurance license like PPO repricing plans but thats it
     
    Paradigm, Aug 19, 2008
    #4
  5. joshril
    Offline

    joshril Guru

    Posts:
    1,326
    Likes Received:
    3
    State:
    Oregon
    Discount plan sales agents are pretty reputable...
     
    joshril, Aug 19, 2008
    #5
  6. The Rabbi
    Offline

    The Rabbi Guru

    Posts:
    1,070
    Likes Received:
    4
    Thanks for the laugh.
    :D
     
  7. taterpeeler
    Offline

    taterpeeler Guru

    Posts:
    6,999
    Likes Received:
    15
    State:
    Texas
    u said assurant your getting with? they offer e&o, just take it. make it easy on yourself
     
  8. Dave020
    Online

    Dave020 Super Moderator Moderator

    Posts:
    3,357
    Likes Received:
    50
    State:
    California
    Two things:

    Assurant is not competitive in California, so you will get killed on price point for their products. Get on with Anthem Blue Cross, Blue Shield, Health Net and Aetna ASAP. Both Blues have E&O coverage for $460 a year for appointed agents and you can make monthly payments.

    Did you actually read the contract you signed with UHC (PacifiCare)? It has NO VESTING at all. It is a garbage contract and many agents in CA won't sign it. UHC owns all of your clients. They can take them back at ANY TIME and if you die, retire or quit, they pull all of them and cut you off financially. All other carriers allow you to maintain you own clients and can name beneficiary in the event you pass away. You can also retire, sell your business or rest on your laurels without having to maintain licensing. UHC will grab them the minute your license goes out of force.

    Not that I have anything against UHC (blows)...;-)
     
    Last edited: Aug 19, 2008
    Dave020, Aug 19, 2008
    #8
  9. Dave020
    Online

    Dave020 Super Moderator Moderator

    Posts:
    3,357
    Likes Received:
    50
    State:
    California
    BTW I used to have a contract with PacifiCare, but for some reason they won't honor it anymore and want me to sign an new one (with UHC):laugh:
     
    Dave020, Aug 19, 2008
    #9
  10. OHInsAGNT
    Offline

    OHInsAGNT Super Genius

    Posts:
    117
    Likes Received:
    1
    If you even talk to a client without having an E&O policy, that would be very foolish. If, for example, a client sues you because they were led to believe that you provided coverage for a particular hazard, what happens if you can't prove you told them they would not have it? If you give them a brochure with your name on it that references that coverage but later they tell you they don't want it and you don't get a signed and executed change form stating that when you set them up, they'll be in court with tears in their eyes pointing to you as a snake oil salesman.

    You could be ruined financially for life. It's not worth it over $500. If you don't have the money, don't sell insurance or find an agency that will provide it for you.
     
Loading...