[Review] Top 11 E&O Providers

[Glen Shelton]

One of the items we recommend that new agents obtain before going out to sell is errors and omissions (E&O) insurance. Agents, both new and experienced, have to purchase this insurance, but most of them don’t pay it much attention. To help them out, we combed through the forums to find the Top 11 E&O options for insurance agents, and compared them to see how they all stack up!

We quickly noticed when doing our research that not all policies cost the same, and not all policies have the same legal definitions or protections.

In this Top 11 review article, we also cover:

• The different legal definitions and benefits to compare between policies
• Tips to PREVENT an E&O claim
• Tips to PREPARE when faced with an E&O lawsuit
• Which E&O companies take agents with prior felonies or bankruptcies
• The most inexpensive E&O companies for insurance agents that could save you an extra $100 a year on E&O premiums

This fall when your policy renews, if you find yourself wondering whether you’re overpaying for your own insurance, then this list is for you!

How does your E&O provider stack up?

 

[entrep1776]

Hi Glen, Enjoyed the blog on E&O insurance. I probably need to ask the E&O company but....I probably need policy in place 1st day I plan to visit prospects? not when I get licensed? I'll have to shop it through the top companies you mentioned.

I didn't realize:
Insurance Business Magazine reports that 1 in 7 agents will have an E&O claim during their career, while Insurance & Risk Management Knowledge Alliance says that 1 in 5 agents will experience a claim.

As 1st year agent, anyone have tips how to get E&O cheaper? I'm thinking mine will be around $400.

 

[johndf]

Great article on E & O

 

[adjusterjack]

As 1st year agent, anyone have tips how to get E&O cheaper? I'm thinking mine will be around $400.

Google.

Shop for quotes from agents who sell it.

Join a trade association that has an E&O program with group rates

 

[Josh]

As 1st year agent, anyone have tips how to get E&O cheaper? I'm thinking mine will be around $400.

That's pretty much as low as it's gonna get.

 

[Justin Bilyj]

Glen's article has Calsurance at $380, which I will be changing to from Napa, saved me $90 or 20% - I only wish my health insurance came down like that!

 

[jimlorance]

Very informative article, I like the part where you researched and compared expense, deductible, and other criteria. I must say the companies like All Risks should read this and get back on track.

 

[eersfan]

Hi Glen, Enjoyed the blog on E&O insurance. I probably need to ask the E&O company but....I probably need policy in place 1st day I plan to visit prospects? not when I get licensed? I'll have to shop it through the top companies you mentioned.

I didn't realize:
Insurance Business Magazine reports that 1 in 7 agents will have an E&O claim during their career, while Insurance & Risk Management Knowledge Alliance says that 1 in 5 agents will experience a claim.

As 1st year agent, anyone have tips how to get E&O cheaper? I'm thinking mine will be around $400.

My E&O runs about $1400/year...but then again, I'm securities licensed which costs a lot more than the vanilla life and health coverage.