Is E&O needed?

[Augustus Aurelius]

Hey guys,

New guy here wondering if E&O is needed for an agent strictly selling final expense? I’ve heard conflicting stories and would like your input.

I’ve heard I’d you don’t have any assets to begin with then it’s not really necessary. If that’s the case I should probably buy some especially while being new. I have a house, vehicles and retirement accounts I wouldn’t want to lose if got sued if I made a mistake.

Any information or advice you could provide would be awesome!

Derek

 

[Markthebroker]

You have so far gotten advice that any amount of research would tell you is completely wrong. Whoever you have been listening to, you need to stop right now.

If you are acting as any sort of an advisor, doctor, banker, mortgage broker, or final expense agent, you have E&O risk which should be covered, unless you are comfortable covering that potential risk yourself out of your own pocket.

What you have heard that if you don’t have any assets to begin with then it’s not really necessary is just as ridiculous. If you get hit with a claim, they can go after whatever you have, however much or little, in addition to your future earnings. Yes, there is less to take at the moment if you don't have much in the way of assets, but it can still destroy your current and future life if you're not protected.

First step, stop listening to whatever lunatics you have been. Second step, assess your risk and if you're comfortable paying out of pocket, then great. If not, make sure you are covered by e&o.

 

[marindependent]

What?

 

[Markthebroker]

What?

What, wait, what?

 

[Newby]

Hey guys,

New guy here wondering if E&O is needed for an agent strictly selling final expense? I’ve heard conflicting stories and would like your input.

I’ve heard I’d you don’t have any assets to begin with then it’s not really necessary. If that’s the case I should probably buy some especially while being new. I have a house, vehicles and retirement accounts I wouldn’t want to lose if got sued if I made a mistake.

Any information or advice you could provide would be awesome!

Derek

You are locked out of many companies if you don’t have. Isn’t that reason enough.

 

[Travis Price]

My argument a few things:

1) How are you going to sell insurance (meaning the concept of risk transfer) when you're not willing to protect yourself?

2) Some carriers require E&O coverage.

3) Judgements can last into the future. Meaning, you have have a lien placed on future assets.

 

[Augustus Aurelius]

Well that settles it then...time to go shopping!

 

[somarco]

By the time you realize you need it you probably can't get it

 

[myinsurebiz]

Well that settles it then...time to go shopping!

E&O Insurance for LiveSmart365, LLC

 

[DHK]

Read this and then you tell me whether or not you should have E&O for selling final expense:

https://insurance-forums.com/commun...st-ie-a-claim-could-never-happen-to-me.53377/