E&O for P&C Agents?

[gradyinsurance]

I'm looking at getting into the P&C business, and contacted an agency called The Potter Group (see other post). Anyway, they said that I would have to have E&O that would pay at least "500 per occurance". Does anyone know exactly what that means? And how expensive, on average, is E&O for a newly licensed P&C agent?

Thanks, Dave

 

[djs]

500 per occurance is obviously $500,000 per your single screwup. This is low, most will want a million.

Plan on $600 a month, $3600 a year. Might vary a bit, but this will give you a decent budget.

Dan