E&O For Starting An Insurance Agency

Re: E&O

P&C is an entirely different ballgame than life and health. You might want to give some thought into which you'd like to specialize and/or consider working under another agency first for a few years to get your bearings about you.

To answer your question, for life and health you're looking at around $500-$600, for P&C it's probably twice that, but I'm sure some other folks will be able to shed more light on that.
 
Re: E&O

I think E&O for P&C runs $2000-$3000 but I don't do P&C so I may be wrong.
 
Re: E&O

Yes, especially just starting up, I would budget between $2500 and $3K for E&O, which includes coverage for life/health, annuities, pretty much everything. You might get it a little less, but it will still be up there.

The one thing you want to be careful of is whether the E&O covers just you or covers your agency. If its just you, it doesn't matter. Hire a CSR, you need agency coverage, or its another policy to cover the CSR.

Dan
 
3500 for agency E&O for NY, NJ includes the broker fee, taxes/fees. covers agency l&h and p&c from colony ins.
 
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