Good Companies to Get E&O Insurance

[johnabe0220]

Hello Everyone,

looking for help my new insurance agency. I am a novice insurance agent and therefore a lot of companies I have requested E&O stated that they wont cover start up agency. And the ones who send me the quote were high and asking for $3K. Guys, any recommendations? I am looking for an E&O policy with rates somewhere between 1K-1.5K

 

[benwrigh]

What lines are you in? Life, health, property casualty?

 

[nbarnes]

Have you checked with your states' insurance agent association? Big I, PIA, etc.?

 

[oldinsuranceguy]

I'm assuming that you're a newly licensed P&C agent.

The pricing for an agency starts in the $1,800-$1,900 range including taxes and fees. There's really nothing cheaper out there for P&C agencies owned by newly licensed agents.

 

[johnabe0220]

Thanks Everyone. I was finally able to get the E&O Policy for $1900. Now the next struggle begins, it seems that all of the companies I have applied so far does not want to appoint me. So far, I applied to ACE, Safeco, Travelers and everyone have denied saying that since I am a new agent/agency, they wont be able to approve me to be appointed by their agency. Any suggestions as to which insurance companies I can easily be appointed by, the one who does not care if the agency/agent is new or not.

 

[RFMaurone]

Find wholesalers who have the carriers you want and start writing and when you hit 250 K call them again.

 

[Francesnunez]

Hi johnabe0220, What limit of liability do you carry on your policy? I'm looking for E&O Insurance too but I have no idea of how much coverage is appropiate. I'm going to be selling homeowners.

 

[oldinsuranceguy]

The standard E&O limits are $1 million/$1 million. You will need to show proof of E&O insurance if you try to get appointed by an insurance company, want to join a cluster/aggregator, or want to work with a wholesaler or MGA.

 

[Francesnunez]

I'm looking for information on what are the pros and cons of MGA's, cluster/aggregator and wholeseller. Can you help me with that?

 

[kalmandos]

Hello, can you tell me which company insured you? I am new also. Thanks