Errors and Omissions insurance

kingedgars · 06-12-2007, 03:19 PM

I need to get Errors and Omissions insurance to sell a Special Needs Program in Medicare Advantage. Anyone have suggestions for reliable and affordable E&O insurance?

06-12-2007, 05:20 PM

I'm interested in the same answer... I need to get something as well, and am curious what is the most affordable out there. Thanks in advance!

Delta76 · 06-12-2007, 06:20 PM

If your a member of NAIFA, look at there sponsored program through Aon. If not, consider becoming a member, it's a great organization.

senior-advisor-indiana · 06-12-2007, 06:28 PM

If you contract through any Great American Company YOu can get it through NAPA for less than $40 per month.

BKrocko · 06-12-2007, 06:38 PM

This E&O question seems to appear often enough that maybe we should make it a sticky.

http://www.napa-benefits.org/

Or try https://tipu.calsurance.com/calsuran...nce/index.aspx

GreenSky · 06-12-2007, 10:24 PM

Quote:

Originally Posted by kingedgars

I need to get Errors and Omissions insurance to sell a Special Needs Program in Medicare Advantage. Anyone have suggestions for reliable and affordable E&O insurance?

You do not E&O for a special needs program. You need to it protect your ass in case you get sued.

A professional in this business has coverage. A "wanna-be" does not.

Rick

senior-advisor-indiana · 06-12-2007, 11:00 PM

I must be a wanna-be. Or maybe I just do things honest and ethical.

James · 06-13-2007, 03:48 AM

One could argue that having E&O only increases your potential to be sued. Even though one should have it, I couldn't imagine we look to cover the "What If" for our clients but, ignore our own "What If". That just wouldn't seem correct or advantageous on our part.

GreenSky · 06-13-2007, 10:46 AM

Quote:

Originally Posted by senior-advisor-indiana

I must be a wanna-be. Or maybe I just do things honest and ethical.

You are either just lucky or perfect. Nothing to do with honesty or ethics. Everyone can make a mistake and anyone can have an allegation, even unfounded.

For about $500 a year, I look at E&O as my only madatory expense. There is no stock to keep on my shelves, no sales tax, etc.

I would be afraid to render advice to the public without the coverage.

Let me modify my quote: A professional would be foolish to not have the coveage.

Rick

healthagent · 06-13-2007, 10:53 AM

Go read an E&O certificate and try to come up with a single example where E&O would actually pay. E&O is the biggest scam in the insurance biz. Yes, I have it - it's required by most of my carriers.

senior-advisor-indiana · 06-13-2007, 11:33 AM

I will probably get it soon just because some of the carriers I want to write require it. I have not had it for 5 yrs though. I don't think there is anything I could get sued for though. I disclose everything and mostly sell med supps. Not too much to mess up there unless you totally screw someone.

kingedgars · 06-13-2007, 03:29 PM

Quote:

Originally Posted by GreenSky

You do not E&O for a special needs program. You need to it protect your ass in case you get sued.

A professional in this business has coverage. A "wanna-be" does not.

Rick

I need it to protect my ass while I sell for the MA special-needs program. Yeah, I was already clear on that.

jaguar99 · 04-22-2008, 03:34 PM

Just an FYI regarding E&O Insurance. I needed e&o and someone told me about a site by Titan Marketing Group that offers E&O ($1m/$3m) for $45 per month, with a $50 set-up fee. You do not have to be contracted with Titan to get the coverage at that rate. I signed up and had my certificate within 2 hours.

Low Cost Errors & Omissions.

Bentleyfinancial · 05-22-2008, 02:48 PM

Assurant Health (Time) has affordable E&O. There is no down payment/set up fee and I believe its around $40 a month.

The Rabbi · 05-22-2008, 03:10 PM

Quote:

Originally Posted by GreenSky

You do not E&O for a special needs program. You need to it protect your ass in case you get sued.

A professional in this business has coverage. A "wanna-be" does not.

Rick

What kind of answer is that?

The Rabbi · 05-22-2008, 03:14 PM

I just bought my own policy from NAPA. They were fast. It is $800 or $900 yr depending on what you need. I prefer to own my own E & O. I had it through an FMO and then they went to a plan that didn't name the agent.

arnguy · 05-22-2008, 06:59 PM

Quote:

Originally Posted by Bentleyfinancial

Assurant Health (Time) has affordable E&O. There is no down payment/set up fee and I believe its around $40 a month.

Yes, you are absolutely correct; however, you must be appointed with Assurant to get their E&O.

Bentleyfinancial · 05-24-2008, 01:02 AM

Really.....I guess I was unaware of that. I was looking around for affordable E&O for some of my new agents and that was the best price I could come up with. American Fidelty had a decent plan at like $45 a month but they had a $140 up front and you had to write a piece of business through them in the first sixty days or your policy would cancel.