Insurance Agent Forum

[InsuraJob]

It seems like most on here sell insurance and I've been wanting to do something with E & O. It seems more needed for agents rather than adjusters because with a claim, they just re-open and pay more or supplement payment.

Few questions:

1. Is E & O really needed for agents?
2. How much coverage would you seek typically? (With claims people went for around 2 million)
3. It seems like most E & O is bought through someone that goes to a large wholesaler so to speak, is this right?

The reason I ask is because there was a company that advertised for E & O and was "selling" it but all they really did was take information and call this large company to get the policy for the client. Is there good money selling E & O?

[djs]

Originally Posted by InsuraJob

It seems like most on here sell insurance and I've been wanting to do something with E & O. It seems more needed for agents rather than adjusters because with a claim, they just re-open and pay more or supplement payment.

Few questions:

1. Is E & O really needed for agents?
2. How much coverage would you seek typically? (With claims people went for around 2 million)
3. It seems like most E & O is bought through someone that goes to a large wholesaler so to speak, is this right?

The reason I ask is because there was a company that advertised for E & O and was "selling" it but all they really did was take information and call this large company to get the policy for the client. Is there good money selling E & O?

Not really sure what you are looking for, it appears you are fairly new to the business.

Most agents carry E&O insurance, usually $1M, though it varies, and some agents don't carry any (yikes!).

All E&O that I'm aware of is bought through someone that has access to a carrier. I doubt, unless it is a very large policy, that you could go direct.

E&O is a tough sell. You would compete against organizations that provide it at more of a group rate.

Dan

[NewHealthStrategies]

I think you'll find that any reputable carrier will REQUIRE that you own E&O in at least a $500K/$500K amount.

I would seriously doubt the integrity and character of a broker/agent that DIDN'T have it...

1. It's part of owning your own business
2. It's common sense to protect yourself from the liability (sounds like insurance advise....oh, I thought that was the business YOU were in?@!!)
3. Your wife is gonna be really pissed off and you'll go for years without sex after losing your house, car and 1st born to the person that sued you.

Just a thought..........