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Reply to E&O for Agency and Agent     
Old 08-30-2017, 05:10 PM   #1
New Member
 
Join Date: Jun 2017
Posts:5
State: InviewFinancial is an Insurance Agent from Texas
E&O for Agency and Agent E&O for Agency and Agent
Hello Everyone,

I received my Life and Health Insurance last year. Now i am about to open an LLC and get an E&O for that LLC. Then start doing business with Brokers to write policies for my clients.

Do i need to have E&O for the LLC and for me as individual?

are there any disadvantage of doing business via LLC in terms of insurance business (not in terms of Tax).

Thanks
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Old 08-30-2017, 11:41 PM   #2
Super Genius
BADTROUT on E&O for Agency and Agent
 
Join Date: Jun 2010
Posts:58
State: BADTROUT is an Insurance Agent from Colorado
E&O for Agency and Agent Re: E&O for Agency and Agent
Typically the agency E&O will cover you, your employees, and subcontractors (although you should have your subs get their own as primary IMO).
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Old 08-31-2017, 11:25 AM   #3
Guru
Glen Shelton on E&O for Agency and Agent
 
Join Date: Mar 2014
Posts:1,777
State: Glen Shelton is an Insurance Agent from Oregon
Glen Shelton is a member of 1000 posts VIP club
E&O for Agency and Agent Re: E&O for Agency and Agent
Originally Posted by InviewFinancial View Post
Hello Everyone,

I received my Life and Health Insurance last year. Now i am about to open an LLC and get an E&O for that LLC. Then start doing business with Brokers to write policies for my clients.

Do i need to have E&O for the LLC and for me as individual?

are there any disadvantage of doing business via LLC in terms of insurance business (not in terms of Tax).

Thanks
Your E&O Policy should cover you, your LLC, and any of your employees. I would definitely double check with your E&O provider if you have further questions!

Here is an article I wrote comparing 11 different E&O providers if you are shopping around -

Top 11 Errors and Omissions (E&O) Providers for Insurance Agents

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