Insurance Agents E&O

• Insurance Agents/Brokers
• General Agents
• Wholesale Agents
• Managing General Agents / Managing General Underwriters
• Aggregators
• Program Administrators
• Underwriting Managers

Admitted States

AL, AR, AZ, CO, CT, FL, GA, IA, IL, IN, KS, KY, MA, MI, MN, MO, MS, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, TX, UT, VA, and WI.

Not available in AK, CA or HI.

Admitted Program Highlights

• Claims Made and Reported Policy Form
• Duty to Defend
• Consent to Settle
• Risk Management Hotline provided to a confidential third party when claim awareness arises
• Professional Services Definition to include:
  • Insurance Consulting
  • Consulting connected with Employee Benefits
  • Acting as an Expert Witness
  • Insurance Class Instruction
  • Countersigning Agent for Out-of-State Agencies Registered Service Representative
  • Premium Financing for Insurance products provided by and placed through the Named Insured
  • Notary Public
  • Loss Control and Risk Management or Anti-Fraud Services
• First Dollar Defense built into the base form
• Defense Outside the Limits of Liability built into the base form
• Electronic Media Sublimit up to $25,000 (can be endorsed with sublimit of $100,000)
• Independent Contractor Coverage
• Punitive Damages where Insurable by Law
• Insolvency Includes Coverage for Placements of A.M. Best "B+" or higher rated carriers; Member Insurer of the State Guaranty Fund and Governmental Bodies or State established carriers. A County Mutual reinsured by carriers rated A.M. Best "A" or higher
• Personal Injury Coverage when arising from Professional Services
• Supplementary payments do not reduce your limits of liability and no deductible applies to:
  • Loss of Earnings up to $500 per day and up to $10,000 per claim and $25,000 policy aggregate
  • Disciplinary Action Proceeding up to $25,000 per policy period
  • Subpoena Assistance up to $10,000 per policy period
• 90-Day Notification period of Acquisition or formation of new entity acquired or formed by the Named Insured within 90 days
• Multi-year Extended Reporting Period Options

Programs

• Insurance Agents E&O

Retail Services

Complement your E&O policy with the following coverage options:

• Excess Liability
• Cyber/Privacy Liability
• Management Liability
  • Directors and Officers
  • Employment Practices Liability
  • Commercial Crime
  • Fiduciary Liability
• Insurance Company Professional Liability
• Licensing Bonds

Full Application

Claim Supplement

MGA/Wholesale Supplement

Additional Insured Supplement

Long Haul Trucking Supplement

Purchased or Merged Agency Supplement

Aviation Supplement

What Types of Claims Are Covered Under an E&O Policy for Insurance Agents?

Types of claims covered under an E&O policy for insurance agents include those arising from errors, omissions, or negligent acts committed while providing professional services. This may include mistakes in policy recommendations, failure to provide adequate coverage or administrative errors that result in financial loss for the client.

Are There Specific Exclusions in E&O Policies for Insurance Agents?

Specific exclusions in E&O policies for insurance agents often include dishonest, intentional or criminal acts, as well as claims related to bodily injury, property damage and cyber losses. Additionally, workplace-related claims such as harassment or wrongful termination are typically excluded but might be covered under other specific policies.

Can E&O Insurance Cover Claims Filed After I've Retired or Left the Profession?

E&O insurance can cover claims filed after you've retired or left the profession, but it depends on the type of policy you have and whether you maintain coverage. Most E&O policies are "claims-made" policies, meaning they cover claims only if the policy is active when the incident occurred and when the claim is filed. If you cancel your policy upon retirement, you might not be covered for claims made after you retire, even if the incident happened while you were still working.

Can / Get E&O Insurance as an Individual, or Do I Need a Business Entity?

You can get E&O insurance as an individual. You don't need to have a business entity to obtain this coverage. Individual professionals, such as freelancers, independent contractors and self-employed individuals, can purchase E&O insurance to help financially protect themselves from potential liability claims related to their professional services.

Why Are E&O Insurance Rates Higher for Some Professions?

E&O insurance rates can vary significantly across different professions due to the following
factors:

• Industry risk-Some professions inherently carry higher risks of errors or omissions. For example, medical professionals, financial advisors and legal consultants often face higher premiums because mistakes in these fields can lead to significant financial or personal harm.
• Claim history-Professions with a history of frequent or costly claims will generally see higher insurance rates. Insurers assess the likelihood of future claims based on past data.
• Coverage limits-The amount of coverage you choose also impacts the cost. Higher coverage limits can offer more financial protection but typically come with higher premiums.
• Revenue-Higher revenue can indicate a larger volume of work or more complex projects, increasing the potential for errors and, consequently, the cost of insurance.
• Deductibles-Policies with lower deductibles tend to have higher premiums because the insurer takes on more risk.

Amanda Fenn, Vice President-Underwriting Leader
(713) 984-1370 | Send a Secure Email