E&O Insurance

Errors and Omission Insurance, or E&O Insurance for short, is professional liability insurance that every life insurance agent is required to purchase.  It protects you from various legal actions stemming from accusations of negligence or a failure to perform duties.  E&O insurance covers both the legal fees associated with your defense against such accusations and the penalties in the case if you are found at fault.

Coverage

Companies selling E&O insurance often offer multiple options based on your business, so be you’re your coverage covers every aspect of what you do.  Commonly covered items include the sale and management of:

  • Life insurance
  • Accident insurance
  • Health insurance
  • Long term care insurance
  • Disability insurance. 
  • Fixed annuities
  • Equity indexed annuities.
  • Variable Products and Mutual Funds
  • Notary Public services

Coverage includes not only yourself but also your business and the employees of that business.  It also protects spouses, domestic partners, children and heirs from claims arising out of their status as such in relation to you.

Be aware that E&O insurance only covers things directly associated with your business of handling insurance and financial policies that were done in good faith.  E&O Policies do not include things such as:

  • Intentional wrongdoing
  • Bodily injury
  • Destruction of property
  • Claims brought by or on behalf of governmental agencies
  • Unauthorized use of trade secrets

Costs

E&O insurance has both a deductible and a maximum limit.  In the case of a claim against you, you will have to pay the deductible before the insurance policy covers anything.  These are commonly a few thousand dollars.  Past that, the policy will cover costs associated with covered events up to the maximum value of the policy.  Commonly, that maximum is $1,000,000 per claim, but both lower and higher valued policies are available.

Prices vary from company to company, but basic coverage is widely available for $500.  There’s a variety of online options that quickly process applications, so you can immediately get your certificate of insurance coverage.

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