If you’re an Insurance Agent (selling Auto Insurance, Business Insurance or Home Owners Insurance) do you have to carry your OWN ‘Errors and Omissions’ Insurance? Or is it provided by the Company you are working for?
(does your Employer carry the Insurance for you? or do you have to purchase the insurance and keep it up to date on your own?)
Best reply by Zarnev:
That would depend entirely on the company. Some will carry the insurance for you and some will require you maintain it on your own.
Read the original question on Yahoo! site
If you’re an Insurance Agent (Auto, Home or Business) do you have to carry your own Errors and Omissions Ins.?
It will depend upon the contractual arrangement you have. If you are an independent contractor you will most certainly need to purchase your own E & O insurance. On the other hand if you are an employee of the company or agency they will normally include you as an insured under their policy.
Do not assume you have coverage. This is an important point to clarify.
Yes, unless you’re working in surplus lines or facility carriers only.
You won’t get a standard, admitted carrier to appoint you, unless you carry E&O coverage. Companies do NOT provide this for appointed agents – only for EMPLOYEES.