How Much Does E&O Insurance Cost For Insurance Agents In 2022?
Professional Liability Insurance First
Last Updated: February 3, 2022
When you become insurance agent how much does E&O insurance cost for insurance agents is a matter of your career. So, errors and omissions insurance is something that all insurance agents need to have. However, make sure that you get the policy before you start working with clients.
How Much Does E&O Insurance Cost For Insurance Agents?
As the name suggests, professional liability insurance will cover any liabilities that arise from your work. After all, we are only humans who are likely to make errors. So, if you make a mistake while giving your professional services, professional liability insurance will cover you. Even if you are someone with the AAI Designation, you are at risk of making mistakes.
So, the possible lawsuits that may arise will come under professional liability insurance. However, you should not be careless just because you have insurance. Remember that as an insurance agent, making errors will impact your reputation. You can expect to pay between $500 to $1,000 if you want to get E&O insurance.
Inclusions and Exclusions of Professional Liability Insurance When You Become Insurance Agent in Atlanta
Firstly, let us talk about some inclusions of professional liability insurance when you become insurance agent in Atlanta. The inclusions are on the basis of how much does E&O insurance cost for insurance agents. According to The Hartford, errors and omissions insurance will cover the following 6 things:
- Negligence while providing service
- Any errors in the service you give
- Not following good faith
- Not giving accurate advice
- Any kind of misrepresentation
Likewise, professional liability insurance will not cover any kind of intentional wrong-doing. For instance, if an insurance agent deceives the clients, the E&O insurance will not rescue them.
Furthermore, any kind of illegal activity is also an exclusion from professional liability insurance. For example, if you are selling property and casualty insurance, but you knowingly make an error in the contract, the insurance will not cover you. However, if the mistake is not illegal and you did it unintentionally, then E&O insurance will cover the liabilities.
All in all, professional liability insurance will save you from paying a huge amount out of your pocket. So, it is in your best interest to invest in E&O insurance as soon as you become insurance agent in Atlanta.
Additionally, if you want to get more reach, you can sign up for a membership plan from several online platforms.
Moreover, if you want to learn about what does workers compensation insurance cost, it is the right time.