What is the difference between E&O and general liability insurance?

General liability insurance covers bodily injury or property damage to third parties, while E&O insurance covers financial losses resulting from professional negligence or errors.

How much E&O insurance do I need as an insurance agent?

The appropriate amount of E&O insurance depends on factors such as the size of your client base, the types of policies you sell, and the potential risks associated with your business. Consult with an insurance broker to determine the right coverage limits for your specific needs.

Are there any discounts available for E&O insurance?

Some insurance carriers offer discounts for agents who complete continuing education courses, implement risk management programs, or have a clean claims history.

What is a 'claims-made' policy?

A 'claims-made' policy covers claims that are reported while the policy is active, regardless of when the error occurred. It's important to maintain continuous coverage to ensure protection against past errors.

Does E&O insurance cover intentional wrongdoing?

No, E&O insurance typically does not cover intentional wrongdoing, fraudulent acts, or criminal behavior.

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