E-n-O ... How much do I need?

Is 1mil/1mil enough coverage to sell Med.Advantage, Supps and Final Expense?

Cal Insurance is quoting me $377 for the above.

Thoughts/ Comments?
Man I wish I could pay $377 for E&O. My broker dealer requires we get it through their source. Just got my renewal and it has come down 3%. New premium is $1,859. Was $1,916 for the last few years. It's $2mil/$2mil.
 
Man I wish I could pay $377 for E&O. My broker dealer requires we get it through their source. Just got my renewal and it has come down 3%. New premium is $1,859. Was $1,916 for the last few years. It's $2mil/$2mil.

If you're with a B/D that implies you're also selling securities. The E&O for that is much more expensive than if you just doing plain vanilla life and health.
 
I sell P & C and life and health. After having a claim where the attorney suing me withdrew his suit my premium went to $3,500 per year for 1mil. Even though I wasn't negligent my E&O carrier paid $6,500 in attorney fees to prove I didn't do anything negligent. I now pay $1,750 for E&O. You might not be negligent or liable but that doesn't mean you can't get sued. Having E&O is like having an attorney on retainer to defend you.
 
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