E&O for New Agency

[nuance]

I am starting a new insurance agency in Florida that will service life, health, and annuity. I am wondering what is the best company to go with for E&O and are there specific things I need to be on the lookout for? Initially it is just myself but I have agents that will be joining shortly. I am still working on appointments which seem to be taking longer than I had anticipated. Any and all advice is appreciated.

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I was thinking about NAPA or Calsurance but I read Ricks post about a company in Lakeland. So which would be best for a new agency?

 

[Theinsuranceguys]

We use Calsurance, they're really easy to do business and have very fair rates.

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Whichever policy you decide to go with make sure it's an agency policy and not an individual producer policy, specially since you are looking at adding agents soon.

 

[nuance]

I looked into Calsurance and they were saying they wanted a business plan and resume and all sorts of extra stuff. I figured it was because of being a new agency. I submitted the paperwork to NAPA but they say it could be 5-7 days before they decide whether or not to work with me.

I was also wondering if anyone has had any experience with MAPS (MA plan services out of Tampa) Thinking about using them as an FMO

 

[pfg1]

Do you have to get E&O as an agency? If its just you, couldn't you just get your personal policy... and as you bring agents on, they have their own (and maybe you pay for it as a benefit of working with you?)

just thinking... I don't know for sure, I'm solo indy

 

[Theinsuranceguys]

If it's just you an individual policy would suffice, like the one from e and o for less. This policy is about $800 yearly if I remember correctly and is an individual policy with a 10k deductible, but only includes coverage for property and casualty. If you do any life sales you would need a separate policy. If it's just you and you don't mind the higher deductible it's not a bad deal considering you can bind the policy online within 10 minutes.