E&O - Quick Question

[Rossat]

Does a newly formed licensed insurance agency (Single Member LLC) need to carry it's own separate E&O policy if the agent of the agency already carries it?

 

[adjusterjack]

Yes, both should be covered.

I'm assuming that you are the agent with his own policy and you are also the single member of the single member LLC.

If so, it should be a simple matter to add the LLC as an "additonal named insured."

Ask the insurance company rep or underwriter.

Also check with your department of insurance to see if the LLC entity also has to be licensed.

 

[Rossat]

Yes, both should be covered.

I'm assuming that you are the agent with his own policy and you are also the single member of the single member LLC.

If so, it should be a simple matter to add the LLC as an "additonal named insured."

Ask the insurance company rep or underwriter.

Also check with your department of insurance to see if the LLC entity also has to be licensed.

Thank you! The guy did it as a DBA on my E&O. Then stated an agency would only need it to cover the employees. A little confusing process.