I need error and Ommissions insurance on a company I am starting?

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  • I need error and Ommissions insurance on a company I am starting?


Answer #1 | 26/12 2013 16:28
You also are going to have to buy general liability coverage. You won't find anyone to sell you the professional, without the E&O. Also, you cannot get an E&O policy on "monthly payments". They are AWAYS "paid in full". Best you can do, is finance the premium. Your agent would have to be willing to "guarantee" that premium, for you to do that; and at such a small premium level, you'll be paying double digit interest on that loan. E&O policies also have a minimum premium. Yours is probably going to be $1,000 or $1500. But you'll also need that GL policy. Go talk to the guy that does your auto and homeowners insurance, and ask them to place this. You can't buy this without an agent, and there are only three companies *I* know if in TX, who sell this type of coverage for home inspectors.
Positive: 100 %
Answer #2 | 26/12 2013 14:01
How is your credit? Most insurance agents have access to premium finance companies, but if your premium is fully earned (meaning 100% due at inception), there is no possibility of premium finance. Contact a local agent. One of the most frequent commenters on this site is an agent in Texas, you would be good to end up with her (she does not advertise on this site at all, but she definitely knows her stuff); most local agents should do just fine. This cannot be written by StateFarm and Allstate (not saying they are bad, they just don't write this business), so contact a local independent.
Answer #3 | 26/12 2013 13:23
Call YOUR insurance agent. he should be able to get you a list of good E & O providers, and you can pretty much compare rates from there.

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