There appears to be movement in the insurance industry to ask insurance agents to increase their coverage limits on their professional liability insurance. Some carriers have recently required a $3 million aggregate limit for some of their life and health agents and other companies could follow the trend.
That’s Why We’re Offering a $3 Million Aggregate Coverage Limit Now
We’ve commenced offering an aggregate coverage limit of $3 million option to accommodate those Life and Health Agents who may be subject to the higher limits. By providing the increase now, our goal is to stay ahead of the curve. This offering will allow insurance agents that renew E&O coverage with Get Insured 24/7 the ability to meet the aggregate limit needs if any of the carriers that represent change their requirements.
A typical professional liability insurance policy has two limits – a maximum amount that applies to any single occurrence (the individual limit) and another maximum amount for all occurrences in a given year (the aggregate limit). Our base offering had been $1 million/$2 million. As of November 18, 2015, we are offering a $1 million/$3 million limit.
Additional E&O Policy Options for Life & Health Agents
Remember, too, that Life and Health Agents who sell fixed and indexed annuities; variable products or mutual funds; or disability income insurance can add those options with a few clicks on our enrollment form, as needed. The $3 million aggregate limit would apply to these additional coverage options as well.
Separate from insurance industry licensing requirements, third parties such as financial institutions, large contractors or even potential clients may require proof that you carry and maintain minimum levels of E&O insurance.
Take Advantage of Our New E&O Aggregate Limits
Our new $3 million aggregate limit helps protect your business from the unexpected and lets you focus on growing your business. Look over our Errors & Omissions coverage options and renew or enroll today.