I need E&O insurance. What is everyone using?

[Kelli Combs]

One of the firms I work for is requiring everyone get E & O insurance.  I should have it anyway.  I need some suggestions on where to get it. 

 

What plans are out there? 

[Kelli Combs (admin)]

Awesome.  Thanks, Judy!!

[Kelli Combs (admin)]

But that's through NCRA.  I tried to get it through them without being a member and they would not sell me a policy.

[Kelli Combs (admin)]

Well, I just got a quote from Marsh for insurance.  They want $984 a year from me.  Yikes!!  That's way high.  I guess I will have to pay it though, even though everyone knows insurance companies when you file a claim will deny you coverage anyway.

[Kellie Zollars]

I'm sorry, Kelli,if you already looked into this, but I didn't read through all the messages.  Did you try going through your homeowners insurance for some type of umbrella policy that includes E&O?  If not, you might want to call your insurance agent as another option.  Or maybe CCRA or DRA.

[Lisa Moskowitz]

FYI, the premiums through DRA are exactly the same as through Marsh.

[Kelli Combs (admin)]

Yes, I did.  Through my insurance agent it is 1400, which is even more expensive.  I inquired to lower the coverage from $1 million to 500,000.  Hopefully that will lower the payment.  I have been reporting for 24 years and never had E&O insurance.  I figure 500,000 should be enough.

[Bonnie Wilkins]

I tried private insurance, too expensive.  I tried going through Marsh without being a member of NCRA.  They won't do it.  I had to join and I now also have equipment insurance with them.  Seemed like the best and really only place to get that E&O Insurance.  Even with the price of membership, it was still the best deal.  Hard to believe, I know.

[Kelli Combs (admin)]

It is based on how much you make a year.  I assume if you make more, you have more exposure to lawsuits.  That's all I can think of as to why it is so high.

[Debbie]

I am not a member of NCRA either and don't want to join.  Already have enough expenses without that one too.  But I also need E&O.  Keep us posted on what you get.  If you need more than one person to join on a policy, let me know.

[Roberta-Anne Schmitt]

Not to sound totally ignorant, but what is E&O insurance???  Someone else asked and no one replied.  FYI, I have all my equipment covered under my home owner's policy with Nationwide - and have put a claim through and was paid on it and not dropped.

Thanks!

[Kyung]

Errors & Omissions.  In case something, happens and the attorney or his client wants to sue you because they think you did something wrong, made a mistake in the transcript, left something out, was unable to prepare the transcript for some reason.

[Donna Boulger]

Has anybody ever had to use their E&O insurance?  Because I'm not sure what the purpose is.  I had it for over 20 years and never had a need to use .  Just kind of curious as to the need for it.