Errors & Omissions Insurance
Errors and Omissions Insurance Program for National Group Marketing EXPERIENCED AGENTS
Choose Your Program
Newly Licensed Agents
Experienced Agents
Program Eligibility
To be eligible for new agent pricing, you must apply within two years of receiving your first original issued state life & health agent license and have commission income of $100,000 or less for the 12 months prior to enrolling
You must have an active life and/or health insurance license to be eligible for coverage.
About This Coverage
This E&O Insurance, also known as Errors and Omissions insurance, is a type of professional liability insurance designed specifically for insurance agents that provides broad liability coverage options to help protect agents against the high costs associated with a covered E&O claim. Apply for the BCS Select Errors & Omissions Program online in minutes and receive instant proof of insurance.
Pricing Information
$1 Million per claim / $2 Million annual aggregate
Option A: Coverage for the sale, attempted sale or servicing of Fixed Life, Accident and Health, LTC, Medicare Advantage and Medicare Supplemental products, Disability, and Managed Care Organization contracts (provided that such contracts do not require a securities license).
| Effective Date | Pay InFull | or Down Payment | w/Monthly Payment |
|---|---|---|---|
| 01/01/24 | Apply today for $375.00 | $59.17 | $34.17 |
Effective Date
01/01/24
Pay In Full
Apply today for $375.00
or Down Payment
$59.17w/Monthly Payment
$34.17This is an annual policy which renews 12 months from your selected effective date. Down payment includes one month's premium, $25 admin fees and a $5.00 monthly processing fee and will begin the third day of the month after the enrollment effective date.
At the time of enrollment, each agent will be required to make a non-refundable payment in the amount of the first month’s premium (minimum earned premium). Administrative fees and minimum earned premium are non-refundable.
Pricing shown above is for a newly licensed life and/or health agent that has received their state license within two years of enrollment. ($1M/$2M limit option only).
NY Disclosure: Coverages and rates for Agents with a NY resident address may differ than what is shown above.
Coverage Limits
$1 Million per claim / $2 Million annual aggregate
Program Features
Coverage includes sale or servicing of Fixed Life, Accident and Health, LTC, Medicare Advantage and Medicare Supplemental products, Disability, and Managed Care Organization contracts (provided that such contracts do not require a securities license). Additional coverage options available for Fixed and Indexed Annuities, Mutual Funds and Variable Products.
Defense costs reduce the limit of liability and are subject to the deductible. Punitive damages are not covered by the policy. Refer to the policy form for the definition of defense costs and punitive damages.
Defense costs are provided and are included within the limits of liability.
Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf.
Provides coverage for any corporation, partnership or other business entity that is owned or controlled by an Agent, General Agent or Registered Representative but only for the covered acts of the individual Agent, General Agent or Registered Representative. This is individual E&O insurance.
Coverage under this program is offered on a claims made basis. The policy will only cover claims first made against the Insured and reported to the Insurer during the certificate period. The agent must not have had knowledge of the claim or circumstances likely to result in a claim at the effective date of coverage.
This policy applies to any act, error or omission which takes place anywhere in the world, provided that the claim is made and suit is brought against the Insured in the United States of America.
Instant proof of insurance upon approval.
This is a claims made and reported policy. Claims must be submitted as soon as practicable in writing to the insurer. Coverage only applies to claims first made during the policy period. Claims must be reported during the policy period; or, during an extended reporting period (ERP). Prior acts are covered back to the first day of continuous E&O coverage. Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details.
Deductibles and Retentions
$0 Deductible for Life, Accident, Health, and Disability Insurance Products
Payment Options
Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the third of each month.
Underwriter
This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.
Your coverage is underwritten by BCS Insurance Company.
BCS Insurance Company is A.M. Best "A" (Excellent) rated carrier.
Disclosures
All policy documents are delivered in electronic format by default.
Professional Agents Risk Purchasing Group, LLC is a Delaware domiciled risk purchasing group (RPG). Risk Purchasing Groups differ from traditional insurance companies in several ways, for example: • Permitted by Federal Law – “Liability Risk Retention Act of 1986” • A group of insureds engaged in similar businesses or activities to purchase insurance coverage from a commercial insurer • May be exempt from some state insurance regulations • May not be covered by various state guarantee funds Arthur J. Gallagher & Co, and any of its subsidiaries do not guarantee the financial viability of any insurance company, carrier, pool, risk retention group, or other means of risk transfer or risk sharing.
For complete details on covered professional services and exclusions, please refer to the policy form.
Program Administrator
Gallagher Affinity
Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions section for more information.
Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.
Program Eligibility
You must have an active life and/or health insurance license to be eligible for coverage.
About This Coverage
This E&O Insurance, also known as Errors and Omissions insurance, is a type of professional liability insurance designed specifically for insurance agents that provides broad liability coverage options to help protect agents against the high costs associated with a covered E&O claim. Apply for the BCS Select Errors & Omissions Program online in minutes and receive instant proof of insurance.
Pricing Information
$1 Million per claim / $2 Million annual aggregate
Option A: Coverage for the sale, attempted sale or servicing of Fixed Life, Accident and Health, LTC, Medicare Advantage and Medicare Supplemental products, Disability, and Managed Care Organization contracts (provided that such contracts do not require a securities license).
| Effective Date | Pay InFull | or Down Payment | w/Monthly Payment |
|---|---|---|---|
| 01/01/24 | Apply today for $375.00 | $59.17 | $34.17 |
Effective Date
01/01/24
Pay In Full
Apply today for $440.00
or Down Payment
$64.62w/Monthly Payment
$39.58This is an annual policy which renews 12 months from your selected effective date. Down payment includes one month's premium, $25 admin fees and a $5.00 monthly processing fee and will begin the third day of the month after the enrollment effective date.
At the time of enrollment, each agent will be required to make a non-refundable payment in the amount of the first month’s premium (minimum earned premium). Administrative fees and minimum earned premium are non-refundable.
NY Disclosure: Coverages and rates for Agents with a NY resident address may differ than what is shown above.
Coverage Limits
$1 Million per claim / $2 Million annual aggregate
Program Features
Coverage includes sale or servicing of Fixed Life, Accident and Health, LTC, Medicare Advantage and Medicare Supplemental products, Disability, and Managed Care Organization contracts (provided that such contracts do not require a securities license). Additional coverage options available for Fixed and Indexed Annuities, Mutual Funds and Variable Products.
Defense costs reduce the limit of liability and are subject to the deductible. Punitive damages are not covered by the policy. Refer to the policy form for the definition of defense costs and punitive damages.
Defense costs are provided and are included within the limits of liability.
Provides coverage for your administrative, clerical and support personnel while they are acting on your behalf.
Provides coverage for any corporation, partnership or other business entity that is owned or controlled by an Agent, General Agent or Registered Representative but only for the covered acts of the individual Agent, General Agent or Registered Representative. This is individual E&O insurance.
Coverage under this program is offered on a claims made basis. The policy will only cover claims first made against the Insured and reported to the Insurer during the certificate period. The agent must not have had knowledge of the claim or circumstances likely to result in a claim at the effective date of coverage.
This policy applies to any act, error or omission which takes place anywhere in the world, provided that the claim is made and suit is brought against the Insured in the United States of America.
Instant proof of insurance upon approval
This is a claims made and reported policy. Claims must be submitted as soon as practicable in writing to the insurer. Coverage only applies to claims first made during the policy period. Claims must be reported during the policy period; or, during an extended reporting period (ERP). Prior acts are covered back to the first day of continuous E&O coverage. Please refer to the policy form for claim reporting provisions and definition of a claim, prior acts definition, and ERP details.
Deductibles and Retentions
$0 Deductible for Life, Accident, Health, and Disability Insurance Products
Payment Options
Pay in full or choose monthly payments via credit card or electronic funds transfer (EFT). For those customers that select the monthly payment option, your credit card or EFT will be processed on the third of each month.
Underwriter
This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures link below for an explanation of admitted and non-admitted carriers.
Your coverage is underwritten by BCS Insurance Company.
BCS Insurance Company is A.M. Best "A" (Excellent) rated carrier.
Disclosures
All policy documents are delivered in electronic format by default.
Professional Agents Risk Purchasing Group, LLC is a Delaware domiciled risk purchasing group (RPG). Risk Purchasing Groups differ from traditional insurance companies in several ways, for example: • Permitted by Federal Law – “Liability Risk Retention Act of 1986” • A group of insureds engaged in similar businesses or activities to purchase insurance coverage from a commercial insurer • May be exempt from some state insurance regulations • May not be covered by various state guarantee funds Arthur J. Gallagher & Co, and any of its subsidiaries do not guarantee the financial viability of any insurance company, carrier, pool, risk retention group, or other means of risk transfer or risk sharing.
For complete details on covered professional services and exclusions, please refer to the policy form.
Program Administrator
Gallagher Affinity
Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions section for more information.
Program administrative services include policy review and issuance, premium billing and invoicing, mid-term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.
Errors & Omissions Insurance Information
What is errors and omissions insurance?
Errors and omissions (E&O) insurance provides coverage for businesses or individuals for when they are held responsible for a service provided, or failure to provide a service, that did not have the expected results. For doctors, dentists, etc., it is called malpractice insurance. For professionals like lawyers, accountings or engineers, it may be called professional liability. Regardless of its name, E&O insurance covers any errors or omissions that either you have made or that the client perceives you have made.
The number of liability lawsuits against professionals has increased in recent years. Many professionals are at risk of being sued. Small companies can go bankrupt from the cost of lawsuits. Even large companies can experience an impact to their bottom line. An E&O policy covers legal fees and settlements in such scenarios, regardless of fault.
The number of liability lawsuits against professionals has increased in recent years. Many professionals are at risk of being sued. Small companies can go bankrupt from the cost of lawsuits. Even large companies can experience an impact to their bottom line. An E&O policy covers legal fees and settlements in such scenarios, regardless of fault.
Who benefits from errors and omissions insurance?
If your business provides a service for a fee, you have an E&O exposure. Have you thought about what could happen if the service is done incorrectly or not performed in time? Even with quality employees and risk management practices in place, people still make mistakes. A general liability policy may not cover mistakes that could be made. Errors and omissions insurance will protect your business and its finances if such an event arises.
Get started today
There is not a standard E&O policy. We will evaluate your business to determine your specific exposures and help you get the coverage you need. If you think you might need an E&O insurance policy, give us a call. We are happy to assist you today.
