What are you doing for E&O coverage?

[JJStephens]

I'm a one man shop with limited resources so I'm always looking for ways to save a few bucks. With something as important as E&O coverage I don't want to be 'penny wise and pound foolish.' But I would still like to find reasonably good coverage for the lowest premium possible. Anyone have any suggestions?

[Lion EA]

Look at the group plans through your professional organizations. I moved to the NAEA plan as cheaper than my former E&O insurance.

[ADGFINANCIAL]

I use EZ Insurance Solutions. Hatboro, Pa My agent is Affinity Insurance Services. 866-225-8464

100,000 / 250,000

Deductible 1,000

Financial Planning Coverage

Annual Premium: $522.00

I think that is a fair rate. Using them since 2005. No claims so can't say how they are if I had a problem. Been in business since 1985 and no real issues yet to deal with anyway. If you don't financial services or insurance think it's less cost. If you do write up it more expensive.

August

[BulldogTom]

I got mine through a broker called Dimirak Financial in San Diego. Got it a long time ago. The policy is from CNA Surety. Very reasonable price. Never had a claim, so I don't know if they are good or not at claim resolution.

Tom

Hollister, CA

[Margaret CPA in OH]

My coverage is the same as that of August but through AICPA. The premium is $473 and have been with them for years. Every so often I get quotes from other companies but they are always, to date, higher than what I already have.

[Lee B]

I have my coverage thru the same company ( subsidiary of CNA ) as August & Margaret.

Never filed a claim, but the price is good.

[kcjenkins]

It would be useful if anyone has actually had to use their E&O coverage, to hear how it went, and what they needed from you to deal with the claim?

[ADGFINANCIAL]

Not sure I would even have if it wasn't required by my insurance carriers to sell LTC.

August

[Lee B]

I didn't have earthquake insurance on my home until there was a moderate earthquake in my state about 15 years ago.

Paying for E & O Insurance is kind like paying for Earthquake Insurance.

[Mr. Pencil]

something as important as E&O coverage

How important IS it? I don't give significant tax or investment advice, I'm pretty good with documentation, and I don't take aggressive positions anyway. So I consider my risk very low.

[Guest Taxed]

Just saw an e-mail flyer from CNA Surety. Premiums start at $200/yr. $250 deductible. $10,000 limit (I think).

[kcjenkins]

I'm not taking a position on the 'have' or 'don't have' argument. I never had it, but I don't think every practice is like mine, or every practitioner either. A small price for the peace of mind, if you want it.

[mcb39]

I have never had it either because I never felt the need. Started to consider it this year, but when going over the application papers; it almost seems like overkill. Have not made a decision as yet.

[JJStephens]

I've never had it either. Thought about it a couple times and even filled out an application a couple times (most recently 4 years ago). Since then the premium went from $290/year to $500/year! Same policy, same company, same limits. As we used to say back in the hills, 'that don't make no sense.'

Not sure why it's been on my mind lately. I've never come close to needing it. I might reconsider.