Colorado e&o for insurance agents
Professional Liability
Management Liability
& Specialty Insurance

Colorado Errors and Omissions Insurance for Insurance Agents

We provide errors and omissions (E&O) insurance to insurance agents and brokers in Colorado who offer all types of insurance, including property & casualty, life, and health. We also provide errors and omissions insurance to Colorado managing general agents, reinsurance brokers, and wholesalers. We work with multiple admitted and non-admitted markets that offer great pricing and have markets for new and experienced agents and also for agents with claims or who have filed for bankruptcy. We also provide all other coverages that Colorado insurance agencies might need, such as workers' compensation, general liability and business packages.

Why is it important for Colorado insurance agents to have E&O insurance?

Colorado insurance agents provide a vital service by offering coverage to individuals and organizations which allows them to share the risks they face every day with a large pool of insureds. The insurance industry makes it easier for Colorado businesses to operate and provides security to families by lessening the impact of unexpected events.

However, with the importance of the service provided by insurance agents comes the possibility of litigation. Such lawsuits usually allege that an error or omission was made by the Colorado insurance agent and resulted in financial hardship for the insured. Examples of allegations of wrongdoing include the failure to renew the policy on time, failure to recommend appropriate policy limits, failure to recommend appropriate coverage, and the failure to explain the coverage.

As Colorado insurance agents can basically be sued for any reason, even in the absence of wrondoing, they should all carry errors and omissions insurance.

What factors can impact my E&O insurance premium?

E&O insurance policies in Colorado are rated based on multiple factors, but there are some main considerations which can have a significant impact on the premium. The first of them is whether the insurance agent sells life and health products or P&C products. In Colorado, P&C insurance agents are more expensive to insure than life and health agents. Also, life and health agents who also sell some P&C products will pay more than if they only sold life and health products.

The work experience of the insurance agent is also important as new agents tend to pay a higher premium than experienced agents. Another factor for Colorado P&C agents are the lines of insurance sold. Products such as professional liability, flood, surety, earthquake, and crop tend to increase the E&O premium. Also the E&O premium for Colorado P&C agents will tend to increase with the proportion of business placed on the surplus lines market.

And finally, and perhaps the most important factor, is the history of claims. Colorado insurance agents who have had an E&O claim in the past will pay a substantially higher premium than those who have not, even if the insurance agent was found to be not responsible of any wrongdoing.