E&O Insurance - What's the best way to go?

Asked by Bill Hays, Cardiff, AL Fri Dec 3, 2010

I have been working for a really nice broker, but time to kick it up a notch and go about business on my own. I will be a one man band for some time so I don't need a lot of bells and whistles. I was wondering if anyone out there had any insights on E&O insurance companies. Thanks!

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11
Jo Soss, , Bremerton, WA
Sun Dec 5, 2010
BEST ANSWER
Bill, first congratulations for going on your own. I did the same a year ago and it was the best decision in my career. I did some research prior to choosing my E&O and I chose HMS Risk Mangement Solutions. The person's name is Tom Miller and his number is 1-877-877-7789. You can look at the web site too, I have made it a reference below.
2 votes
David Brauner, , San Diego, CA
Thu Feb 14, 2013
Hi Bill,

My name is David Brauner, Senior Broker at OREP.org. I've been serving real estate professionals as an insurance broker for over 11 years now.

We offer a variety of A rated programs and we also has a variety of Member benefits for all of our insureds, including discounts on a host of products and services, including CE.

Our minimum annual premium starts at $369. (taxes and fees not included)

If you're still looking for a quality program, I encourage you to give us a call at 888-347-5273.

Our application process is quick and easy.

David Brauner
http://www.orep.org
2 votes
Lyle Wolf, Agent, Morristown, NJ
Sat Dec 4, 2010
You need to shop around for rates. When I started my brokerage we found big differences in rates between companies. Check out:
Eileen J. Perla
Exec. Vice President
American Risk Reduction Systems
http://www.Slashyourrisks.com
(800) 299-2343
2 votes
Kari Shea, Agent, San Diego, CA
Sat Dec 4, 2010
Hi Bill,

We used to pay the per transaction E & O until we went out on our own. Obviously, it depends on the number of transactions and the type of transaction as E & O charges more for some than others on a per transaction basis.

Once we went out on our own and did the calculation, we found we would have paid way more on a per transaction basis and purchased our own policy.

Hope this helps,

Mark & Kari Shea,
Shea Real Estate
Serving Greater San Diego
2 votes
Cameron Novak, Agent, Corona, CA
Sat Dec 4, 2010
What is your reason for going it alone? Is it really going to be worth it? With re: to E&O, CRES is a reputable company, but you might also consider a pay-per-transaction plan if you're on your own.
2 votes
Tyler Brown, Agent, Cardiff, CA
Fri Dec 3, 2010
This is not an area to skimp. Call Bob Cooper at CRES insurance. Congrats!
2 votes
Joan Lorberb…, Agent, Boca Raton, FL
Fri Dec 3, 2010
Congratulations and best of success on going out on your own! I don't know if you've checked out the Realtor.org website but they do have info on E & O insurance. Here's the link: http://www.realtor.org/library/library/fg701
2 votes
John Arendsen, Agent, Leucadia, CA
Mon May 12, 2014
I've been very successful with: http://www.cresinsurance.com, for the past several years. They've been very fair and reasonable. Good luck.
1 vote
Cheyenne Chen, Agent, Newport coast, CA
Sat Oct 5, 2013
I'm Checking on various companies now. I was told by CAR realtor care insurance that I need worker s comp if I have other agent under me. Yet, I have different opinion from other insurance companies ... Do you carry any other insurances, general liab, worker s comp if you have other agents in your company?

S .CA
1 vote
Bill Hays, Agent, Cardiff, AL
Fri Dec 3, 2010
Tyler - I agree. That's why I threw it out there. Thanks for the reference! Trulia on a Friday night in San Diego. We must be getting old!
1 vote
Bill Hays, Agent, Cardiff, AL
Fri Dec 3, 2010
Thanks Joan. I really need to find the time to spend on that website. It does have so many resources.
1 vote
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