patholland Posted March 20, 2012 Report Posted March 20, 2012 Hi, I was wondering what the usual amount of coverage is for Omissions and Errors, is it $100,000 or $l,000,000 or in between. And should I carry general liability insurance also. I appreciate any info -thanks Thanks for the responses- Pat
Tom Raymond Posted March 20, 2012 Report Posted March 20, 2012 First thing you need to know is what minimum levels of insurance your Licensing board requires. Then you need to think long and hard about how much risk you'r willing to accept and how much coverage you need to feel comfortable. After that you can shop, but don't be sold on more than your acceptable level unless it's a no brainer. NY doesn't require E&O so I don't have it. GL is cheap. NY requires $500,000, but I got $2 million for an extra $30 a year (the no-brainer part). $100,000 is peanuts.
Marc Posted March 20, 2012 Report Posted March 20, 2012 I just renewed my E&O and GL, 300K each for $1,400. That much coverage is required in Louisiana. Marc
Jim Katen Posted March 21, 2012 Report Posted March 21, 2012 Hi, I was wondering what the usual amount of coverage is for Omissions and Errors, is it $100,000 or $l,000,000 or in between. And should I carry general liability insurance also. I appreciate any info -thanks If you're going to get E&O and general liability, you generally want to get as much as you can afford. The difference among E&O premiums for $250K, $500K, & $1M are so small that it makes the most sense to get the greater coverage. You want to be covered for the greatest amount that someone might want to sue you for, not the actual amount of a rightous mistake on your part. The difference between the two can be quite astonishing. As for general liability, you want to get an amount that's equal to the most expensive thing you're likely to break. Think dropping a garage door opener on a Ferrari.
Steven Hockstein Posted March 21, 2012 Report Posted March 21, 2012 See if you can get a policy that includes first dollar defense.
ghentjr Posted March 21, 2012 Report Posted March 21, 2012 You also would be smart to carry a large umbrella on your homeowners policy. Very cheap.
fyrmnk Posted March 21, 2012 Report Posted March 21, 2012 Dropped my E&O a couple years ago and have loved the extra thousands saved. I carry $1,000,000 general liability and am bonded which is all my state requires and pay about $300-$400 a year or so.
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