Hello everyone, I have I a quick question. I currently complete BPO's for a few companies but there are some that require me to have E&O Insurance. Is it possible to use my broker's E&O Insurance or do I have to get my own? and if I can use my broker's E&O Insurance how do I access it?
Any help would be appreciated. Thanks!
Replies
Calvin,
Yeah you can do it either way. One option is to request a copy of your Brokers E&O insurance and supply annually to the valuation companies. The alternative way is to purchase your own E&O insurance through an insurance company direct. There are many companies to choose from most are priced at around $500/annually for bare minimum insurance.
Hey thanks for the info John, but quick question how do i request a copy of my brokers E&O Insurance. Do I ask my branch manager or is it another way I can retrieve it? My Broker has many branches so should I contact headquarters (Main Office) to request a copy? Thanks!
you paid for it, you are entitled to a copy of it, just ask broker/manager
Calvin,
Yeah no problem usually the managing broker at your local office would have a copy. You save money if you don't have to buy personal insurance but most brokers will take some type of fee albeit monthly or per order basis.
Your broker should give you a cope every year to prove that they do have the E&O insurance, after all you are paying for it.