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Aggie00
USA
1 Posts |
 Posted - 02/19/2004 : 18:04:08
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| I was wanting to get into the business after several years of being a staff guy and was wonder how many of you carry E&O insurance? And, if so who do you get it from? |
Clint |
Edited by - Aggie00 on 02/19/2004 18:05:12 |
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trader
USA
236 Posts |
Posted - 02/19/2004 : 21:39:52
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| Its a waste of $$$. Only work for temporary employment agencies who provide it. I have been adjusting for 39 years and have never had E & O... never will. |
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Steve H
Switzerland
30 Posts |
Posted - 02/20/2004 : 13:22:13
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I was a staff guy for most of my career, too. I thought I had to have e&o because all the vendors who worked for us had to have it. The most cogent comments about this are in one of the fori on this site. Someone made a comment about the sliding % of fee scale and I think it correct.
He said that you can expect to be responsible for your own e&o if you are making 80% of the billing. If you are making 60-65% and are technically a temp employee for a Pilot, Eberl or Cont Staffing, someone else is responsible for your work product and carrying your own e&o is providing another layer for the wolves to come after.
But if you get established and have some money in the bank from a few good years, it may be advisable to carry it and/or incorporate to protect your assets, IMHO. I know guys who don't carry any, one guys who carries an umbrella that he thinks will provide a defense, some who have it from when it was affordable and some who have clients who require it.
It is another one of those areas where the carriers have doubled the rates and reduced the coverage.
People who have it seem to believe it makes them seem bona fide, but if you don't have any business right now or you have someone who will maybe send you a claim if you had it, then you have to make a business decision. |
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weadjust
3 Posts |
Posted - 02/20/2004 : 23:42:34
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Here is a link to my agent from the classifieds on this site. I have 1,000,000/2,000,000, 300,000 fire, 10,000 med 1,000,000 personal injury. and I think the minimum premium is $850 a year. The companies I work for require E & O. Hope this helps
http://www.catadjuster.org/forum/classdetail.asp?id=277 |
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ChuckDeaton
USA
373 Posts |
Posted - 02/21/2004 : 11:11:13
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| What, exactly, weadjust, does your E & O cover? What are you getting for your money? Give us a scenario that you know would be covered and how it would play out, detailing the parties roles. |
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E&O Insurance
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