I don’t think the Insuance we carry changes the way they quote out jobs.
This is not true, I was just removed last week as an agent because my E&O’s is $25000
That is what their monthly news letter said, read it. I have 135k
I’ve always had $100,000 starting out, then upped it to $1-2mil. I’m using HISCOX and ERGO (formerly NEXT insurance). There are a lot of errors that keep occurring especially with Signature Closers. I remember one blanket email they sent out where over 53% of docs returned had errors.
That’s what happens when schedulers are price driven instead of quality driven.
E&O stands for Errors and Omissions Insurance—it’s essential for this line of work.
Most policies start around $10,000 in coverage and can go up to $1 million or more. I personally carry a $1 million policy, as I work with three Fidelity-approved title companies that require that level of coverage. Considering we’re facilitating transactions that often exceed our coverage amount, I find it to be both fair and necessary.
I learned this step, along with many others, through the Blueprint by John Schnaidecker. It really helped me understand how to properly position myself in this industry.
Here’s the company I use: www.biberk.com
If you’re looking to elevate, secure larger packages, and get paid a fair and professional rate, I would strongly recommend investing in higher E&O coverage. It makes a difference in the rooms you’re able to enter.