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E&O insurance costs
Posted on 8/10/17 at 10:18 pm
Posted on 8/10/17 at 10:18 pm
CPA, law firm, consulting firm etc.
Just curious for insight in to annual premium for small firms providing these types of services. Revenue/industry based? Talking like 4 or 5 person shop doing work for smaller clients. Less than $50MM in sales.
Just curious for insight in to annual premium for small firms providing these types of services. Revenue/industry based? Talking like 4 or 5 person shop doing work for smaller clients. Less than $50MM in sales.
4
Posted on 8/11/17 at 6:21 am to LSUAfro
I have $30,000 worth of E&O along with a $25,000 Bond. It runs from July of 2016 through 2021.
I paid a one-time premium of $190.00 to Travellers.
Based on the OP you'll need more obviously. But I was pleasantly surprised by the affordability in my case.
I paid a one-time premium of $190.00 to Travellers.
Based on the OP you'll need more obviously. But I was pleasantly surprised by the affordability in my case.
This post was edited on 8/11/17 at 6:23 am
Posted on 8/11/17 at 6:26 am to LSUAfro
Lawyers carry malpractice insurance - for an experienced solo practice, premiums might run 500-1000 for 250k of coverage or so. They gouge you early on - my rates went up every year for the first 5 years, topping out at 3500. After 5 years with no claims, it starts to go back down.
Posted on 8/11/17 at 6:44 am to LSUAfro
Depends. Have you experienced E&O claims in the past? Have your broker engage at least 5 insurers including some large national one such as Travelers, Hartford, etc as well as some regional insurers.
Keep in mind all professional liability policies are not equal and have him go into detail regarding exclusions and coverage extensions.
Keep in mind all professional liability policies are not equal and have him go into detail regarding exclusions and coverage extensions.
Posted on 8/11/17 at 8:36 pm to LSUAfro
As a real estate broker, I pay about $1000/yr for 1M policy through Rice ins
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