E&O Insurance is also known as Errors and omissions or Professional Liability in some professions. This E&O policy is designed for the specific needs of life insurance agents and the associated risk of their job. These risks can be any liability regarding the services rendered to clients, for example:

• Negligence
• Financial loss
• Alleged fraudulent acts
• and more.

As a life agent, you offer invaluable service and assistance to your clients looking for financial protection for their spouse, family, or beneficiary. While you may be cautious and prudent, mistakes and miscommunication can occur. Having E&O Insurance as Life Insurance Agent ensures that you are covered no matter whether your client sues you for negligence or you had oversight in your work.

Also, an independent life insurance agent must have E&O insurance by law in Canada. However, coverage limits may differ provincially, so it is best to check with your insurance regulatory body for further information.

Our E&O insurance is designed for life agents, as well as financial planners, financial advisors, and financial consultants providing sale and servicing of:

• Sickness and accidental insurance
• Disability income insurance
• Fixed annuities
• Guaranteed Investment Certificates (GIC)
• Indexed annuities
• Life insurance
• Insurance products with a variable interest (variable annuities, flexible and scheduled, premium annuities, and variable life insurance)

And the sale of these products:

• Registered disability savings plans & tax-free savings account (funds, plans, savings account)
• Registered Education Savings Plan (RESP)
• Registered Retirement Income Funds (RRIF)
• Registered Retirement Savings Plan (RRSP)

E&O Insurance for Life Insurance Agent protects Life Agents from claims including:

• Professional negligence
• Errors, mistakes, or oversights
• Misrepresentation of information
• Failure to meet the standard of service or meet a deadline

Without E&O policy, you can expect to pay these expenses out-of-pocket:

• Legal costs
• Settlements
• Judgements
• Attorney fees
• and more.

The E&O Insurance for Life Insurance Agents cost can vary based on factors including:

• Additional Coverage
• Annual and Projected Revenue
• Applicant Details
• Claims History
• Location
• Policy Terms and Limits
• and more.

Complete your online application and get a free quote within minutes with premium starting at $495/year! It does not cost anything or require you to proceed with the coverage once a quote is provided, as customer service is our priority.

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For most insurance products, you can choose specific limits best suited for your coverage and needs. For our E&O product for Insurance Agents, you will have three options to choose from:

• $1,000,000/claim per $1,000,000 aggregate limit
• $1,000,000/claim per $2,000,000 aggregate limit
• $2,000,000/claim per $2,000,000 aggregate limit

However, if the expenses exceed the claim limit, you will need to pay out-of-pocket.

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This E&O Insurance is specifically for individual life insurance agent. The coverage would be insufficient for a Life Insurance Brokerage, AGA, or a business with multiple Life Agents. If you are interested in purchasing E&O for your brokerage or business, contact us.

Yes. There is no real difference between professional liability insurance and E&O insurance. You will still get the same coverage despite the different names. Some industries will use E&O; others may use professional liability or even medical malpractice (medmal) insurance.