E&O Insurance 5

[Bammer25]

Wasn’t sure where to start this thread but do any of you have any recommendations on a simple policy for professional liability. I do some side work, maybe 20-30k per year revenue that I want to cover myself for. I just started an LLC to run it through and want a good policy. Wasn’t sure if there was a simple online place people use or just start calling around local insurance agencies.

 

[AaronMcD]

I don't see any billings limit. Coverage $1M, deductible $2k

There are several exclusions:
condos/townhouses
Amusement rides/parks
bridges and tunnels
nuclear, petro, chemical, mines (and other stuff like that)
convention centers
parking structures
pre-engineered buildings
Pools
Agriculture

Not sure why agriculture or pools are excluded.

http://www.hellodwell.design

 

[AaronMcD]

"I went to Next and they basically said sorry as soon as I said I was a structural."

Interesting, maybe it depends on the state? I am licensed in California.
My insurance says State National, administered by Next.

I also have a DIY campervan and the ability to get full coverage on those depends on the state.

http://www.hellodwell.design

 

[XR250]

Honestly, if you are paying $60 per month for E&O insurance, I would question whether they would actually pay out a claim. There is NO WAY they can make any money at that rate.

 

[Standard American]

Check with ASCE. They provide EO insurance through Pearl Insurance. They make you become an ASCE member to get the insurance but you get the membership for 50% off (you can get a quote first without becoming a member). I branched off on my own earlier this year and they were the cheapest I found after shopping around.

In response to the other poster about GL insurance, I recently had to get it added on to my EO policy. An architect required it along with auto insurance for a city project. I tried to tell them I didn't need it but they told me it was required for the project. In the end it was very cheap to add it so I did to keep the project.

 

[Ron]

My insurance is through Admiral. I do a lot of condo work, but mostly forensics so liability is lower. Premium is about $12k per year for $1 mil policy.