Discounted Errors and Omissions insurance coverage is now being made available through the American Association for Medicare Supplement Insurance.
“The discounted coverage can be a huge benefit to the many insurance agents who are joining the business to sell Medicare insurance,” states Jesse Slome, director of the Medicare advocacy organization. “While E&O claims do not occur often with the sale of Medicare products, they can and some require this coverage.”
The monthly premium for a new agent with less than $75,000 in annual commissions can be $39.40 notes Slome. “The savings are beneficial during the first two years after which the policy can be maintained still at a low price.”
The Association offers the E&O coverage to any insurance agent needing the protection. “There are several advantages,” Slome cites. “There are five different levels to choose from. An agent can buy and pay for only the level and amount of coverage they need and want.”
In addition, no membership fees are required according to Slome. “The Association does not have paid members. This can help an agent save hundreds of dollars a year.” Coverage includes Medicare Advantage and Medicare Supplement insurance with levels covering agents selling fixed and indexed annuities as well as variable life and annuity products.
To learn more about the discounted E&O insurance for new agents go to www.medicaresupp.org/eo-new/. The coverage is from Fireman’s Fund Insurance Company, an Allianz Global Corporation and Specialty Company. Limits of liability range from $500,000 to $3,000,000.
The American Association for Medicare Supplement Insurance advocates for the importance of educated planning and supports insurance professionals who market Medicare insurance solutions. For more information, visit the organization’s website at www.medicaresupp.org/eo-for-new-agents/.
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