You did not really provide enough information for anyone to accurately answer that question. E&O depends greatly on how much work you do, usually measured by your gross revenue. It will also depend on whether you do all of the work yourself, or whether you use employees and subcontractors... and if so, how many? If they are subcontractors, do they have E&O insurance?
But, for a frame of reference, I have 2 full time employees, we subcontract out less than 1% of our work, and I also have coverage as a title agent. I pay about $3,500 for $1 million in coverage. I have never had a claim and I have been in the business for about 14 years.
The only way to really tell, is to get quotes from a few companies... and there are only a few who still provide E&O insurance. I recommend you get a quote from Title Program Administrators. They are very knowledgeable and I was very pleased with my policy and the rate. To me it is more important to use a knowledgeable agent than it is to get the best price. E&O is expensive no matter where you go, it is best to make sure you have an agent that understands your needs and the coverage provided.
Best,
Robert A. Franco
SOURCE OF TITLE
to post a reply:
login - or -
register