Los Angeles, CA, August 26, 2018 --(PR.com
)-- A new low-cost Errors and Omissions or E&O insurance plan for life and health insurance agents has been launched by the American Association for Medicare Supplement Insurance (AAMSI).
“This is very important protection typically required for insurance agents and one of the advantages of the Association plan is no added membership fee," states Jesse Slome, executive director of the organization. Most E&O plans offered by Associations require costly membership.
"Saving money is important and premiums for the Association-offered plan begin at $341 annually," Slome indicates. "In addition, there is no individual membership in the Association which can save an agent hundreds of dollars yearly if all they need is E&O coverage." Coverage is offered to any insurance agent licensed to sell life or health insurance products including Medicare Supplement and Medicare Advantage policies.
According to AAMSI, premium for the plan may be lower than costs for similar or lesser coverage. "There are benefits to having coverage under a group offering such as this," Slome adds. "We are very pleased to be making this benefit available to agents as part of our commitment to supporting and building the Medicare insurance marketplace."
Additional discounts may be available for new agents. Policy limits range from $500,000-per claim up to $2 million. Agents are able to enroll online and the policy can be instantaneously issued.
"Oversights and mistakes can occur while selling any insurance product," Slome explains. "While E&O lawsuits specific to Medicare Supplemental products are rare, they have occurred according to the E&O experts working with our Association. The defense and indemnification costs associated with correcting the mistake can be substantial."
The policy can be applied for at anytime and is offered by an A-plus rated insurance company. For additional information visit the Agent Center on the Association's website at www.medicaresupp.org/agent-center/e-o-insurance/
The American Association for Medicare Supplement Insurance is a national organization that advocates for the importance of planning and supports insurance professionals who offer Medicare insurance solutions.