Hello,

I am a new broker in the state of Florida.

I am aware that E & O Insurance is obviously a good idea. I saw the other thread on this, however it seems the providers were perhaps mainly for California brokers.

The FAR (Florida Assoc. of Realtors) points me to this site:

www.reoadvisors.com

Has anybody dealt with this company? If so, what are your experiences? Also, anyone have any advice on E&O insurance in general for a new broker (where to get it, costs, etc)

Next, I am wondering if anyone here has information on Corporate General Liability insurance and/or Property insurance (or insurance similar to homeowners which also covers liability) for your office. If so, also where might I start with obtaining these? What are some estimated costs based on fairly low coverage amounts? Is it worth it for you? Any input is appreciated.

Finally, in the FAR Independent Contractor Agreement Between Broker and Associate there is a paragraph as follows:

"Associate will also be responsible for providing Associate's own automobile and is responsible for transportation expenses including insurance in the minimum coverage amount of $_____ for personal injury protection liability and insurance in the minimum coverage amount of $__________ for bodily injury liability and insurance in the minimum coverage amount of $_______ for property famage liability and other expenses incidental to performing Associate's duties without receiving any reimbursement from Broker. Broker will be named as an additional insured in all such policies."

I am wondering what amounts to put in those fields and also what the process would be to verify this is done and also have the associates add me to the coverage. I would assume it may be as simple as having them obviously call their car insurance companies. I wonder - is it only car insurance needed or is the paragraph also referring to some other type of insurance? Also, I understand that the amounts in there are really dependant on me and what I want the amounts to be - but I want a balance between making life easy on them and also at the same time covering my behind.

Thanks in advance for the detailed insight and I am sure this will also help others in the future.

Yes, broker must have insurance in order to cover some problems with regards into his job.

Most Insurance companies have a commercial division I currently use CNA. I'm thinking no matter where you're located, you will be required to have workers comp for you're employee's even if they're 1099.

Yes,It's really helps.Thanks

Hello,

I would suggest that you contact a local independent insurance agency in your area and ask them if they represent E&O carriers like-Travelers, Hartford, Admiral, Hiscox to name a few. Not all E&O carriers offer the same coverages--You need to ask questions like -- coverage for discrimination, lock box, pollution, mold, agent acting as his own agent, are defense cost inside or outside policy limits, does the policy cover Duty to defend... For auto liability I would suggest at least the following: Bodily injury per person at: $250,000 - per accident: $500,000; Property damage at $100,000 ALSO-you need to make sure to ADD Personal Injury Protection in the amount of: $10,000

We carry both, Business, commercial for the office and then E&O for the transactions.