How Much Is Business Insurance
for Life and Health Insurance Agents?

For life and health insurance agents, business insurance can protect their company from third-party lawsuits, property losses, and other costs that could force them to file for bankruptcy. In fact, business insurance is so important for your financial security that third parties and landlords may require you to have it before they sign a contract with you.

Premiums for health and life insurance agents typically vary from $400 to $1,500 a month. Let's take a closer look at what you can expect to pay for the coverages you need.

Note: Premiums quoted below are only sample estimates. Actual costs may vary.

HOW MUCH IS
General Liability Insurance?

What Does General Liability Insurance Cost?

The minute a potential client walks through the door of your life or health insurance agency, you'll face liabilities. Fortunately, there's General Liability Insurance, which covers third-party slip-and-fall accidents and personal injury lawsuits. GL also covers lawsuits about property damage. If you accidentally break a client's property while making a house call, GL will cover your legal expenses, paying for lawyers' fees and damages owed to the client.

The typical General Liability Insurance policy costs $425 for a life or health insurance broker.

Average Premiums, Deductibles and Limits on General Liability Insurance Policies for Life and Health Insurance Agents
Name USD

Median policy premium:

$425

Per claim limit:

$1,000,000

Policy limit:

$2,000,000

Median policy deductible:

Varies

To see how the cost of General Liability Insurance for life and health insurance agents compares with other industries, visit Insureon's General Liability Insurance Cost Analysis New browser window icon..

HOW MUCH IS
a Business Owner's Policy?

What Does a Business Owner's Policy Cost?

A Business Owner's Policy is an insurance bundle that offers a discount on premiums for life and health insurance agents. BOPs contain two policies: General Liability and Property Insurance. In addition to General Liability lawsuit coverage, insurance agents can insure their business property from losses due to theft, vandalism, fire, and other perils covered by their Property policy.

The typical BOP coverage costs $500 for life and health insurance agents.

Average Premiums, Deductibles and Limits on Business Owner's Policies for Life and Health Insurance Agents
Name USD

Median policy premium:

$500

Per claim limit:

$1,000,000

Policy limit:

$2,000,000

Median policy deductible:

$500

HOW MUCH IS
Errors and Omissions Insurance?

How Much Is Errors and Omissions Insurance?

Why do insurance agents need Errors and Omissions Insurance? Over the last few years John Hancock, AIG, and other big name life insurers have all been sued for millions of dollars in unpaid benefits. As the intermediary between a customer and the insurer, an agent can face liability for misrepresenting a policy's benefits or recommending a policy insufficient for a client's needs. That's a tremendous amount of liability. Errors & Omissions Insurance shields health and life insurance agents from these professional liabilities lawsuits.

The typical Errors and Omissions Insurance policy for life and health insurance agents costs $550 to $1,495.

Average Premiums, Deductibles and Limits on Errors and Omissions Insurance for Life and Health Insurance Agents
Name USD

Median policy premium:

$550 - $1,495

Median policy limit:

$1,000,000

Median policy deductible:

$2,500

To see how the cost of Errors and Omissions Insurance for life and health insurance agents compares with other industries, visit Insureon's Professional Liability Insurance Cost Analysis New browser window icon..

HOW MUCH IS
Workers' Compensation?

How Much Is Workers' Compensation?

As an employer, a life or health insurance agency may need Workers' Compensation Insurance (also called Workers' Comp or Workman's Comp) to cover the cost of any workplace accidents or employee injuries. Every state (except Texas) requires Workers' Compensations Insurance, so make sure to check your state Workers' Comp requirements.

Insurance agents will typically pay $396 to $801 for Workers' Comp.

Average Premiums, Deductibles and Limits on Workers' Compensation Insurance for Life and Health Insurance Agents
Name USD

Median policy premium:

$396 - $801

Accident limit:

$500,000

Disease limit:

$500,000

Median policy deductible:

Varies

To see how the cost of Workers' Compensation Insurance for life and health insurance agents compares with other industries, visit Insureon's Workers' Compensation Insurance Cost Analysis New browser window icon..

HOW MUCH IS
Umbrella Insurance?

What Does Umbrella Insurance Cost?

Umbrella Insurance can add $2 million in additional lawsuits coverage to General Liability, Hired and Non-Owned Auto Liability, and Employer's Liability for health and life insurance agents. If an expensive lawsuit causes you to use up your coverage for any of these policies, Umbrella Insurance will cover your extra legal expenses.

Umbrella Insurance for life and health insurance agents typically costs $404 to $808.

Average Premiums, Deductibles and Limits on Umbrella Insurance for Life and Health Insurance Agents
Name USD

Median policy premium:

$404 - $808

Median policy limit:

$2,000,000

Median policy deductible:

$10,000

To see how the cost of Umbrella Insurance for life and health insurance agents compares with other industries, visit Insureon's Umbrella Insurance Cost Analysis New browser window icon..

Free Quote on Coverage for Health and Life Insurance Agents

Free Quote on Coverage for Health and Life Insurance Agents

Ready for a free quote on coverage for health and life insurance agents? Submit an online insurance application. One of insureon's experts who specializes in insurance for life and health insurance agents will send you a free cost estimate on your business insurance.

Grab-n-Go Information

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