How much is E and O Insurance in regards to Insurance careers
How much is E and O insurance? The average annual cost of E&O coverage is around $500 per employee. So, if your company has 50 employees, you may expect to pay $25,000 per year in errors and omissions premiums.
With changing times, the market is fluctuating by the day. Insurance careers in Texas is evident of that. The insurance careers have also been rapidly changing and a wide pool of opportunities are up. These changes shape the careers that are available out there in the insurance world. Some of the most lucrative insurance careers are given below:
Insurance Careers: Insurance Sales Agent for E and O Insurance
Insurance Sales Agent is the most common choice for people looking to make a future in Insurance Industry. Becoming an insurance agent means working hard and putting in long hours sometimes. Thus, they are paid accordingly.
In 2019, the median annual salary of an insurance sales agent was $50,940. The lowest 10 percent earned around $28,000 while the highest 10 percent earned more than $125,500 a year.
Furthermore, insurance sales agents can boost their visibility by participating in insurance blogs, which generates useful leads. And if you intend to start a successful insurance agency in the near future, you must have a fantastic and strong relationship with your clients.
Insurance Careers: Underwriter
An Insurance Underwriter is another career option for people with a technical background who want to work in the insurance sector. An underwriter’s job is technical and they assess the risk for the company or carrier. They need to collect relevant data from the applicants, put it into their insurance software, analyze the risk and take specific decisions. Furthermore, underwriters would be better equipped to do their jobs with the aid of an agency management system.
The BLS states that in 2019, the median wage for an insurance underwriter was $70,020.
Insurance Careers: Actuary
Insurance Actuary has a crucial role to play as they have to put together information, produce viable data, and relay their findings to the overall insurance company. Hence, they work closely with accountants, financial analysts, and market researchers to correctly forecast future demands. Furthermore, with the assistance of insurance agency management system, they can help the company’s longevity and profit by risk reduction and identifications of future demands.
The BLS states that the 2019 median annual pay for an actuary is $108,350.
Insurance Careers: Adjuster in E and O Insurance
According to Investopedia, A claims adjuster investigates insurance claims to determine the extent of insuring a company’s liability. Claims adjusters may handle property claims involving damage to structures, and/or liability claims involving personal injuries or third-person property damage. An insurance adjuster or insurance claims representative is responsible for adjusting between the insurance agent and the insurance company. An adjuster primarily handles and reviews the claims that the policyholder for client files. Therefore, a good insurance adjuster needs to be fair and unbiased due to their nature of work.
Key Takeaways from E and O Insurance
All the above-mentioned insurance careers in Texas and relative states are appealing on their own natures. To conclude, a person stepping into the insurance industry should be aware of which nature of the job suits the best for them. Thus, this leads to bringing out the best in them. Nevertheless, the insurance business is where you would want to see yourself growing personally as well as professionally. The opportunities are so many that you would not want to miss this chance! Additionally, medicare insurance is on the rise so you might be interested in how to become a licensed medicare insurance agent.