NLIC.org

Wilma Said:

Does a commercial loan broker need errors and omissions insurance?

We Answered:

Yes. You'll need that to get your license from the banking commissioner. You'll also need to carry general liability and mortgage impairment coverage.

Johnnie Said:

Is anybody a member of the Professional Insurance Agents (PIA)?

We Answered:

I thought they merged with Independent Agents of America - www.iiaa.org.

Membership fees vary by state. You probably need to join your state association, and see if there are any local organizations as well.

One major benefit, is access to heavily discounted continuing ed courses. Another, is the networking - you can find out a lot about a potential employee, by asking if they're known. The very best - and the very worst - are usually discussed during group meetings.

Wanda Said:

Do you know any companies where I can hire commercial insurance brokers?

We Answered:

I know some of the biggest insurance companies that offer commercial insurance are CNA and AIG. Those would be good places to start for your business.

Sally Said:

If insurance broker forgot to pay my premium to the insurance company, am I still covered?

We Answered:

You wouldn't have been covered god forbid if anything happened to your commercial property,because the insurance company in subject hasn't received the necessary premium.The broker however,who charged you a good agency fee was just calming your nerves. Go directly to the companies next time!