Big I Professional Liability review for insurance agents: E&O cost, coverage and policy terms
Agency E&O pays for your defense and any settlement when a client says your advice or paperwork cost them. Big I, the Independent Insurance Agents & Brokers of America, sponsors a program written by Swiss Re for its member agencies.
It fits independent P&C agencies of any size that belong to a state Big I association. There are no published prices, since each state association quotes your agency after underwriting.
- Best for
- Independent P&C agencies that are Big I members, from one-person shops to firms with 100 or more staff
- Price
- Quote only, through your state Big I association
- Insurer
- Swiss Re Corporate Solutions America Insurance Corporation, rated A+ (Superior)
- Lines covered
- P&C, life and health, plus variable products for registered reps
- Policy form
- Claims-made: the policy in force when a client makes the claim is the one that responds
- Admitted
- Yes on the core program, so a state guaranty fund backs claims if the insurer fails
Our take
The core Big I program fits a member agency that wants a quote from people who handle agent E&O every day. It covers the agency, its owners and its staff on one policy, from a one-person shop to an agency with more than 100 employees.
Most agencies buy the admitted core program from Swiss Re. Very large agencies and agency networks have their own surplus lines versions.
The detail that matters most is that defense costs sit outside the limit, which runs up to $30 million. A long lawsuit doesn't eat into the money set aside to pay a claim.
Pros
- Defense costs are paid outside the limit
- The insurer needs your consent to settle
- Regulatory defense and breach costs paid on top of the limit
- A free unlimited tail for qualifying sole owners who retire
- Premium credits for E&O classes and a loss-free record
Cons
- You must belong to your state Big I association
- No published prices, so you wait for a quote
- Limits, forms and options differ from state to state
- No online purchase or instant certificate
Who can buy
- Licenses
- Licensed independent agents and agencies
- Lines
- P&C and life and health agencies
- Agency size or revenue
- One-person agencies up to firms with more than 100 employees. Elite E&O is for agencies writing $50 million or more in premium a year
- Membership required
- Yes. You must be a member of your state Big I association
Membership dues are separate. Big I dues are billed by your state association and are not part of the E&O premium.
What it costs
- How it's priced
- Each agency is underwritten and quoted by its state association's E&O program manager
- What sets the price
- Your limit, deductible, lines, revenue, claims history and risk management work
- Discounts
- Up to 20% off for approved E&O seminars and up to 20% more for a loss-free record, by state
- Payment plans
- Several payment plans with no added fee
Compare the programs
| Core program | Elite E&O | Alliance E&O (networks) | Allianz option | |
|---|---|---|---|---|
| Who it's for | Most independent agencies | Agencies with $50M+ in premium | Agency networks and clusters | Agencies in participating states |
| Issuing insurer | Swiss Re America | Swiss Re Capacity | Swiss Re Capacity | Allianz, company named on the quote |
| Admitted | Varies | |||
| Policy form | Claims-made | Claims-made | Claims-made | Claims-made |
| Top limit | $30M | By quote | Own limit per member | $5M per claim |
| Defense outside limits | By quote | By quote | ||
| Newly licensed pricing | ||||
| Covers employees | By quote | By quote |
Elite and Alliance are surplus lines policies, sold only through licensed surplus lines brokers. Each Alliance member agency carries its own limit and deductible, not a shared one.
Insurer and admitted status
- Issuing insurer
- Swiss Re Corporate Solutions America Insurance Corporation on the core program
- AM Best rating
- A+ (Superior)
- Admitted
- Yes on the core program, so a state guaranty fund backs it. Elite and Alliance use Swiss Re Corporate Solutions Capacity Insurance Corporation, a surplus lines insurer. The Allianz option varies by state, and the quote names the Allianz company
- Administrator
- E&O program managers at the 51 Big I state associations
- States
- All 50 states and DC. Limits, forms and options vary by state
AM Best rating as of September 2026. Swiss Re took over new and renewal business from Westport Insurance Corporation starting in 2021.
Policy form, prior acts and tail
- Policy form
- Claims-made
- Retroactive date
- The date on your declarations. If none is shown, you have full prior acts coverage
- Prior acts
- Full prior acts when no retroactive date is shown
- Tail options
- An extended reporting period gives you more time to report claims after the policy ends. You get 60 days free. You can buy one, two or three years at 85%, 135% or 170% of your average premium, within 60 days
- Retirement tail
- Free and unlimited for a sole owner and sole producer who retires at 62 after 10 years insured, or who dies or becomes disabled
- Form number
- SP 4 584 1021 (October 2021)
Claims-made means the policy in force when the claim is made pays it. When you switch carriers, ask the new insurer to keep your retroactive date so past work stays covered.
Limits, deductibles and defense
| Limit per claim | Aggregate | Deductible |
|---|---|---|
| Up to $30 million | Up to $30 million | First-dollar, loss and expense or aggregate options |
| $5 million (Allianz) | $5 million | Aggregate options, waived after five claim-free years |
| $3 million (Allianz) | $6 million | Aggregate options, waived after five claim-free years |
Per claim is the most paid for one claim. The aggregate is the yearly total for all claims. Some states cap the core limit at $20 million or $25 million.
- Defense costs
- Outside the limit on the core program and the Allianz option, so legal bills don't shrink what's left for a settlement
- Deductible
- Applies to damages, not defense costs
- Deductible credits
- Waived when you have a client's signed refusal of the coverage at issue. Cut 50% after three claim-free years or at first mediation, and 75% if the claim settles before a lawsuit. The most saved is $25,000
Consent to settle and exclusions
- Consent to settle
- Yes. Swiss Re needs your consent and you can't unreasonably refuse it
- Refusing after you leave
- Once you no longer hold a Swiss Re policy, refusing a settlement it recommends means you pay 20% of any later award above that amount and 20% of later defense costs. A tail doesn't count as holding a policy
- Allianz option
- A similar 80/20 split: if you refuse a recommended settlement, the insurer pays 80% of the extra cost and you pay 20%
Excluded
- Claims between people insured on the same policy
- Third-party administrator work, paid or not
- Viatical and stranger-owned life insurance sales
- Running COBRA administration for a group plan
- Refunds of fees, commissions or premiums
- Carrier insolvency, unless the insurer was rated B or better or covered by a state guaranty fund
Who the policy covers
- The agency
- The named agency and any agency it took over
- Employees
- Current and former employees, plus leased and temporary staff
- Owners
- Partners, LLC members, officers, directors and stockholders. A sole owner's spouse or domestic partner too
- Independent contractors
- Covered for work done for the agency
- Newly acquired agencies
- Covered for 120 days if you own a majority and they add no more than 15% to revenue
Included and optional coverage
| Coverage | Included or optional | Limit |
|---|---|---|
| Regulatory defense | Included, outside the limit | $100,000 a year |
| Your own data breach costs | Included, outside the limit | $25,000 an incident, $1,000 deductible |
| Client data breach claims | Included | $1 million |
| Crisis management | Included, outside the limit | $20,000 |
| Lost earnings while at trial | Included, outside the limit | $1,500 a day, $75,000 a year |
| Catastrophe extra expense | Included, outside the limit | $25,000 per event, $50,000 a year |
| Subpoena costs | Included, outside the limit | Set on your declarations |
| Key person assistance | Included for agencies under five staff | $5,000 |
| Real estate, investment adviser and benefits E&O | Optional | By quote |
How to apply
Find your state program
Pick your state on the Big I E&O page and join the association if you aren't a member.
Complete the application
The online form goes to your state's E&O program manager.
Send what they ask for
The program manager may ask for more details about your agency before quoting.
Review the indication
You get a quote with the limit, deductible and options for your agency.
Bind and pay
Choose a payment plan and get your policy from the state association.
Claims and risk management
- How to report
- Send Swiss Re's claim form and papers to ClaimsNAFINPRO_corporatesolutions@swissre.com, with a copy to your state association
- Questions
- Swiss Re claims at 800-255-5931
- Claims handled by
- Swiss Re Corporate Solutions
E&O Guardian gives members checklists, sample declination forms and record-keeping guides. Many states give premium credits for E&O classes, agency audits and website reviews.
Cancellation and renewal
- You cancel
- Send written notice with the date you want it to end
- The insurer cancels
- Only for nonpayment once the policy is 60 days old, with 10 days' notice. Before that, 30 days' notice for other reasons
- Refunds
- Short-rate when you cancel, so you get back a little less than the unused share. Pro rata when the insurer cancels
- Renewal date
- Agencies that qualify can renew without a new application
- Payment options
- Several payment plans with no added fee
Big I Professional Liability alternatives
- PIA Agency InsuranceQuote onlyPIA member program, also with state association service
- Utica NationalQuote onlyInsurer that writes E&O through independent agents
- MarkelQuote onlySpecialty insurer for agents and brokers
- Axis Insurance ServicesQuote onlyBroker placing E&O for larger agencies and MGAs
- NAPA E&OFrom $680 a year, solo P&C, $1M/$1M, $5,000 deductiblePublished prices for solo P&C agents and small agencies
See every option in E&O insurance for insurance agents.
Frequently asked questions
How much does Big I E&O cost?
Big I doesn't publish prices. Your state association's program manager quotes each agency, and E&O classes and a loss-free record can lower the premium.
Who issues the Big I E&O policy?
Swiss Re Corporate Solutions America Insurance Corporation, rated A+ (Superior) by AM Best.
Do I have to be a Big I member?
Yes. Join your state association first, then apply through its E&O program manager.
Are defense costs inside or outside the limit?
Outside on the core program, so legal bills don't reduce what's left to pay a claim.
What happens to prior acts if I switch to Big I?
Your retroactive date goes on the declarations. Ask to keep the one from your current policy so past work stays covered.
How we researched this review. We based this review on the terms and product pages published by Big I Professional Liability, reviewed in October 2026, together with our team's experience working with insurance agents and agency owners since 2008.
Corrections
Vendors change their pricing all the time and they don't email us when they do. So if you see a price on here that's gone up, a plan Big I Professional Liability quit selling or a contract term that reads different now, let us know and send the link to the page where Big I Professional Liability has it. Somebody here pulls up that page and checks it before we change anything on ours.