Will Your Credit Affect Your E&O (Errors & Omissions) Insurance and/or Surety Bond Premium?

Question

Someone once mentioned to me that your credit could affect the premium for your E&O Insurance and/or Surety Bond. Is it true for one or the other? Also, if it matters, the E&O insurance would specifically be for a life insurance agent for a 1 million dollar policy and the surety bond would be for a notary which would only be for a $1,000 policy. Thank you in advance for your answers

Answer 1

To the best of my knowledge, it does NOT affect your E&O at all.  And it won't affect for a notary bond, which MIGHT cost you $100 for five years.  

But it CAN affect you for other bonding.  Bonds are wide and varied!  

Answer 2

Credit scoring is used in personal auto and homeowners insurance. I have never seen an E & O or notary policy premium affected by a credit score.

Notary bond premiums are so cheap the company could not afford the cost of ordering a credit score. An E & O carrier might order a Dun & Bradstreet report as an underwriting tool to evaluate a large account but it would not affect the rate and D & B reports don't apply to individuals.