Click, Bind and Print E&O Insurance Online

Affordable E&O Insurance Online

Buying insurance is increasingly becoming an online affair. Just witness the growing number of financial professionals today who buy and print E&O insurance online. This should come as no surprise for two reasons.

  • First, insurance and financial advisors know just how risky their business can be. Clients with complaints, imagined or real, can bring suit, resulting in judgments costing tens or hundreds of thousands of dollars. Financial professionals understand that self-insuring against such risks can have devastating consequences for the sustainability of their firms and careers.
  • Second, professionals who sell insurance and financial products are busy people. Spending days or weeks shopping for E&O insurance is simply time they don’t have. Instead, thanks to technology advances, they are increasingly buying their E&O insurance online. Using websites such as, they can quickly input their information, answer some risk-profiling questions, add their payment information, and within a few minutes print out a certificate of insurance. A buying process that used to take weeks now happens in minutes, freeing up time for other important business tasks.

What is E&O Insurance?

Errors-and-omissions insurance—or E&O insurance as it’s commonly called—is a type of professional liability insurance that protects business professionals in the event they do something wrong or fail to perform an important activity that financially harms a client. Policies provide two forms of protection: funds to hire an attorney to defend the insured in court and money to pay for legal judgments and court costs if the plaintiff (party suing) wins the case.

“Years ago, many business professionals didn’t think much about E&O insurance,” says Steven R. McCarty, Co-Chairman and Founder, EOforLess. “Today, they understand it’s a crucial form of insurance for virtually everyone who works in a sales or client-advisory capacity in a financial-services business.”

The risk of going uninsured is profound for such individuals, according to McCarty. The average cost of an insurance- or investment – related lawsuit can range from $40,000 to $150,000 or more. E&O insurance exists to mitigate these risks so financial professionals can continue to work in their firms and provide for their families. In many cases, without sufficient E&O insurance coverage, the only feasible outcome for those who lose court battles is to declare bankruptcy.

Who is

Given the importance of securing E&O insurance protection as quickly and conveniently as possible, the insurance industry has fostered innovation to increase access to E&O insurance online. A major player in this regard is Launched in 2008, it currently offers E&O insurance to financial professionals selling under various licenses, as well as to real estate broker/owners. It pioneered the direct sale of E&O insurance online—i.e., dispensing with the need to work with a broker—providing a unique shopping platform that makes buying E&O insurance faster and easier than ever before.

EOforLess.comRemoving brokers from the sales process is key to’s strategy. Because financial professionals can select their desired E&O product, submit their information, and buy online, they can get insured in minutes rather than weeks. According to the Midwest Insurance Agency Alliance, many E&O insurance companies take up to two weeks to provide a premium quote after a broker submits an application. This antiquated process can literally cost big money if the delay short circuits a financial professional’s ability to receive an appointment to sell an insurance or investment provider’s products.

Another important aspect of EOforLess is its focus on low-risk insurance and financial advisors, which allows it to offer affordable premiums and, in some cases, eliminate deductibles (thresholds that must be met before the insurer begins providing benefits). If financial professionals can answer no to a limited number of risk-assessment questions, they can qualify for’s competitively-priced coverage, which can be customized for each advisor’s specific needs.

“Providing convenient, affordable E&O Insurance has been in our DNA since Day 1, says’s Steve McCarty, who is also Chairman and Co-Founder of the National Ethics Association, sponsor of

Who is the National Ethics Association?

The National Ethics Association is an association of business professionals committed to building their firms on a foundation of trust, transparency, and best practices. Formed in 2001, the Association provides an array of services that helps members grow their online reputations while enhancing their overall marketing efforts. Member benefits include credibility icons that build professional reputation; ethics and compliance content that improves business quality and prevents customer disputes; certified background checks that accelerate the consumer sales process; and a wide array of purchase discounts for companies such as Staples, Verizon, Costco, and Dell.
National Ethics Association
Another important benefit is the ability to purchase convenient and affordable E&O insurance through NEA affiliate, Through their membership in the National Ethics Association and their ability to pass EOforLess’s risk assessment, NEA members are eligible to purchase E&O insurance protection on a group basis through a variety of highly rated insurance underwriters such as CNA, Everest, and Liberty International Underwriters.

“By combining the efforts of the National Ethics Association, EOforLess, and our insurance partners, we’re helping thousands of financial professionals do business with less risk, expense, and worry than ever before,” NEA’s McCarty says. “This much is clear—it’s a great time for financial professionals to buy E&O insurance online.”


Learn More about How P&C Agents buy their E&O Insurance Online

E&O insurance is similar to other forms of insurance—for healthcare, property, automobiles—in one key respect. It typically requires consumers to absorb a pre-defined level of financial loss before it begins to pay an insurance benefit. Known as a deductible, this feature has been a common element of E&O insurance policies for financial professionals since time immemorial . . . until now.

That’s because the National Ethics Association, sponsor of EOforLess, has announced a no-deductible feature for its E&O coverage for life and health insurance agents. What this means is that agents embroiled in a legal dispute no longer have to pay for part of their legal fees up front. This frees up money to cover normal operating expenses, including office rent, employee salaries and benefits, agent retirement contributions, and more.

No Deductible E&O Insurance

No deductible E&O Insurance is a key enhancement to our E&O offerings for financial professionals,” says Steven R. McCarty, Co-Chairman and Founder, National Ethics Association. “With no deductibles, financial advisors facing legal action no longer have to worry about covering part of their legal fees. They simply can sit back and let their E&O insurer-appointed attorney defend them, while they focus on what they do best—selling and servicing their customers.”

Sponsored by the National Ethics Association, an organization of ethics-minded financial professionals, EOforLess entered the E&O marketplace in 2008, providing essential E&O insurance protection for life and health insurance agents. Rather than selling through brokers, EOforLess developed an advanced online buying platform. With this functionality, financial advisors no longer had to fill out long, confusing applications or wait hours or days to receive an insurance quote. EOforLess’ innovative e-commerce technology provided “click and bind” coverage in minutes, with no hassles or hidden fees. And this convenience came with substantial reductions in premiums over comparable plans.

E&O Insurance with No DeductibleSince then, EOforLess has further streamlined the purchase process, entered other markets, and added additional money-saving features such as free continuing-education (CE) courses for its insureds (except for real estate broker/owners).

In a world where consumers rarely receive something for nothing, how can life and health insurance agents avoid paying for deductibles? It all goes back to EOforLess’ original strategy of providing affordable, convenient E&O insurance for low-risk financial professionals. By effectively screening out high-risk financial advisors (think “good driver” auto insurance discounts), EOforLess has been able to develop a large customer pool with favorable claims experience. This allowed its insurance company to eliminate deductibles without hurting the financial dynamics of the group plan, while generating significant savings for EOforLess insureds.

Group Rates and Membership Benefits

Which raises another important difference with EOforLess. Because the coverage is group insurance, financial advisors not only save money due to their low-risk status, they also benefit financially from the inherent efficiencies of group insurance. And being members of a group—the National Ethics Association—makes them eligible for value-added benefits such as free CE courses, E&O loss-prevention content, purchasing discounts, and the use of online reputation badges for advisors who pass a comprehensive background check (requires additional fee).

McCarty says the best part about eliminating deductibles is that it also reduces stress for EOforLess customers. “Think about it,” he says. “Getting sued is a rough experience for most people. The last thing they want to worry about is coming up with money to pay for legal bills, while also working with their attorney to defend their business. By eliminating deductibles, we’re helping our customers get through a tough time with much less worry. This is what EOforLess is all about—less cost and less worry.”