E&O insurance

Quality of E&O Insurance Is Key

Buying E&O for insurance agents online has become common of late. But just because it’s possible doesn’t mean you’re assured of getting quality protection. You still need to do your homework. This involves understanding your needs and checking out potential providers before making a decision.

We can’t stress enough the importance of evaluating your needs before purchasing E&O for insurance agents. This involves asking some tough questions about your customer base:

  • Do they accept your recommendations or frequently second-guess you?
  • Do they cut you slack in the rare event you make a mistake or hold grudges?
  • Have they been litigious in the past?
  • Do a substantial number have cognitive impairments due to illness or age?
  • Have they been clients just briefly or for a long time?
  • How affluent are they? Would losing a lawsuit involving your largest client account wipe you out financially?

Considering these questions will help you select adequate coverage limits in order to shield your assets from legal attacks. And if you’re not sure about the right amount, always err on the high side. That’s because the added cost of purchasing more insurance will pale compared to losing a big hunk of your assets due to an adverse court judgment.

Once you know how much insurance you need, turn your attention to selecting an E&O insurer that will serve you capably. To this end, consider:

  • the firm’s track record in the E&O insurance market,
  • its reputation on the street, and
  • its financial solvency grades from the major rating agencies.

No Deductible E&O Insurance Is Essential

Once you know how much E&O insurance you need and from whom you’d like to purchase it, request a specimen policy. Read this document as if your financial future depends on it. Pay special attention to the insuring clause and exclusion list to make sure the protection will be there when you need it most.

No deductible E&O insurance is important, as well. As with many other forms of insurance, E&O policies typically require insureds to absorb a certain level of financial loss before their coverage kicks in. In other words, if they get sued, they will pay a portion of their legal fees until they satisfy their deductible. However, at EOforLess, life and health insurance agents benefit from our no-deductible feature. Because our strategy of doing business only with low-risk financial advisors has produced a customer pool with favorable claims experience, our insurer can eliminate deductibles for all. So again, always look for no-deductible E&O insurance as you research your purchase.

The experience and strength of your E&O insurer, appropriate coverage limits, and no-deductible E&O insurance —all combine to produce affordable, high-quality protection. Is your current E&O policy meeting this standard?

Print Your Own E&O Insurance Certificate

Quality is just one piece of our value proposition. Convenience is the other part. When you buy E&O insurance at EOforLess.com, you can literally shop for and purchase the protection you need in minutes. Compare this to the old method of buying through professional liability brokers and you’ll see why thousands of financial professionals today prefer the online alternative.

Take a look at our pain-free shopping experience:

  1. Visit EOforLess.com.
  2. Decide on the type E&O insurance you need—for life agents, P&C agents, RIAs, or Real Estate Brokers—and then click “see plans” to select the appropriate policy form.
  3. Determine an adequate coverage limit. Life/health agents who sell only those plans can choose base coverage. But if you also sell annuities, variable life/annuities, or mutual funds, upgrade to a higher protection level. Then click “buy now” to begin the payment process or “view coverage details” to read the policy provisions.
  4. Review the list of policy features and benefits, along with further information. We also highly recommend you download and carefully read the specimen policy.
  5. After scanning the details, click “buy now” to finalize your purchase. Then fill out the form to establish your account and determine your payment and billing-frequency options. After you finish entering the information, click “Pay & Proceed To Bind Your E&O”.
  6. If you are able to answer “no” to all the underwriting questions, click “pay” to bind your coverage.
  7. Ready to print E&O certificate? Just hit “print” to output your E&O insurance certificate.

The last step reinforces the power of buying E&O insurance online. In the “old days,” to get an E&O insurance certificate, you needed to contact an E&O insurance broker, go through a lengthy sales process, and then wait days or weeks for insurers to respond with premium quotes. Then you’d have to meet with or speak to the broker again to select the best policy and fill out a paper application. Finally, after much waiting, you would receive your E&O insurance certificate.

If you needed that document right away to pursue a sales opportunity, you’d be out of luck. The process simply took too long. However, if you had purchased your E&O insurance from EOforLess, you would have been able to print an E&O certificate in 5 minutes or less. It’s easy to see why thousands of insurance agents and financial advisors prefer to buy their E&O insurance at EOforLess.com. It’s simply a quicker, better way to buy.

In summary, if you’re shopping for E&O insurance for the first time—or switching to a new insurer—visit EOforLess.com now. We help busy insurance agents and financial advisors save time, money, and aggravation, while protecting their finances against catastrophic loss. What’s not to like?

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