Get Insured 24/7 and Aspen U.S. Insurance have joined forces to answer a growing need for direct online E&O coverage options for small business professionals.
Financial Services Professionals, initially Life and Health Insurance agents, can “point, click and bind” affordable professional liability insurance online after answering five short qualifying questions.
Get Insured 24/7 will add Errors and Omissions Insurance for IT professionals, bookkeepers, tax preparers and other practice groups in coming months, said Mark Lincoln, President and CEO of Get Insured 24/7.
Aspen cites program’s control and flexibility
Aspen U.S. Insurance, which is part of the insurance segment of Aspen Insurance Holdings Limited, is the underwriter.
“We are excited about this program because it puts more control in the hands of customers,” said Bruce Eisler, Executive Vice President, Head of US Financial & Professional Lines, Aspen. “We commend Mark Lincoln and his team at Get Insured 24/7 for innovative thinking that both saves agents time and money and gives them more flexibility to secure coverage.”
This program streamlines the purchase process and agents can enroll and pay for E&O coverage in minutes. Typically, other providers of professional liability coverage require applicants to request quotes and undergo extensive underwriting evaluation, which adds time and expense to the process.
The new joint venture addresses increased demand for online services that cater to small business professionals. Deloitte’s Center for Financial Services found that 1 in 5 small business insurance purchases started with online interactions, either through a specific carrier’s site or an aggregator site.
Few, however, were able to complete the transaction without talking to a representative or broker.
Deloitte concluded as much as half of the small-business insurance market would be willing “to buy direct from a carrier over the Internet, without having an agent or broker shop for them or advise them.”
Larger Risk Pool Keeps E&O Insurance Rates Low
Such a system helps keep rates low. So does the joint venture’s participation in the Financial Services Risk Purchasing Group, LLC., a not-for-profit organization formed to pool “like professionals” to increase purchasing strength and access to E & O Insurance at attractive rates.
Get Insured 24/7 also allows easily added levels of E&O coverages if the Life and Health agent sells fixed and indexed annuities, variable products or mutual funds, or disability income insurance.
“Life and Health agents can literally buy insurance in 5 minutes wherever they are and whenever they want,” Lincoln said. “Successful enrollment immediately provides a printable certificate of insurance under our Group Policy.”