A basic tenet of our site is that business insurance is best obtained through a local insurance professional, in person, and working with that professional to establish a long-term relationship.
But, that is not always possible. Some business insurance products are specialized and difficult to find through a broker or agent in smaller markets. Sometimes the owner just wants some quotes to review, with in-person follow up later.
In my opinion, that is where online business insurance sites come in.
My company's second largest insurance expense is professional liability insurance. It is difficult to find quotes with legitimate companies without a twenty-minute phone call from a sales agent to follow.
A newer online site, insurancebee.com, claims to be the first online professional liability and E&O quote site. And, what I like about the site is that it offers either an online quote or contact with a representative.
I am not paid to endorse the site, nor have I done a deep analysis of it. However, the site states all policies are offered through Hiscox Insurance Company Inc., and A.M. Best gave that particular company an "A" and "a" rating for financial strength and insurer credit respectively and reaffirmed those ratings in May 2010.
The site is definitely worth a look, but keep in mind it is one company (you won't be shopping carriers) and Hiscox may not be available in your state. As always, check with your state to make sure the company can do business in your state.
Hi Gregory,
My name’s Theresa, and I’m from InsuranceBee. Thank you so much for writing a piece on us! It’s great to hear what people think of our site, and everything you’ve said is right on.
We do now however, have more than one carrier – which means we can arrange Professional Liability for many more occupations and in most states. We can also arrange other insurances such as general liability too. Our website is currently being updated to reflect this, so please do keep checking back.
Of course, any more questions you have – I’m here to answer them.
Many thanks
Good stuff Greg. I don’t think insurance bee is the first…Many sites offer E&O insurance quotes online. TechAssure, the World’s leading association of brokers that specialize in working with Tech companies, has offered this through their network for quite some time (http://bit.ly/cfftcQ).
The key to buying insurance online is, as you said, having the ability to also discuss the coverage with a knowledgeable broker. No two E&O policies are the same and it is imperative to know what coverage you’re getting. However, sometimes people don’t care about the scope of the coverage and simply want the cheapest policy so they can check off a box for contractual requirements. Online solutions work well for these buyers.