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Surfing For Cover

Ready to buy anything and everything online? Even insurance?

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This story appears in the February 2001 issue of Entrepreneur. Subscribe »

These days, just about anything you want to buy is available on the Internet-and business insurance is no exception. But is cyberspace the best place to purchase such an important product? The answer depends on exactly what type of insurance you're buying and how much you know about it.

Buying insurance on the Net has its advantages, says Craig Smith, COO at Fred A. Moreton & Co., an insurance brokerage firm with offices in Salt Lake City and Boise, Idaho. However, while buying insurance online can save money and time, he says, you don't have the same access to expertise and advice you have when dealing with an agent or insurer directly. "Every business has its own complexities, its own areas of exposure, even if it's in the same industry as another [business] down the street," Craig says. "The job of the broker is to sit down and adequately evaluate specific needs and exposure."

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