Insurance for Financial Planning and Advisory Businesses
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Why do financial planners need insurance?
Financial planners and advisors must navigate a complex legal and regulatory landscape in providing advice. However, even the smallest mistakes could lead to expensive claims or lawsuits for your business.
That’s why many financial advisors consider business insurance essential to protecting their livelihoods. Depending on the cover options chosen, you could protect your business against common risks such as allegations of negligence, customer property damage claims, broken equipment, and more.
Who needs financial planning insurance?
Many types of financial planning and advisory businesses consider business insurance, including:
- Accountants
- Bookkeepers
- Consultants
- Financial Planners
- Financial services
- Tax Preparers
- And many more!
Did you know?
Clients may require financial planners and advisors to have certain types of insurance, like Professional Liability or General Liability, before they can begin work.
What types of insurance do financial planners and advisors need?
Financial planners and advisors may consider different types of insurance to address their unique business risks.
Clients rely on your financial advice and knowledge to secure their financial futures. But if a mistake in your work, a bad recommendation, or a missed deadline causes them to lose money, they could sue you and your business.
Professional Liability insurance* (also known as Errors and Omissions or E&O insurance) could help you manage the costs of negligence claims and lawsuits related to your financial services.
In-person meetings may be part of your day-to-day business, whether you’re meeting clients in your office or theirs. If your actions accidentally damaged a client’s property or caused them injury, you could be liable for fixing the damage.
That’s why you may want to consider General Liability insurance*. These policies can help you set things right if you accidentally cause damage or injury to a client during a meeting.
Financial planners often rely on equipment like laptops, cell phones, and printers to complete their work. A Business Owner’s Policy (or BOP) is a convenient way to protect your work assets, plus cover other parts of your business, like business interruptions and general liability risks.
If you have employees, you likely need Workers’ Compensation insurance*. Generally, these policies are required in most US states before you hire your first employee and typically include full-time, part-time and seasonal staff.
How much does insurance cost for financial planners?
The cost of insurance for financial planners and advisors is based on several factors, such as the services you provide, the size of your business, and the types of coverage you choose.
By comparing quotes with BizInsure, you can find out how much you’ll pay for financial planning insurance that fits your unique business needs.
