Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defense fees & settlement costs.
Why do Financial and Investment advisers need insurance?
Establishments in this industry provide a large number of financial services. Services include the buying and repackaging of loans, trust, fiduciary and custody services, portfolio management, investment advice, and electronic fund transfers. This industry is comprised of businesses such as banks, fiduciary agencies, mutual fund management companies, and private financial advisors.
There are a lot of risks that financial and investment advisers can face. As you provide financial and investment advice to clients, there is a risk of errors and omissions in your activity. Yes, investments have risks, but when your business makes a mistake, these risks are the responsibility of your business. If that happens, your business will pay for the court fees and any settlements awarded. With insurance, the costs will be covered up to the limits of your policy so you don’t have to pay out of pocket.
What risks do Financial and Investment advisers face?
Financial advisers provide clients advice in their investments. If your advice did not produce the results that you projected it could cause a huge financial loss for your clients. Other risks that your business could face include:
These are just a few of the many risks that your business could face.
How much does Financial Advisor Insurance cost?
The cost of your insurance depends on the services you offer, the number of employees you have, the coverage you need and many other factors. To find out what your insurance costs, apply online to get a free quote or contact our customer service representatives.