Insurance for Financial Brokers

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Frequently Asked Questions

Why do Financial Brokers need insurance?

Establishments in this industry focus on buying, selling and managing commodities and investment assets. This can include futures trading, foreign currency, agricultural products, and securities. This industry also includes mortgage brokers for individual and commercial loans.

Financial brokers are the standing symbols of success, risk, and insight. This puts a huge responsibility on financial brokers for the success or failure of their clients. If the advice you provide to your client causes financial harm then your business is liable. You’ll have to face charges and the cost of defending your business in a lawsuit could put a huge dent in your business and personal assets.

What risks do Financial Brokers face?

The most common risk financial brokers can face is when they provide services that cause financial harm due to the mistakes that your business made. Below are some risks that your business can face:

  • Your business could be at risk of getting hacked. Your customers' personal information, like social security numbers and credit card numbers, can be stolen by hackers or criminals.
  • A customer slips and falls inside your business property in which it has caused injuries.

How much does insurance cost for Financial Brokers?

There is no fixed cost of an insurance policy for financial brokers, but insurance companies will usually ask for the type of services you offer, the number of employees you have and the coverage needed. Without taking these into account, here are the most common insurance policies bought by financial brokers and their average costs:

  • General Liability insurance costs around $500 in annual premiums.
  • Cyber Liability insurance costs around $600 in annual premiums.

Are You Ready to Get Covered?

Prefer to speak with a CoverWallet consultant? Call(646) 844-9933