Errors and Omissions (E&O) insurance is a kind of Professional Liability insurance that protects financial brokers against the claims made by your clients for the errors or omissions that your business has committed. The insurance will protect your business by making sure that if this happens, your insurance will cover all the costs.
Cyber Liability insurance is designed to help your financial broker business mitigate potential risks by covering the cost involved with data recovery. When a hacker or criminal has gained access to your customers' sensitive information like social security or credit card numbers, or any cyber-related data, the security breach can be corrected without extreme out-of-pocket expense.
Hired and Non-Auto insurance will cover your business from bodily injury and property damage caused by the vehicle that you hire for business purpose or vehicles owned by others, including the vehicles owned by your employees. The insurance will protect your business in the event that you are sued as a result of an auto collision or accident.
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.
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:
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:
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