Financial advisors, financial planners, investment advisors or consultants offer a significant service. Giving advice to clients about their money and sometimes even their life puts you at high risk for potential lawsuits. While the career choice you made may be fulfilling, and you have had success so far, it is imperative to purchase a Professional Liability insurance policy for financial advisors. This Errors and Omissions policy will protect you and your business from financial loss.
As a financial advisor, your risk for claims is relatively high. Because you are giving financial advice to your clients, if they lose money it will be your fault, regardless of whether it indeed is. You are human, and mistakes happen, and unfortunately, some clients may not be happy no matter what you do. The Professional Liability insurance for Financial Advisors policy will shield you from losing thousands of dollars due to one of these claims arising.
CoverWallet works with several insurance companies, and each will be different. However, all of them will include the following standard coverages:
On average, a financial advisor can plan to pay around $1,500 annually. Of course, if your financial firm has employees, this can cause the cost to be higher. Also, your annual revenue, assets managed, and prior claims history can impact the premium. CoverWallet can help you keep these costs low by working with our insurance companies to bundle all of your insurance needs together.