A bad investment or economic downturn could topple everything you've worked so hard to build. Protect yourself against liability lawsuits and other risks with policies tailored for investment advisors and financial planners.
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These policies cover the most common risks faced by investment advisors and financial planners.
General liability insurance covers basic risks facing financial advisors, including client injuries. Bundle it with property insurance for savings in a business owner’s policy (BOP).
E&O insurance for financial advisors and planners, also known as professional liability insurance, can cover legal expenses related to work performance.
This policy helps investment advisors and financial planners survive data breaches and cyberattacks by helping to pay for recovery expenses and associated costs.
Most states require workers' comp for financial and investment firms that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
Fidelity bonds compensate clients for employee theft, including theft by electronic funds transfer. They're also called employee dishonesty bonds.
If an error in judgment leads to a client’s financial loss, a registered investment advisor (RIA) or a tax preparer could face a hefty lawsuit. Financial planner and investment advisor insurance helps protect your decisions, such as management of retirement funds. It also protects against risks faced by any small business, such as injuries and property damage.
Several factors will have an impact on insurance costs, including:
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