Financial Planner and Investment Advisor Insurance
Why do financial planners and investment advisors need insurance?
A bad investment or economic downturn could derail your financial goals for a client. Protect yourself against liability lawsuits and other risks, such as property damage and injuries, with policies tailored for investment advisors and financial planners.
Find affordable coverage
Financial planners and investment advisors can save money on insurance by comparing quotes from top providers.
Fill out Insureon's easy online application to get free quotes and advice from a licensed insurance agent.
What types of insurance do financial planners and investment advisors need?
These policies cover the most common risks faced by investment advisors and financial planners.
Errors and omissions insurance
E&O insurance for financial advisors and planners, also known as professional liability insurance, can cover legal expenses related to work performance.
- Financial advice that causes a loss
- Accusations of negligence
- Errors in calculations
General liability insurance
General liability insurance covers basic risks faced by financial professionals, including client injuries. Bundle it with property insurance for savings in a business owner’s policy.
- Slip-and-fall accidents
- Damaged customer property
- Libel and other advertising injuries
Business owner's policy
A business owner's policy, or BOP, is a cost-effective way for financial planners and investment advisors to purchase general liability coverage and commercial property insurance together.
- Slip-and-fall accidents
- Accidental damage to client property
- Stolen or damaged business property
Workers’ compensation insurance
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.
- Employee medical expenses
- Disability benefits
- Legal costs
Cyber insurance
This policy helps investment advisors and financial planners survive data breaches and cyberattacks by helping to pay for recovery expenses and associated costs.
- Data breach lawsuits
- Customer notification expenses
- Fraud monitoring costs
Commercial auto insurance
Commercial auto insurance covers costs if a financial planner's vehicle is involved in an accident. Most states require this coverage for vehicles owned by a business.
- Property damage caused by your vehicle
- Auto accident injuries
- Vehicle theft and vandalism
How much does insurance cost for financial planners and advisors?
A small financial services or investment brokerage business will pay less for commercial insurance than a larger company.
Factors that affect the cost of financial planner and investment advisor insurance include:
- Financial services offered, such as wealth management, estate planning, or retirement planning
- Business property and equipment
- Business income
- Types of insurance purchased
- Policy limits and deductibles
How do financial planners and investment advisors get insurance?
It's easy for certified financial planners (CFP) and registered investment advisors (RIA) to get business insurance if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage and fidelity bonds for your financial planning or investment advice business, whether you work independently or hire employees.
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