The cost of financial planner (CFP) or investment advisor (RIA) insurance depends on your level of risk and other factors. Cost estimates are sourced from policies purchased by Insureon customers.
General liability insurance costs for RIAs and financial planners
RIAs and financial planners pay a median premium of $35 per month, or $420 per year, for general liability insurance. This policy protects against third-party injuries, third-party property damage, and advertising injuries.
Insureon's licensed agents recommend purchasing a business owner’s policy for more complete coverage. A BOP combines general liability insurance with property insurance for a discount.
Median cost per year: $420
Policy limit: $1 million per occurrence
Policy deductible: $500
Errors and omissions insurance costs for RIAs and financial planners
The median cost of E&O insurance for investment advisors and financial planners is less than $220 per month, or $2,610 annually. Also known as professional liability insurance, this policy can help cover the cost of lawsuits related to work performance.
Median cost per year: $2,610
Policy limits: $1 million per occurrence
Policy deductible: $5,000
Cyber liability insurance costs for RIAs and financial planners
With a median rate of $105 per month, or $1,260 per year, cyber liability insurance is crucial for investment advisors and financial planners who handle sensitive information. This policy can help pay legal fees and recovery costs stemming from data breaches.
Median cost per year: $1,260
Median generic limit: $750,000 per occurrence
Workers’ compensation insurance costs for RIAs and financial planners
The median cost of workers’ compensation insurance for investment advisors and financial planners is less than $40 per month, or $450 annually. Required in almost every state for businesses with employees, this policy can help cover medical fees and lost wages for work-related illnesses and injuries.
Get free quotes and compare policies with Insureon
Insureon's finance and accounting insurance agents work with leading U.S. carriers to source coverage that fits your financial advice and planning business. Apply today to compare insurance quotes from multiple carriers with one free online application. If you decide to purchase a policy, you’ll work with an account manager who specializes in business risks for RIAs and financial planners.