Does your financial planning business have the right business insurance?

April 14, 2014

Financial advisors help clients avoid surprises within their finances. You can also avoid surprises in your financial advising practice by making sure you’re properly insured.

The first half of the year is generally a welcome relief for financial advisors who often spend the last months of the year strategizing with clients and creating financial plans for the upcoming year.  With less hustle and bustle, now is the perfect time to work on your financial consultancy’s marketing plan, sign up for continuing education for yourself or your staff and make sure the small business insurance you’re carrying is right for you.

First to consider is general liability insurance (GL), something all business need regardless of their size, revenue or length of time in business.  It’s particularly important for businesses whose staff visit clients’ premises, such as you might when conducting a financial planning consultation.  Also called commercial general liability insurance, GL protects your business from third party claims for bodily injury and the associated medical costs, as well as damages to others’ property. When choosing a small business general liability insurance policy be sure it covers claims of bodily injury, damage to third party property, personal injury, advertising injury, electronic data liability medical expenses, defense costs and the actions of your full-time employees and temporary staff. For more information about insurance coverage for your financial advising practice, visit the Hiscox small business blog for additional tips on properly insuring your business. The contents of this article and the linked materials do not offer legal, business, or insurance advice related to the needs of any specific individual business. Hiscox Small Business Insurance is underwritten by Chicago-based Hiscox Insurance Company Inc., which is rated ‘A’ (Excellent) by A.M. Best Company. Additional information can be found on the Why Choose Hiscox