Insurance for financial planning and advisory businesses

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Why do financial planning and advisory businesses need insurance?

Financial planners strive for long-term success. Whether you're diversifying portfolios or exploring IRAs, advising your clients accurately is imperative. Because you give all kinds of advice, you wear multiple advising hats and face several risks. Perhaps you're running a startup firm or small solo consulting business. It’s important to protect yourself from lawsuits. 

A comprehensive insurance policy can protect your day-to-day decisions. It’s also easier to lead your clients without fearing potential and frivolous lawsuits. 

Other financial service professions we insure

Insurance policies available for financial planning businesses

Below are some of the most common insurance policies for financial planning businesses. Each has unique protections and examples of how the coverage can protect you.

General Liability Insurance for financial planners and advisors

General liability covers losses related to things like injuries and property damage. For example, a client trips and falls in your office and breaks their ankle. Your general liability policy could cover their medical costs and lost wages.  

Here's another example. Your administrative assistant is overheard saying false and disparaging things about a particularly difficult client. The client sues you for slander. Your general liability insurance policy could cover your costs to defend yourself as well as a settlement or judgment. Learn more about general liability insurance costs. 

Business Owners Policy (BOP) Insurance for financial planners and advisors

A business owners policy (BOP) covers most risks for investment advising businesses like yours. It combines general liability and business property insurance. BOPs protect your business assets and equipment. As an example, if your office is damaged from a storm, you have coverage for repairs or replacement of equipment. 

Are you expanding soon? Talk to one of our agents about additional policy options. We want our business owners to have the courage to be successful. 

Cyber Insurance for financial planners and advisors

 For financial planning businesses, a cyber insurance policy is recommended. With online hacking incidents increasing, small businesses are vulnerable. They're exposed to cyber threats, extortion, and data breaches. A malware or Trojan attack can steal personally identifiable information. This can lead to a costly lawsuit your business may not recover from. 

In an example, your temporary administrative assistant clicks on a link in an email they think is from a client. It turns out to be a phishing attempt and all your client data is at risk. Cyber insurance can cover your costs to recover and secure your data and notify your customers. Hiscox cyber insurance also includes tools to educate your employees on how to avoid an attack in the first place.

Why do financial planning businesses select Hiscox?

At Hiscox, we understand that advisory businesses constantly have their reputations on the line. Whether this is your first business or you have multiple locations, our small business insurance policies can help you reduce losses. Being prepared for data breaches lets you confidently focus on your clients. You can limit your exposure, plan for the unexpected, and grow your business. 

Here's why financial planners select Hiscox for their insurance:

  • Claims responsiveness: Reporting a covered Hiscox claim? We will assign dedicated agents to assist you.
  • Commitment to service: Our friendly and knowledgeable agents have a 4.8/5 rating.
  • Contract coverage: Our insurance coverage satisfies most standard contract insurance requirements.
  • Convenient payment plans: We offer monthly payment plans (with no fees). 
  • Customized policies: We provide fast, customized insurance. Let us create a policy specific to the risk factors in your industry. 
  • Knowledgeable staff: Our talented team offers the highest standard in customer service. Our customer rating is 4.8/5.

At Hiscox, we encourage courage and you never have to go it alone. Get a fast and free quote today and conveniently download your policy in a few short clicks. Call us at 1-866-283-7545. Our team of licensed agents are available Monday – Friday, 7am – 10pm ET.

This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverages are subject to underwriting and may not be available in all states.