Financial Planners

Financial planners must focus on their client’s needs first at all times. You are entrusted to keep their money safe, invest it wisely, and counsel them on ways to get the best financial results in their lives. It is wonderful that your clients trust and respect you enough to allow you to handle their money. The last thing you as a small business owner need to worry about is potential problems. Liability happens. Accidents happen. Natural disasters happen too. Protect your company and your client’s interests by making sure you have the appropriate levels of commercial insurance for your financial planning company.

General Liability Insurance

General liability insurance is a comprehensive commercial coverage option that tries to make sure you’re prepared for unexpected events. It covers general hazards that might cause bodily harm or property damage to your customers. It also protects you from product liability and advertising liability.

General liability grows with your company by automatically providing coverage for new products and services you choose to provide. This business insurance can also be packaged with other options in a business owners policy (BOP).

Business Owners Policy (Bop)

Business owners insurance is meant for small businesses like yours. It lets you protect your company with general liability insurance while also adding tangible and intangible property coverage.

Tangible property includes your physical business assets. Your financial planning offices for example, and other business structures you may have are protected with BOP. The property inside your offices is protected too. Furniture such as your office desks for example and improvements you have made are protected from loss with BOP. If damages occur, BOP will pay to repair or replace the tangible assets you have covered.

Intangible asset protection is particularly important for financial planners, because you work with critical client documentation. Your office may have an original copy of a last will and testament for example. If that were lost due to a water pipe bursting or an earthquake destroying the building, it could be extremely expensive to replace.

If you keep important client files, data and media on computers in your offices, losing these could also spell financial ruin for your company. A computer virus or electrical short may corrupt the files for example. BOP protects you from these events and works to replace, repair or recovery critical files for you.

Professional Liability Insurance

As a licensed financial professional you strive to offer the best, error-free services possible. Everyone makes the occasional mistake however. Professional liability insurance protects your customers from financial losses that may be caused by your professional errors or omissions.

Commercial Auto Insurance

Whether you travel to seminars or you meet with clients in their homes and offices, you need business auto insurance. Business auto insurance covers the cost of auto accidents that occur while you’re traveling for business. It protects company cars, personal vehicles you use for business, rental vehicles and those on loan as well. Commercial auto coverage provides a per accident protection level that helps repair or replace vehicles involved in accidents.

Workers Compensation Insurance

Whether you have a single secretary or an office full of financial planners, you are required by law to provide workers comp insurance. Workers compensation pays your employee’s medical expenses if they are ever injured at work.

Surety Bond

Surety bonds provide a guarantee to your customers. Bonds are structured based on binding contracts you sign. As a financial planner, customers may require you to be bonded before they agree to work with your company.