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Insurance for Financial Advisors

A financial planner offers a complicated set of services that usually are a combination of accounting, investment advice, property consulting, and other advice having to do with annuities, futures, or various special funds or benefit programmes.

The services offered by a financial planner may be to the general public as a whole (including individuals) or to a specific group of clients. Often, the financial planner is associated with an insurance operation, an accounting operation, a property operation, or an independent service. Because of the varied areas of knowledge/expertise needed by a financial planner, his or her background, education, certification, experience, and professionalism are items to consider.

At Business Insurance Service, we understand not just the insurance industry, but the commercial sector too. Our brokers have years of experience and expertise in finding professionals from across all disciplines the right kind of Liability and Professional Indemnity insurance cover for professionals, giving both sole traders, SMEs, and large practices the protection they need.

 

What Insurance do Financial Advisors need?

Minimum recommended cover can usually be arranged on a Professional Indemnity (PI) combined policy to include Buildings, Computer Equipment & General Contents, Increased Expenditure, Employee Dishonesty, Public Liability, Employers’ Liability

Other covers to consider are Cyber Liability, Employment Practices Liability, Commercial Vehicle, Employee Benefits, Directors and Officers Liability, Excess of Loss/Difference in Cover.

Property Insurance

Property exposure is minimal but may consist of papers and items necessary for the research necessary. All information should be kept in fireproof cabinets.

Property Liability

Premises liability is limited, but there is a substantial off-premises exposure. There must be procedures and policies in place for appropriate off-site conduct by employees.

Crime Insurance

Crime exposure is from Employee Dishonesty. There should be regular audits and separation of billing and disbursements duties.

Employers’ Liability Insurance

Employers’ liability exposure is that of the operations where the financial planning is taking place. Since reports must be written and research completed, repetitive motion injuries are a possibility. All workstations should be ergonomically designed.

Professional Indemnity Insurance (PI)

Professional liability covers are items to review. All employees must be appropriately certified for the financial planning provided. If products are sold, the appropriate licences must be in place. All advice given must be documented.

What other risks does a Financial Advisor face?

Other exposure consists of Book Debts, Computers and Deeds and Documents. The deeds and documents include personal research and information supplied by the consulting company. There may be specialised equipment that is transported from the home base of operation to the client company. All information should be duplicated and stored off site. Any books that are used in research should be catalogued in case of damage.

Common Exposures for Financial Institutions

This document provides a summary of common exposures and potential areas that require insurance cover for financial institutions.

Why not discover more about Business Insurance Service? Or simply get in touch with our services today.

How can Business Insurance Service help Financial Advisors?

Whether you’re a sole trader or a small to large company, your insurance portfolio has to be up to date and provide you and your business with the right level of protection. Rather than trying to find liability or professional indemnity insurance by hunting through countless websites, let us or our website do it for you.

We’re members of the British Insurance Brokers Association (BIBA) and work with some of the largest and best-known insurance providers in the UK, including Lloyds of London for larger, more complex and high-risk customers. We’re fully regulated and committed to delivering a premium quality, trustworthy and reliable service to all our customers, regardless of size.

As preferred brokers working with some of the largest insurance providers in the UK, we have immediate access to a huge range of policies for various businesses, including vets and surgeries. We provide our customers with a bespoke or package service, creating insurance portfolios that are specifically tailored to your individual needs, and your budget.

A fully accredited service delivered by professional brokers

To find out more about insurance for Financial Advisors call us on 01273 789 979

Email us at hello@businessinsuranceservice.co.uk

Use our Get In Touch form to request a call-back.

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    We’re members of the British Insurance Brokers Association and work with some of the largest and best-known insurance providers in the UK, including Lloyds of London for larger, more complex and high-risk customers. We’re fully regulated and committed to delivering a premium quality, trustworthy and reliable service to all our customers, regardless of size.