Business insurance for Financial Advisors & Brokers

Working as a Financial Advisor requires you to work closely with your clients, giving them the advice they need so they can make the right choices when it comes to their money.

Your understanding of investments, bank accounts and many other products can help your clients to make their money work harder. However, working with clients in this way puts you at risk. These risks surround the advice you give and even the possibility of working negligently and it could make it possible for your clients to make a claim against you. Offering the wrong advice by omitting a simple piece of information could cause you clients to make a wrong decision and this could lead to a claim being made against you. A claim would be made to recover any losses or to seek compensation but if you do not have the right insurance in place then it can be expensive for you to defend.

Business Insurance For Financial Advisors & Brokers

However, business insurance offers the perfect solution because it will protect you from any claim leaving you to focus on your business. Business insurance is created to suit the needs of your business and this means that it will work in the right way for you. If a claim is made against you because you have caused a client to lose money or become injured as a result of incorrect advice, negligence or poor workmanship, business insurance will cover all costs. It will quickly become an important tool for your business that you will rely on.

Handling the finances of your clients means that you have to get everything right but occasionally mistakes occur. These mistakes can prove costly for you but with the right insurance in place you will know that you are covered.

Professional indemnity insurance meets the specific requirements of your business and it therefore protects you in the way you need it to. If a client submits a claim against you that relates to wrongful advice, negligence or poor workmanship then this insurance will cover the costs. You could advise your client to invest a certain amount of money into a specific bank account but they could lose their money due to you misunderstanding crucial information. There is also every possibility that you could miscalculate their finances which results in them making a bad investment. If this is the case then you client will claim to recoup their losses but professional indemnity insurance will assist you in these instances.

You are also at risk of causing your client injury or damaging their property and this is where public liability insurance covers you. If your client falls down a step in your offices because of a cable they could file a claim to cover for loss of earnings because they have been unable to work due to injury. You could visit the home or office of a client and spill a hot drink which requires professional carpet cleaning which will mean that your client will want you to cover those costs. To guarantee that you are protected from these claims public liability insurance is the cover that you need.

Business insurance will provide these features:

• All costs are covered
• All claims are subject to a thorough evaluation before payment is released
• Complete protection
• Defence claims and compensation costs are included
• Business needs are fully understood to ensure the right cover is selected
• Court appearance costs are included
• Cover to fit every budget

What Are the Benefits?

Business insurance comes with the following benefits:

• Meet all legal requirements as well as industry regulations
• Focus on your business needs
• Extensive financial protection
• Helpful advice and representation available
• Complete confidence in the way you work and the decisions you make