Professional Liability Insurance
Errors and omissions coverage responds to claims that advice or a missed action caused a client financial loss.
How it worksProfessional
Insurance for Insurance & Financial Services
Protect your agency or advisory practice from errors, compliance disputes, and client data exposure.
One application, shopped to our A-rated carrier network. Number of offers depends on carrier appetite for your class, state, and loss history.
What underwriters look at
Insurance agents and financial advisors are entrusted with clients' financial futures, and a recommendation that turns out poorly, a missed policy renewal, or an oversight in a client's plan can lead to a claim of professional negligence, sometimes years after the original advice was given. Because this industry is heavily regulated, disputes can also draw regulatory scrutiny alongside a civil claim.
Firms in this space handle sensitive financial and personal data as a matter of routine, from account numbers to Social Security numbers, making cyber exposure a constant concern. A breach can trigger notification obligations in most states and put client trust at risk in a business built entirely on that trust.
Many firms also handle client funds or process transactions on a client's behalf, which introduces exposure to employee dishonesty or theft that general liability does not address. Combined with standard office risks, most firms in this category build a layered coverage program rather than relying on a single policy.
Errors in advice or recommendations
A missed renewal, unsuitable policy recommendation, or overlooked coverage gap can expose the firm to a professional negligence claim from an affected client.
Regulatory and compliance exposure
As a regulated industry, disputes can trigger both a civil claim and regulatory inquiry, increasing the cost and complexity of a response.
Sensitive client data
Financial account details and personal information stored by the firm make it an attractive target for cyberattacks and phishing schemes.
Employee dishonesty
Firms handling client funds or account access face exposure if an employee misappropriates money or manipulates records, a risk general liability does not cover.
The coverage stack for insurance & financial services
Most owners in this class start here. A licensed agent will confirm what your contracts, state, and payroll actually require.
Cyber Liability Insurance
Covers breach response and liability costs when sensitive client financial data is exposed.
How it worksGeneral Liability Insurance
Covers third-party injury or property damage claims tied to client visits and office operations.
How it worksBusiness Owner's Policy (BOP)
Bundles office property and liability coverage for firms leasing space, often at a lower combined cost.
How it worksWhat it typically costs
Premiums for E&O and related coverage in this field are shaped heavily by the type of advice given, assets under management or premium volume, and the firm's regulatory and claims history.
| Business size | Typical annual range |
|---|---|
Solo agent/advisor Reflects an independent agent or advisor with a modest book of business. | $1,200 – $4,000 / yr |
Small agency (2–15 staff) Costs scale with premium volume, assets managed, and number of licensed producers. | $5,000 – $20,000 / yr |
Larger firm (15+ staff) Firms managing significant client assets or handling complex financial products typically carry higher limits. | $20,000 – $70,000+ / yr |
Illustrative ranges only. Premium varies by state, carrier, limits, payroll, and loss history — it is not a quote.
What moves your premium
- Type of products or advice offered (insurance, investment, or both)
- Total assets under management or annual premium volume
- Prior E&O claims or regulatory history
- Number of licensed producers or advisors
- Data security practices around client account information
Insurance & Financial Services insurance questions
Ready to compare insurance & financial services quotes?
One application. Up to 10 competing quotes from A-rated carriers. A licensed agent presents your best options, usually within one business day.