How Much Does Business Insurance Cost
for Accountants, Advisors, Appraisers, Brokers & Other Finance Professionals?
Financial services professionals typically buy Professional Liability Insurance, General Liability Insurance or a BOP, and Workers' Compensation Insurance.
HOW MUCH IS
Professional Liability Insurance?
How Much Is Professional Liability Insurance for Financial Services Professionals?
Small businesses in the financial services industry choose Professional Liability policies with a range of coverage limits, from $250,000 occurrence / $250,000 aggregate to $2 million occurrence / $2 million aggregate. (The "occurrence" limit denotes how much the policy will pay for any single claim. The "aggregate" limit denotes the maximum the policy will pay for all claims in a year.)
The most popular Professional Liability policy has limits of $1 million / $1 million.
Irrespective of policy limits, the average yearly cost of a Professional Liability Insurance policy for a financial services professional is $507.01, with a median cost of $400. The cost of these policies varies based on the limits you choose — policies that offer greater protection (i.e., higher limits) cost more than those that offer less protection (lower limits).
To see how the cost of Professional Liability Insurance for financial professionals compares with other industries, visit Insureon's Professional Liability Insurance Cost Analysis .
HOW MUCH IS
General Liability Insurance?
How Much Is General Liability Insurance for Financial Services Professionals?
Like businesses in most of the industries insureon serves, financial services firms prefer General Liability Insurance policies with limits of $1 million / $2 million. To give you an idea of limit popularity among our financial services customers:
- 9% buy $2 million / $4 million.
- 87% buy $1 million / $2 million.
- 4% buy $2 million / $2 million.
The average price of a $1 million / $2 million General Liability Insurance policy for financial services professionals is $454.17, with a median price of $425.00.
To see how the cost of General Liability Insurance for financial professionals compares with other industries, visit Insureon's General Liability Insurance Cost Analysis .
HOW MUCH IS
How Much Is a Business Owner's Policy for Financial Services Professionals?
Most small financial services businesses that choose the BOP (which bundles General Liability and Property Insurance) choose a $1 million / $2 million limit. The average annual cost is $596.57, and the median cost is $500.00.
HOW MUCH IS
How Much Is Workers' Compensation Insurance for Financial Services Professionals?
Keep in mind that Workers' Compensation Insurance prices are determined largely by state laws and the number of employees you have. The average our financial services customers pay per year for Workers' Comp is $481.86, with a median cost of $389.00.
To see how the cost of Workers' Compensation Insurance for financial professionals compares with other industries, visit Insureon's Workers' Compensation Insurance Cost Analysis .
Dig Deeper, Much Deeper
Averages are great, but if you're a financial services business owner (and we strongly suspect that you are, if you've made it this far down the page), you want hard numbers — or at least harder numbers. To get a better idea of what small business insurance policies cost for other businesses a lot like yours, check out our sample quotes pages for…
Why Do You Need Customized Small Business Insurance?
Each financial service business has a different set of risks and will need customized insurance to cover those risks. For instance, a registered investment adviser who specializes in low-risk retirement funds has completely different liabilities than a high-profile hedge fund manager.
Your insurance policy will be priced according to your needs with premiums varying based on…
- The type of financial services you offer.
- How many employees you have.
- The size of your office.
- Whether you've filed insurance claims in the past.
Here's some good news: by signing up for customized small business insurance, you'll get better value in your coverage. Insureon's agents will make sure that your policy fits your needs and you won't pay for any unnecessary coverage.
How Does Small Business Insurance Work?
When you sign up for a small business insurance policy, you agree to pay a yearly premium and in exchange, you'll have insurance that can pay for lawsuits and other major expenses that could bankrupt your firm.
For instance, a registered financial adviser could be sued by a client who thinks he mismanaged a retirement fund. If the adviser has Errors and Omissions Insurance, his insurance can pay for legal costs, lawyers' fees, and financial damages he may owe the client.
Of course, that's just one example. The following can be covered by a small business insurance package:
- Slip-and-fall lawsuits.
- Stolen commercial property.
- Property damage and repairs.
- Client lawsuits about your work (missed deadlines, bad investment advice, accounting errors, etc.).
- Medical costs for employee accidents (i.e., Workers' Comp coverage).
Free Insurance Quotes for Accountants and Financial Service Professionals
Use the sample insurance quotes we've provided to give you an estimate on the cost of your insurance. If you'd like a more detailed cost estimate, use insureon's online insurance application and receive free insurance quotes customized for your small business.