Financial Consultant Insurance
Coverage built around the advisory exposures financial consultants face every day.
What this coverage is intended to address
- ✓Allegations that a recommendation, projection, or financial plan led to a client's loss — addressed through professional liability insurance, also called Errors & Omissions (E&O) insurance
- ✓General liability for third-party bodily injury or property damage, such as a prospect tripping during an on-site review at your office
- ✓Defense costs that may arise when a client disputes the advice you provided, in the event of a covered claim
- ✓Claims alleging a missed deadline, oversight, or incomplete analysis in your engagement
Coverage products commonly considered
Most financial consultant operations consider one or more of these coverage types:
Hypothetical claim scenarios
These are hypothetical examples only. Actual coverage depends on the policy form, exclusions, and carrier determination.
- A client alleges that a consultant's flawed cash-flow projection caused them to overextend on a purchase — professional liability / E&O is generally intended to respond in the event of a covered claim.
- A visiting client slips on a wet floor in the consultant's lobby and seeks medical costs. General liability may help respond to an allegation of this nature.
Frequently asked questions
Why would a financial consultant need E&O insurance?
Because the core risk is an allegation that your advice or analysis caused a client a financial loss. Professional liability insurance, also called Errors & Omissions (E&O) insurance, is intended to respond to claims of this type. Eligibility and terms vary by carrier and state.
Is general liability also worth carrying?
Many consultants pair E&O with general liability, which is generally intended to address third-party bodily injury or property damage — for example, at your office or a client meeting. A licensed agent can confirm what fits your practice.
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