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Financial Consultant Insurance: Cost & Quotes From $11/month

For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!


For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

As a financial consultant, you are doling out money advice. By virtue of your business, you are at the pulse of your client's life. If they lose money and can prove that it is your fault, your clients will likely sue you. 

Unfortunately, lawsuits can be time-consuming and stressful. Besides, said lawsuits can result in a financial loss on your part and will likely take a toll on your reputation. This is why you need to get insured just as legal consultants do. 

Financial consultant insurance is what you want as part of your back-end resource suite. This specialized insurance protects you from any claims brought against you as a financial consultant. The policy relieves you of all the potential burdens of a lawsuit. 

Also read:

Financial Consultant Liability Insurance 

Let's examine some real-life situations where financial consultant liability insurance cover comes into play. 

What if a client stops by your office for a meeting, trips, falls over a garbage can, and breaks their wrist? Further, consider a situation where an employee divulges the confidential information of a client to a third party. Finally, consider what can happen if another financial consultant cites slander, libel, or copyright infringement against you. 

Those stated above are the perils general liability insurance can cover. Overall, general liability insurance is best for slip and fall accidents, damaged customer property and libel, and other advertising injuries. Note that most insurers will provide you with the option to bundle the general liability insurance with property insurance in a BOP which ensures extra savings on the policyholder's part. 


Errors And Omissions Insurance for Financial Consultants

Other than general liability insurance, you want to invest in professional liability insurance for financial consultants. Also referred to as errors and omissions (E&O) insurance, this policy covers against negligence, malpractice, and misrepresentation claims. Additionally, the policy will cover a breach of fiduciary duty, a lack of regulatory compliance, and all legal costs that arise from the lawsuit. 

It is prudent to mention that with some policies, discretionary advice will likely be excluded. Most policyholders are surprised by this exclusion. As such, it would be best that you extensively review the fine print to decipher all the aspects of your professional liability insurance policy. 

Overall, the E&O policy covers all legal expenses related to work performance. It is best for financial advice that causes a loss, accusations of negligence, and calculation errors that result in financial loss. 

Compare Cheap Financial Consultant Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Commercial Property Insurance for Financial Consultants

Other than general liability insurance and professional liability cover, you ought to invest in commercial property insurance. This policy covers the physical grounds, the structure of the building, and the contents within the property. That means that the office that's essentially your physical address is protected if an unexpected occurrence including fires, extreme weather conditions, or theft, occurs. 

Further, the policy protects your computers and any other equipment found within your office. The policy will pay for replacements and repairs, thus ensuring that you are back to business as fast as possible. This means that your business income is protected, and you also don't have to pay out of pocket for any of the damages. 


Workers Compensation Insurance for Financial Consultants

Workers' compensation insurance is an additional policy you must be keen to get. Right out of the gate, it is essential to note that most states require that you present proof of workers' compensation insurance before you are awarded a license to operate within said state.

As such, it would be best that you work in liaison with state authorities so that you end up with a sufficient workers' compensation policy. The latter protects the consultancy from having to reach work injury costs that health insurance might deny. It is best for employee medical expenses, disability benefits, lost wages, and more. 


Cyber Liability Insurance for Financial Consultants

As a financial consultant, you will end up in charge of sensitive client information, which threat actors are keen to get their hands on. Further, as an SME, you are an easy target for cybercriminals who might want to use your IT infrastructure as a gateway into your client's data. 

As such, you want to invest in both first-party and third-party cyber liability insurance. Comprehensively, this type of policy covers data breach lawsuits, customer notification expenses, and fraud monitoring costs. You want to work with your insurer of choice to include within your cyber liability policy the specific cyber coverage needs that your business might have. 


Fidelity Bonds for Financial Consultants

Finally, as you are working directly with your clients, you want to invest in fidelity bonds. Suppose one of your employees illegally takes possession of a client's item. Further, what if they illegally access information in what could best be described as a violation of privacy?

 

The fidelity bonds step in to compensate for employee theft. Also referred to as employee dishonesty bonds, this policy is best for employee threat and fraud. Note that most clients will go as far as stipulating it as a requirement before you are awarded a contract.

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Financial Consultant Insurance Cost

Several factors determine the price of your financial consultant insurance policy. These include:

  • Location

  • Deductible

  • Number of employees

  • Per-occurrence limit

  • General aggregate limit


On average, financial consultants pay $27.49 per month or $329.88 per year for general liability insurance. This policy will have a limit of $1 million per occurrence with a $500 deductible.

To gain further insight into the financial consultant insurance cost, here's a table detailing the rates from the best financial consultant insurance companies:


Cost per MonthCost per YearBest for
NEXT$15.50$186Best overall; Fastest general liability insurance for financial consultants
CoverWallet$18.30$219.60Financial consultant insurance online quotes comparison
Tivly$20$240Comparing financial consultant insurance quotes over the phone
Hiscox$22.16$265.92Independent financial consultants
Nationwide$25$300Customer service

Get the best protection by comparing quotes. Start by clicking the “Get Quotes” button on this page.


Cost Of Other Insurance for Financial Consultants

The cost of E&O insurance is $42.34 per month or $508.08 per year. This has a limit of $1 million per occurrence, with policy deductibles being $500.

A cyber liability insurance policy costs financial consultants $110.21 per month or $1,322.52 per year.

Further, the cost of workers' compensation insurance for financial consultants is $45.83 per month or $549.96 per year.

Compare Cheap Financial Consultant Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Best Financial Consultant Insurance Companies

A few providers offer financial consultant insurance products in the market today. Here are the best financial consultant insurance companies. Read to know their pros, cons, and rate for a $1 million general liability insurance.

NEXT Financial Consultant Insurance

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more financial consultant policies

Cons

  • Couldn’t find any

Founded in 2016, NEXT is relatively the new kid on the block when it comes to offering specialty insurance products, and in this case, financial consultant insurance. If you are a small financial consultancy owner, you will find their offering quite attractive. Their financial consultant insurance is not only easy to procure, but you can handle its entire management online.

NEXT financial consultant insurance policy includes a BOP, general liability insurance, commercial property insurance, business income insurance, workers' compensation insurance, and professional liability insurance.

NEXT’s general liability insurance for financial consultants is $25.50 per month or $294 per year.

Best for: Best overall; Fastest general liability insurance for financial consultants

Average cost: $15.50 per month

Our rating: 10/10

CoverWallet Financial Consultant Insurance

Pros

  • Compare financial consultant insurance quotes online

  • Stable rates

  • Call and cancel your coverage anytime

  • You can also call a representative to get covered

  • Pay premiums and manage policies online via the MyCoverWallet app

Cons

  • An insurance broker, not an insurance company

CoverWallet’s financial consultant insurance offers general liability, commercial property, workers' compensation, and professional liability insurance.

Your general liability insurance from this company has a $1 million per occurrence limit with a $2 million aggregate. A $1 million rented premises liability coverage and $10,000 medical payments coverage are added to its terms.

CoveWallet’s professional liability insurance for financial consultants has a $1 million per occurrence and aggregate limit. You can add additional insureds for free.

And then, this company’s commercial property insurance for financial consultants offers a $50,000 building and contents coverage. A $1,000 deductible applies. Note that equipment breakdown is also covered.

Get your policy from CoverWallet in an instant. All you have to do is use this company’s online quotes comparison platform, provide your details, and it will issue quotes you can buy online.

Best for: Financial consultant insurance online quotes comparison

Average cost: $18.30 per month

Our rating: 10/10

Hiscox Financial Consultant Insurance

Pros

  • 14-day money-back guarantee

  • Quotes are processed online in a few seconds of the requests

  • Discounts of up to 5% for bundling two or more policies together

  • In-house underwriting experts

Cons

  • Financial consultants might not get comprehensive consulting insurance from Hiscox

  • BOPs are only offered to financial consultants with less than ten employees

If you are an independent financial consultant looking for an insurer with an international reach, you must consider Hiscox. The insurer operates 35 offices across 14 countries. In the United States, it offers financial consultant insurance in 50 states, including Washington, DC.

Your business will be joining the over 13,500 other consultants already having their policies underwritten by Hiscox. If you are particularly concerned about cyber threats, Hiscox offers CyberClear365, a specialty product that will cater to all costs arising from a cyber event.

Most of the Hiscox policies offered to financial consultants have a $1 million limit which translates to sufficient coverage even in the event of unprecedented events with expensive outcomes. This is available at $29.16 per month and $349.92 annually.

Best for: Independent financial consultants

Average cost: $22.16 per month

Our rating: 9/10

Nationwide Financial Consultant Insurance

Pros

  • 100+ years of experience

  • Live representatives

  • Exemplary customer reviews

  • Strong financial standing with competitive financial strength metrics

Cons

  • Premiums are costlier than other insurance providers offering the same product

  • Poor claims handling

  • Financial consulting insurance limitations in Alaska, Florida, Louisiana, Massachusetts, New Jersey, and New Mexico

  • No online quote estimates provided

Nationwide Mutual Group is undoubtedly one of the largest insurers in the United States. Their financial consultant insurance stands out the most as they are willing to create custom policies, with the main focus being your specific business needs. As a policyholder, you can customize your professional liability, workers' compensation, and commercial umbrella policies.

Nationwide will charge you $90 per month and $1,080 annually for their financial consultant insurance.

Best for: Customer service

Average cost: $25 per month

Our rating: 9/10

Tivly Financial Consultant Insurance

Pros

  • Prospective policyholders can compare financial consultant insurance quotes over the phone

  • Policyholders can customize your financial consultant insurance policies from the ground up

  • Responsive customer service

  • The insurer is open to working with other providers to supplement some of where their policies are lacking

Cons

  • You need to call to get a quote

Tivly (formerly CommercialInsurance.NET) allows customers to build their financial consultant insurance policies from the ground up. This level of customization means that you can ensure that the policy you purchase fully meets your business needs. What's more, you are assured that you only pay for the policies you use and nothing more.

Call Tivly now to compare financial consultant insurance quotes over the phone and get covered.

Best for: Comparing financial consultant insurance quotes over the phone

Average cost: $20 per month

Our rating: 8/10


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