General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Why do Financial Brokers need insurance?
Establishments in this industry focus on buying, selling and managing commodities and investment assets. This can include futures trading, foreign currency, agricultural products, and securities. This industry also includes mortgage brokers for individual and commercial loans.
Financial brokers are the standing symbols of success, risk, and insight. This puts a huge responsibility on financial brokers for the success or failure of their clients. If the advice you provide to your client causes financial harm then your business is liable. You’ll have to face charges and the cost of defending your business in a lawsuit could put a huge dent in your business and personal assets.
What risks do Financial Brokers face?
The most common risk financial brokers can face is when they provide services that cause financial harm due to the mistakes that your business made. Below are some risks that your business can face:
How much does insurance cost for Financial Brokers?
There is no fixed cost of an insurance policy for financial brokers, but insurance companies will usually ask for the type of services you offer, the number of employees you have and the coverage needed. Without taking these into account, here are the most common insurance policies bought by financial brokers and their average costs: