Whether you’re preparing taxes, managing financial records, advising clients, or providing financial planning services, your clients rely on your expertise. Insurance for financial professionals from Berxi helps protect your business from common risks, including client lawsuits, third-party injuries, and other unexpected setbacks.
Berxi offers errors and omissions (E&O) insurance, also known as professional liability insurance, for financial professionals. E&O insurance helps protect you if a client alleges your services, advice, or work contained a mistake, oversight, or other professional error that caused them financial harm.
Berxi also offers general liability insurance for financial offices to help protect against common business risks, including third-party bodily injury and property damage claims. You can also add optional business personal property (BPP) coverage to help protect your office equipment, furniture, and other business assets.
Errors and omissions insurance, also known as professional liability insurance, helps protect you if a client claims your services included a mistake, oversight, inaccurate advice, or other professional error that resulted in a financial loss. E&O insurance can help cover legal defense costs, settlements, judgments, and other related expenses.
Examples of E&O claims covered by Berxi financial professional insurance include:
Amount Covered: Up to $1 million per claim/$2 million aggregate
Financial services businesses don’t just face risks related to the professional services they provide. Everyday business operations can also lead to claims, especially if a client, vendor, or visitor is injured on your premises or alleges your business damaged their property.
Berxi offers general liability insurance for financial services offices. General liability insurance can help cover claims involving third-party bodily injury, property damage, and personal and advertising injury, such as libel or slander.
Examples include:
General liability insurance can help your business respond to covered claims without bearing the full financial burden on your own.
Amount Covered: $1 million per claim/$5 million aggregate
You can add optional business personal property (BPP) coverage to your Berxi general liability policy to help pay for repairs or replacements if your computers, office furniture, equipment, records storage systems, and other business assets are damaged.
Examples include:
If your financial services business has employees, workers’ compensation insurance can help cover medical expenses and lost wages if they’re injured or become ill as a result of their work. In most states, employers are required by law to carry workers’ compensation insurance once they hire employees. Berxi can help you purchase workers’ comp coverage from one of our trusted partners.
Because financial services professionals and businesses often store sensitive information about their clients, a cybersecurity breach can cause significant financial losses, including expenses for data recovery, client notification, and legal expenses. Cyber liability insurance can help cover the costs of notifying clients, legal fees, credit monitoring services, and even reputational damage. Berxi can help you purchase cyber coverage from one of our partners.
Your financial services insurance premium will depend on a number of factors, including the type of coverage you choose, your profession, your coverage limits, and your past claims history. But regardless of your profession or specialty, financial professionals and offices who choose Berxi save an average of 15% vs. other providers.
The best way to find out how much a policy would cost is by getting a quick quote. It takes only a couple of minutes, and if you decide you’re ready to buy, your policy can go into effect any day you’d like, including today. Get a quote today.
With a financial strength rating of A++ by AM Best, we have the stability and expertise to protect you long-term.
Berxi never has any interest fees, hidden costs, or membership fees. In fact, people who choose Berxi save an average of 15%.
You can visit our website to get a quote, buy a policy, download proof of insurance, and file a claim — all in just a few clicks.
When you call our support line, you’ll reach a real human being from our in-house product specialist team who will work hard to answer all of your questions.
Getting covered is fast and straightforward.
Step 1: Get a quick online quote. Just select the type of insurance you’re looking for and answer a few quick questions about your work. Get a quote today.
Step 2: Choose your coverage limits.
Step 3: Purchase your policy and download your certificate of insurance.
Step 4: Access your policy 24/7 to get manage certificates, update your information, or file claims — right from your phone or computer.
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learn morePossibly. While your employer may provide some level of professional liability coverage, that coverage may not fully protect you in every situation. If you provide financial services, advice, or recommendations to clients, E&O insurance can help protect you if a client alleges that a mistake, oversight, or negligence in your work caused them financial harm. Some financial professionals also choose to carry their own coverage for added protection, particularly if they perform independent work or want broader coverage limits.
If you own or rent an office space or see clients in your home, you should look into general liability insurance to protect yourself from third-party bodily injury and property damage claims. But if you’re an employee of a financial services firm, the firm would usually be liable for general liability claims, not you. It’s more important to carry your own errors and omissions insurance policy.
These policies protect against different types of risks. Errors and omissions (E&O) insurance helps protect finance professionals if a client claims that a mistake, oversight, inaccurate advice, or other professional error caused them financial harm. It can help cover legal defense costs, settlements, and judgments related to covered claims.
General liability insurance, on the other hand, helps cover third-party claims involving bodily injury, property damage, and personal and advertising injury. For example, it may help if a client slips and falls in your office or if you accidentally damage a client’s property while meeting with them. General liability insurance is important for financial services offices and financial professionals who see clients in their homes.
Because E&O and general liability cover different risks, some financial professionals choose to carry both types of coverage for broader protection.
Yes, E&O insurance can help protect you if a client sues you for bad advice that caused them a financial loss. Your E&O insurance company can hire a lawyer to defend you and cover other damages, such as settlement payments.
It depends on your retroactive date. Your E&O insurance policy will protect you from incidents that occur after your policy’s retroactive date — but only if the claim is first made against you during the policy period.
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