Financial Planner Insurance
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Why Do I Need Financial Planner Insurance?
As a financial planner, you’ve put in the hours and dedication to take your craft to the next level of professionalism and have earned the CFP designation. You’re a master at numbers and strategizing best practices for saving toward a big goal, whether that’s a vacation, retirement, or college fund. You know when to spend, when to save, and how to make realistic goals. However, you may not know much about small business insurance policies.
Below are some of the most common types of insurance policies that financial planners carry to stay protected.
What Type of Financial Planner Insurance Do I Need?
From
$25.83
/month*
General Liability
A foundational insurance coverage to help handle costs from third-party accidents, property damage, and bodily injury.
From
$20.75
/month*
Workers’ Comp
Coverage to help take care of employees who get sick or injured on the job. Most states require this coverage for small businesses with full- or part-time employees. It also can benefit business owners who don’t have employees.
From
$38.91
/month*
Business insurance —
a quick explainer
Learn more about policies for small businesses, what they cover, why you might need them, and how we can help – all in just 60 seconds.
Business insurance is often made up of different types of policies to cover different things, similar to how your health insurance can be made up of medical dental and vision coverage. Here are some of the ones small business owners need. General liability is kind of the Swiss army knife of insurance. It can do a lot, like help handle costs from third party accidents, property damage, bodily injury, and more. Nobody’s perfect, right? That’s what professional liability is for. It could come in handy in the event of honest mistakes or claims of negligence. Workers’ comp can protect your business and help take care of employees who get sick or injured on the job. Small businesses are big targets for cyber criminals. Cyber Insurance can help cover costs associated with stolen customer data, cyber attacks, breaches, and fraud. BOP or a business owners policy combines different types of coverages like general liability and commercial property insurance. Putting them together for you is where we come in. You tell us a bit about your business online or on the phone, and we customize the coverage options for what you do and what you need. It’s your business, it should be your insurance as well. That’s why we’re here.
What Does Financial Planner Insurance Cover?
Without the right insurance, one unexpected mishap can drain your profits. Here’s which coverages for financial planner insurance that can help protect you from common risks.
Professional Liability Insurance for Financial Planners
Professional Liability insurance — which is also referred to as errors and omissions insurance (E&O insurance) — is a type of policy that provides coverage in the event a client alleges negligence resulting from your professional services. If your client decides to sue your business for errors related to your services and advice, your professional liability insurance policy may cover damages and legal costs that you might be ordered to pay due to negligence.
For example, say your client is asking you to help them plan to save up for their son’s college tuition. You do all the work and give them your advice, but the client alleges you were negligent while delivering your services with false information or misguidance. You could receive a claim for alleged negligence, but professional liability may help cover the legal costs to that claim.
General Liability Insurance for Financial Planners
General liability insurance — also known as commercial general liability (CGL) — protects your business from third-party claims of bodily injury or damage to someone else’s property.
If you have an office where clients come to visit, there’s always a risk that they may accidentally injure themselves on site. That could be as simple as their tripping on a rug and hitting their head, requiring a trip to the hospital. General liability insurance may help cover some of the medical bills for that injured individual. Also, if you are visiting a client on their property and you happen to accidentally knock over an expensive chair and break a table in the process, general liability insurance may help cover the repair costs to their property.
Learn more about General Liability Insurance.
Workers Compensation Insurance for Financial Planners
Do you have full-time employees or part-time help? If that’s the case, you may need workers compensation insurance. If someone who works for you gets hurt on the job, this coverage provides help with medical bills, lost wages, and any legal costs that relate to the injury.
Most states require any business with employees to have workers compensation insurance, so make sure you add it to your policy!
Learn more about workers compensation insurance.
How Much Does Financial Planner Insurance Cost?
Not sure how much you might pay for insurance coverage as a financial planner? While there’s no one answer for how much your policy will cost, your final premium will usually be determined by:
- The number of employees you have (including part-time and consultants)
- Your location
- Payroll
- Revenue
- And more
Want to find out how much your insurance policy might cost? Just click here to answer a few questions about your business.
Answers to More Financial Planner Insurance Coverage Questions
As with most types of insurance, the cost of cafe insurance will depend on a number of factors, such as:
- Your type of business
- The services you provide
- Where your business is located
- The number of employees you have
- Your estimated revenue
- And more
If you’re still unsure, getting a business insurance quote or speaking with an agent could help you get a better idea of how much financial planner insurance will cost you.
If you’re thinking of buying insurance for your business, we want to make it easier for you.
We think it’s helpful to have an idea about your annual revenue and payroll estimates as well as information about any previous insurance before you get started.
Small business insurance is what we do. Whether it’s covering you for accidents and mistakes, meeting workers’ comp requirements, or protecting your equipment and tools, we can help find the coverage you need for your restaurant.
We provide customized coverage options and quotes from top-rated small business insurers – all in just 10 minutes. More than 1 million small business owners worldwide trust us with their insurance, and we consistently earn high customer ratings and reviews.
Why Small Businesses Choose Simply Business
Small business insurance is what we do. Whether it’s covering you for accidents and errors, meeting workers’ comp requirements, or financially protecting your business from the unexpected, we can help find the coverage you need for your business.
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*The displayed price for each product is a monthly estimate calculated from the 10th percentile of relevant policies sold by Simply Business (e.g., General Liability data is used for General Liability estimates). This estimate uses data from relevant policy sales between July–December 2025. Final price and payment terms, which may include an initial down payment, are subject to change based on your state, selected insurance provider, and specific business details.
† Limits may vary by state and nature of your business.
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