How much does insurance cost for RIAs and financial planners?

The median cost of E&O insurance for investment advisors and financial planners is less than $220 per month, or $2,610 annually. Also known as professional liability insurance, this policy can help cover the cost of lawsuits related to work performance.

Median cost per year: $2,610
Policy limits: $1 million per occurrence
Policy deductible: $5,000

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's errors and omissions insurance cost analysis page.

RIAs and financial planners pay a median premium of $35 per month, or $420 per year, for general liability insurance. This policy protects against third-party injuries, third-party property damage, and advertising injuries.

Insureon's licensed agents recommend purchasing a business owner’s policy for more complete coverage. A BOP combines general liability insurance with property insurance for a discount.

Median cost per year: $420
Policy limit: $1 million per occurrence
Policy deductible: $500

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.

With a median rate of $105 per month, or $1,260 per year, cyber liability insurance is crucial for investment advisors and financial planners who handle sensitive information. This policy can help pay legal fees and recovery costs stemming from data breaches.

Median cost per year: $1,260
Median policy limit: $750,000 per occurrence

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's cyber liability insurance cost analysis page.

The median cost of workers’ compensation insurance for investment advisors and financial planners is less than $40 per month, or $450 annually. Required in almost every state for businesses with employees, this policy can help cover medical fees and lost wages for work-related illnesses and injuries.

Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.

The median premium for a fidelity bond is $88 per month for small businesses, or $1,055 annually. The cost primarily depends on the size of the bond.

Fidelity bonds provide reimbursement if one of your employees commits fraud, theft, or forgery against a client or your business, including illegal electronic funds transfer. They are often required by client contracts.

Learn how fidelity bond costs are calculated on Insureon's fidelity bond cost analysis page.