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Why do stockbrokers need insurance?
Securities brokers and dealers understand the importance of caution when it comes to client success. The same should go for your own liability, including lawsuits related to alleged financial fraud, mismanagement, and more. Protect your business with stockbroker liability insurance.
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With Insureon, stockbrokers can get insurance coverage the same day they apply for quotes.
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What types of insurance policies do stockbrokers need?
These policies provide coverage for the most common stockbroker risks.
Professional liability insurance
Stockbroker professional liability insurance, sometimes called errors and omissions (E&O) insurance, can cover legal fees related to mistakes and oversights.
BEST FOR
- Work mistakes or oversights
- Lawsuits alleging negligence
- Accusations of mismanagement of mutual funds or customer accounts
General liability insurance
This policy covers basic stockbroker risks, such as customer property damage and injuries. Bundle it with property insurance for savings in a business owner’s policy.
BEST FOR
- Slip-and-fall accidents
- Damaged customer property
- Product liability insurance
Business owner's policy
A business owner's policy, or BOP, is a cost-effective way for stockbrokers to purchase general liability coverage and commercial property insurance together.
BEST FOR
- Slip-and-fall accidents
- Accidental damage to client property
- Stolen or damaged business property
Workers’ compensation insurance
Most states require workers' comp for stockbroker businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal costs
Cyber insurance
This policy helps securities brokers and dealers survive data breaches and cyberattacks. It can help pay for recovery expenses, client notification costs, and more.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Commercial auto insurance
Commercial auto insurance covers costs if a stockbroker's vehicle is involved in an accident. Most states require this coverage for vehicles owned by a business.
BEST FOR
- Property damage caused by your vehicle
- Auto accident injuries
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does insurance cost for stockbrokers?
A small stock brokerage will pay less for commercial insurance than a larger company.
Factors that affect the cost of small business insurance include:
- Accounting and finance services offered
- Business property and equipment
- Business income
- Business operations
- Types of insurance purchased
- Policy limits and deductibles
How do I get stockbroker liability insurance coverage?
It's easy to get stockbroker liability insurance policies if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage and fidelity bonds for your stock brokerage firm, whether you work independently or hire employees.
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