How Insurance Can Cover Your Financial Services Business

Professionals in the financial services industry often handle sensitive information and provide guidance that clients rely on when making important financial decisions. Disputes over advice, alleged errors or data breaches can lead to costly claims. PWG Insurance Services offers insurance solutions designed for financial professionals in Las Vegas, NV.

Coverage Types Worth Considering

Financial services businesses may benefit from a combination of policies that address different areas of exposure:

• Professional liability insurance (errors & omissions) may help cover defense costs, settlements or judgments if a client alleges financial loss resulting from professional advice or services.
• Business owners policies (BOPs) typically combine general liability, commercial property and business interruption coverage into a single policy. They may be a cost-effective option for eligible firms with a physical office.
• Cyber liability insurance may help with expenses related to data breaches, ransomware incidents and notification requirements involving sensitive client information.
• Workers’ compensation insurance is generally required in Pennsylvania for businesses with employees and may help pay for medical expenses and partial lost wages when a work-related injury or illness occurs.
• Employment practices liability insurance (EPLI) may help cover legal costs and liabilities arising from employment-related claims, including allegations of wrongful termination, discrimination or harassment.

Factors That Can Influence Your Premium

Insurers typically look at the type of financial services you offer, the volume of clients you serve, your claims history and how your office handles data storage and security. Firms that document their processes and carry strong internal protocols may qualify for better coverage terms.

Learn More

Contact PWG Insurance Services today to get a free custom quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.