Errors & Omissions (E&O) Insurance for Investment Advisors
Compare Coverage Information for RIA Firms
Find affordable, instant E&O protection for Registered Investment Advisors (RIAs). Compare coverage options below.
RIA Plus
Discretionary Investment Advisory Services PLUS Life & Health Agent Acts
Pricing
Monthly Installments
26
/ month
or
Annual Payment SAVE $60/YEAR
26
/ year
Coverage
- Discretionary Investment Advisory Services
For the Purchase or Sale of: - Mutual Funds
- Publicly Traded Stocks & Bonds
- Publicly Traded REITS (on an exchange)
- Covered Calls & Protective Puts
- Regular ETFs & ETNs
- Limited Leveraged & Inverse ETFs & ETNs
- Sale of Variable Products & Mutual Funds
- Series 7 Registered Representative Acts
- Life, Accident & Health Insurance
- Long Term Care (LTC)
- Disability Insurance
- Medicare Advantage & Supplements
- Employee Benefit Administration
- Fixed & Indexed Annuities
$1M per claim / $3M annual aggregate
coverage limits
Protect all your advisors and support staff
Prior acts coverage and ERP available
Perks
Includes FREE CE Courses and other
NAPA
Benefits to help you save on:
And so much more!
See all
Instant proof of insurance
RIA Choice
RIA Plus Coverage PLUS Sale & Service of Variable Products & Mutual Funds
Pricing
Monthly Installments
33
/ month
or
Annual Payment SAVE $60/YEAR
33
/ year
Coverage
- Discretionary Investment Advisory Services
For the Purchase or Sale of: - Mutual Funds
- Publicly Traded Stocks & Bonds
- Publicly Traded REITS (on an exchange)
- Covered Calls & Protective Puts
- Regular ETFs & ETNs
- Limited Leveraged & Inverse ETFs & ETNs
- Sale of Variable Products & Mutual Funds
- Series 7 Registered Representative Acts
- Life, Accident & Health Insurance
- Long Term Care (LTC)
- Disability Insurance
- Medicare Advantage & Supplements
- Employee Benefit Administration
- Fixed & Indexed Annuities
$1M per claim / $3M annual aggregate
coverage limits
Protect all your advisors and support staff
Prior acts coverage and ERP available
Perks
Includes FREE CE Courses and other
NAPA
Benefits to help you save on:
And so much more! See all
Instant proof of insurance
RIA Premium
RIA Choice Coverage PLUS Series 7 Registered Representative Acts
Pricing
Monthly Installments
27
/ month
or
Annual Payment SAVE $60/YEAR
27
/ year
Coverage
- Discretionary Investment Advisory Services
For the Purchase or Sale of: - Mutual Funds
- Publicly Traded Stocks & Bonds
- Publicly Traded REITS (on an exchange)
- Covered Calls & Protective Puts
- Regular ETFs & ETNs
- Limited Leveraged & Inverse ETFs & ETNs
- Life & Health Agent Acts
- Sale of Variable Products & Mutual Funds
- Series 7 Registered Representative Acts:
(≤25% of total commission income) - Publicly Traded Stocks & Bonds
- Publicly Traded REITS (on an exchange)
- Covered Calls & Protective Puts
- Regular ETFs & ETNs
$1M per claim / $3M annual aggregate
coverage limits
Protect all your advisors and support staff
Prior acts coverage and ERP available
Perks
Includes FREE CE Courses and other
NAPA
Benefits to help you save on:
And so much more! See all
Instant proof of insurance
Not ready to purchase
or have questions?
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Schedule A Reminder
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FAQs
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Limits, Deductibles & Covered Services
Coverage limits
The maximum amount that can be paid for claims.
Individual Coverage Limit Options
$1,000,000 per claim / $1,000,000 annual aggregate
$1,000,000 per claim / $3,000,000 annual aggregate
$2,000,000 per claim / $2,000,000 annual aggregate*
Group Policy Aggregate
$25,000,000 (except NY)
Need individual coverage? If you only need coverage for yourself, NAPA Premier offers Individual IAR coverage at the same rates as RIA Firm coverage.
Deductibles
The out of pocket cost for an E&O claim. Also referred to as "retentions."
$3,500 starting deductible/retention
Year 1: $3,500
Year 2: $3,000
Year 3: $2,500
Year 4: $2,000
Year 5+: $1,500
For fee-based investment advisory activities.
$5,000 starting deductible/retention
Year 1: $5,000
Year 2: $4,500
Year 3: $3,000
Year 4: $2,000
Year 5+: $1,000
For mutual funds, variable products, Series 6 & 7 and all other covered claims.
$1,000 starting deductible/retention
Year 1: $1,000
Year 2: $800
Year 3: $600
Year 4: $400
Year 5+: $200
For life, health, accident, long term care, disability, 24-hour care, Medicare products, administration of employee benefit plans, fixed annuities and indexed annuities claims.
Deductibles/retentions decrease for insureds based on their continuous participation in the program. Deductible/retention decreases are not reflected on the certificate of insurance. Eligibility for a deductible/retention decrease is determined and applied at the time of a claim.
Professional Services
The scope of services and the products you're covered to sell and service as an insured under this policy.
This coverage (RIA Plus) includes discretionary investment advisory services for the purchase or sale of the following:
Mutual Funds
Publicly Traded Stocks
Publicly Traded Bonds
Publicly Traded REITS (on an exchange)
Covered Calls
Protective Puts
Regular Exchange Traded Funds (ETFs)
Regular Exchange Traded Notes (ETNs)
Limited Leveraged or Inverse ETFs or ETNs Coverage*
The products above are covered only when acting as a fee-based "financial planner", "registered investment adviser" and "associated person" providing non-discretionary investment advisory services, including the use of sub-advisors.
*As provided by the Leveraged and Inverse Securities Endorsement. Refer to the policy form for more details.
This coverage (RIA Plus) also includes the following Life & Health products for acts as an insurance agent:
Life Insurance
Accident Insurance
Health Insurance
Long Term Care
Disability Income Insurance
Administration of Employee Benefit Plans
24-Hour Care Coverage
or Managed Health Care Organization Contracts (as defined by statutory law).
Medicare Advantage
Medicare Supplemental
Fixed Annuities
Indexed Annuities
If RIA Choice coverage is purchased, coverage also includes the sale and service of the following products:
Variable Life Insurance
Variable Annuities
Mutual Funds
If RIA Premium coverage is purchased, coverage also includes acts as a Series 7 "Registered Representative" selling the following products. Coverage for Series 7 products is limited to 25% or less of your total commission income earned in the prior calendar year.
Publicly Traded Stocks
Publicly Traded Bonds
Publicly Traded REITS (on an exchange)
Covered Calls
Protective Puts
Regular Exchange Traded Funds (ETFs)*
Regular Exchange Traded Notes (ETNs)*
*When acting as a Series 7 "Registered Representative," only regular ETFs and ETNs are covered; inverse or leveraged ETFs or ETNs are excluded.
"Professional Services" also includes:
Services As Notary Public
Social Media
In conjunction with all covered Professional Services.
Coverage applies to insureds who hold the appropriate license/registration in their resident state or jurisdiction, as well as in the state or jurisdiction where the business is conducted, when acting as an Agent and/or Registered Representative.
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Coverage Features & Extended Reporting Period
Coverage Features
The extra perks of your E&O Insurance protection.
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E&O Coverage Includes NAPA Benefits
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Instant proof of insurance
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Painless automatic renewal
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Multiple limits of liability options
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Annual deductible reduction (up to 5 years)
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Administrative, clerical & support personnel coverage*
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Prior acts covered (with continuous coverage)
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Extended reporting period available
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Vicarious liability is provided for an entity owned or controlled by an individual insured representative who is listed on the policy as an individual insured
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Disciplinary Hearing Costs coverage**
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Social Media coverage**
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Cost of Corrections coverage***
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Up to $15,000 in pre-claim assistance†
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Available in all 50 states and U.S. territories
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*While working on your behalf, not earning commission and only performing duties that do not require a license. Includes present, former or future employees who are not financial services professionals, but only while acting within the course and scope of the duties as an employee of the named insured or a representative named on this policy. Refer to the policy form for more details.
**Sublimits may apply. Refer to the policy form and application for more details.***$100,000 per wrongful act/$100,000 per insured limit, subject to a $500,000 annual policy aggregate. The retention amount for wrongful acts committed is $50,000.
†Not in addition to the limits of liability. Until the date a claim is made, the insurer may pay, at its sole discretion, up to the noted amount for all reasonable and necessary legal fees and expenses it incurs as a result of representing and, if necessary, defending an insured in connection with a potential claim that the insured reports to the insurer. Refer to the policy form and the application for more details.
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Automatic Extended Reporting Period
Automatic: 1 year
Refer to the policy form for more details about ERP.
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Underwriting, Requirements & Effective Dates
Underwriting Carrier
The carrier providing coverage under this policy.
Policy underwritten by
CNA (Continental Casualty Company)
One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract.
AM Best Rating
"A+" (Superior) XV
State Authorization
Admitted in all states
Coverage Requirements
Some of the requirements you need to meet in order to be eligible for the policy.
Insured must
Earn less than $2,000,000 in gross annual revenue (in the prior calendar year)
If you earn more than $2,000,000 in gross annual revenue, please complete and return a Premium Indication Form for an E&O Insurance quote.
Effective Dates
The timeframe in which coverage is in effect.
All policies purchased under this plan are effective on the 1st day of the month and expire after twelve months on the same month and day.
In most cases, past effective dates are available for 45 days from the current date, while future effective dates can be purchased up to 60 days in advance.
When replacing a policy from another carrier, ensure that you never create a gap in coverage greater than 30 days.
Renewal Information
What to expect when your policy renews.
To avoid coverage gaps, all policies purchased under this plan auto-renew with the payment information on file.
You'll be reminded in advance of the renewal about your upcoming automatic payment. You'll also be provided with the renewal terms and eligibility requirements to qualify for renewal. Please note that a non-renewal notice is included in these messages to coincide with the requirements. If you meet the requirements, you may disregard the non-renewal notice.
See the Payments and payment schedule section for more information about what to expect with automatic renewal charges. To non-renew or cancel a policy prior to its expiration, you must complete a cancellation form. If canceling on behalf of someone due to illness, death or other reason, please contact us for assistance.
Exclusions
Exclusions
What's not included with your E&O Insurance policy.
Important: This is not an exhaustive list of exclusions. Additionally, these exclusions have been condensed and do not include their full definitions from the policy form. Refer to the policy form and application for all exclusions and their full definitions.
Derivatives
Callable, Step-Up or Step-Down Certificates of Deposit (CDs)
CDOs (Collateralized Debt Obligations)
Private Equity Investments
Private Placements
Structured Settlements
Structured Notes
Securities Not Registered with the SEC
Other than Federal, State or Municipal Securities
Limited Partnerships (LPs) & REITS
That are not publicly registered
Cryptocurrency
Arbitrage
Short Sales
Except short against the box
Commodities & Commodities Future Contracts
Any Options or Futures
Other than Covered Calls
Hedge Funds
Viatical Investments
Promissory Notes
Proprietary Products
Day Trading Investment Strategies
Crowdfunded & Private Equity Investments
Intentional Acts
Dishonest, fraudulent, criminal, malicious, purposeful or intentional act.
Bodily Injury & Property Damage
Any actual or alleged bodily injury, including death, sickness, disease, emotional distress, mental anguish, of any person, or property damage.
Claims By Insureds
Claims by or on behalf of a Named Insured against another insured.
Discrimination
Any actual or alleged discrimination, humiliation, harassment or misconduct that relate to an individual's race, creed, color, age, sex, national origin, religion, handicap, marital status or sexual preference.
Owned Entity
Made against the Named Insured's controlled, owned, operated, managed entity; or the entity that the Named Insured was an owner, partner, director, officer or employee of such entity.
Commingling/Illegal Profit
Any actual or alleged commingling or use of client funds; actual or alleged profit, remuneration or pecuniary advantage gained by the insured to which the insured was not legally entitled.
Unsolicited Communications
Any actual or alleged violations of local, state and federal anti-spam statutes and regulations.
Premium/Claim/Tax Monies
Claims relating to the insured's refusal or inability to pay or collect premium, claim or tax monies.
Prior Litigation
Any claim based on, arising from, or in any way related to facts alleged in any litigation against the Named Insured that was pending on or before the inception date of the Named Insured's certificate of insurance.
Wrongful Acts of Broker/Dealers
Any claim based on, arising from, or in any way related to any actual or alleged Wrongful Acts or Interrelated Wrongful Acts by any Broker/Dealer, or any liability of a Broker/Dealer.
Sale or Servicing of Certain Products
Limited partnerships, real estate investment trust, tenant in common (1031 exchanges) exchange traded funds, unit investment trust, auction rate securities, inverse exchange traded funds, structured settlements, life settlements, STOLI, SPIN-LIFE, employee benefit plans (other than group life and group health plans), KEOGH retirement plans, any life insurance policy in which the premium was paid in part or fully through a premium finance mechanism or company, healthcare sharing ministry products, securities (other than mutual funds, variable life insurance and variable annuities).
Churning
Any actual or alleged churning or excess trading.
Securities & Investment Claims
Any actual or alleged violation of laws of any state (or federal) relating to the transaction arising out of, involving, or relating to the public offering of securities.
Trade Secrets
Any actual or alleged misappropriation of trade secrets obtained by the Named Insured prior to commencing employment with the Named Insured.
Governmental Orders
Any action or order by any domestic or foreign law enforcement, administrative, regulatory or judicial body or other governmental authority.
Unfair Competition/Antitrust Claims/RICO Claims
Unfair competition, dilution, deceptive trade practices, civil actions for consumer fraud or false or deceptive advertising or misrepresentation in advertising; charges of price fixing, monopolization or restraint of trade; violation of the Federal Trade Commission Act and any other federal statutory provision regarding antitrust, monopoly, price discrimination, predatory pricing or restraint of trade.
War
Based upon or arising out of any war (declared or otherwise), warlike operation, hostilities, invasion, popular or military uprising or activities, insurrection, rebellion, revolution, or terrorism (whether certified or not) by an individual or group or any action taken by governmental authorities in hindering or defending against any of these.
Claims By Specified Persons
Any claim brought by or on behalf of certain related individuals or entities, including a Named Insured's family members, entities owned, controlled, or managed by a Named Insured, or persons or entities with a 10% or greater ownership interest in an Insured entity. It also excludes claims by other Insureds, clearing agencies, most Broker/Dealers, and governmental or self-regulatory bodies (unless an official brings the claim solely as a direct Client and not in an official capacity).
Contractual Liability/Promises/Guarantees
Any claim arising from liability a Named Insured assumes under a contract or agreement, except to the extent the Named Insured would be liable even without that contract. Further, this includes claims based on any actual or alleged promises or guarantees regarding interest rates, market value of investments or insurance products, or future premium payments.
Additional Coverage Information
Pricing
All listed prices include $60 NAPA membership dues, an administrative fee and all other applicable taxes, fees and doc stamps. The administrative fee amount is determined by the policyholder's income tier: $85 ($0-$125,000), $85 ($125,001-$250,000), $110 ($250,001-$500,000), $135 ($500,001-$999,999), $170 ($1,000,000-$1,500,000), $195 ($1,500,001-$1,999,999)
If paying monthly, your down payment includes one month's premium, NAPA dues, administrative fees and a $5 monthly processing fee.
Payments & Payment Schedule
Initial payment (down payment or annual payment) is processed immediately upon completing your coverage purchase.
Monthly payment deductions will be automatically taken from the payment information on file beginning the 1st of each month after the enrollment effective date.
Late and rejected payments may incur a fee and be subject to policy cancellation. Please submit payment or contact us as soon as possible when a payment is rejected or late.
Policies may be paid off early with no penalty. Contact us to request an early policy payoff. Please note that paying your policy off early does not change your payment frequency at renewal.
This E&O Insurance policy automatically renews with the payment information on file. If you paid monthly for the previous policy period, a down payment will be collected from the payment information on file. Monthly payments will continue on the same 1st of each month schedule. If you paid annually for the previous policy period, a full annual payment will be collected from the payment information on file. To change between monthly and annual payment frequencies at renewal, please contact us.
Changes to your payment method should be made at least 2 business days prior to the next charge date.
Payment types accepted: Mastercard, Visa, American Express, Discover and ACH/EFT (checking/savings accounts).
Cancellation Policy
Policies can be canceled at any time, effective on the next available date (the first of the upcoming month), provided they are canceled at least three business days before the end of the current month.
If requested after this time, policy cancellation will be effective for the next available date (the first of the month after next).
Administrative fees, NAPA membership dues and minimum earned premium are non-refundable.
To cancel or non-renew a policy, you will need to complete a cancellation form. If canceling on behalf of someone due to illness, death or other reason, please contact us for assistance.
Reinstatements
Reinstatement of a canceled or expired policy - to avoid a gap in coverage - may be available depending on the lapse time, payment history and other factors. Please contact us for assistance if you wish to reinstate a policy.
Claims Made & Reported Policy
Like most professional liability and errors and omissions insurance policies, this is a claims-made and reported policy. Claims must be reported during the policy period or during an extended reporting period (ERP).
"Claims made and reported" policies differ from "occurrence" policies because coverage must be in place both when a claim is made against the named insured and when the underlying incident occurred. If there is a gap in E&O coverage, claims related to incidents that occurred before or during the gap are not covered, even if new E&O coverage is in place.
Sublimits
Additional sublimits may apply. Refer to the policy form for complete coverage terms and conditions. Please note that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all provinces and may be subject to change without notice.
Policy aggregate limit of liability is not applicable to those agents and registered representatives who are residents of or practice in New York State.
Prior Acts
Prior acts are covered back to the first day of continuous E&O coverage, including coverage with another E&O carrier, provided the insured has maintained uninterrupted E&O coverage for the same products that are purchased under this policy. Prior acts for products not purchased under this policy are not covered, even if E&O coverage for those products was previously maintained with another E&O carrier. Please refer to the policy form for claim reporting provisions, the definition of a claim, the prior acts definition and ERP details.
Claims
For details on how to file an E&O claim, please contact us. Claims must be submitted as soon as practicable in writing to the insurer. Coverage only applies to claims first made during the policy period. Claims must be reported during the policy period or during an extended reporting period (ERP). Please refer to the policy form for claim reporting provisions, the definition of a claim, the prior acts definition and ERP details.
Claims history, among other underwriting requirements, determines program eligibility. Refer to the policy form and the application for more details.
Coverage Changes
If you need to make coverage changes, please contact us for assistance. Coverage changes may require a new application and cancellation form to process.
To update your account information, such as address or contact details, log in to your NAPA account to make these changes.
Other Coverage Details
Defense costs reduce the limit of liability and are subject to the retention. Punitive damages are not covered by the policy. Refer to the policy form for the definition of defense costs and punitive damages.
Includes coverage for ACA-compliant health insurance products sold through the Health Insurance Marketplace.
Insolvency coverage on products sold from A.M. Best-rated "A-" or better admitted carriers at the time of sale.
This is a claims made and reported policy and provides coverage for claims that arise from the sale and servicing of self-funded group health plans if they are funded in whole or in part by an insurance company or product and claim losses are not resultant of any employer’s, insurer’s, or any other entities insolvency or inability to pay beneficiary claims made under such plans. Multiple employer trust or welfare arrangements (MEWAs) are not covered.
Not sure if an Individual Agent or an Agency policy is right for you? Compare them to ensure you choose the right coverage.
Policy Form, Disclosures & Endorsements
Policy Form
Master policy effective 05/01/2026 to 05/01/2027 | View PDF
Disclosures
Please note that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice.
"CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" service mark in connection with insurance underwriting and claims activities. Copyright © 2025 CNA. All rights reserved. www.cna.com CNA is an A.M. Best "A+" (Superior) XV rated carrier.
This errors and omissions coverage is placed with an admitted carrier. Please reference the A.M. Best rating and disclosures document for an explanation of admitted and non-admitted carriers.
All policy-related documents and communications are delivered in electronic format by default (where allowable by law).
You can manage your renewal notice delivery options by logging into your account. Refer to the policy form for more details on covered professional services and exclusions.
By enrolling in this insurance policy, the applicant agrees to become a non-voting member of Professional Agents Risk Purchasing Group, Inc. ("PARPG"). PARPG is a Delaware non-profit corporation that provides liability insurance for its members as a "Purchasing Group" in accordance with the Federal Liability Risk Retention Act (15 U.S.C. § 3901 et seq.). Each member of PARPG is covered for separate limits of liability and is required to pay all premiums when due.
For complete details on covered professional services and exclusions, please refer to the policy form.
This E&O insurance program is administered by NAPA. Program administrative services include policy review and issuance, premium billing and invoicing, mid- term policy changes, coordination and issuance of certificates of insurance, online enrollment and account management and a dedicated customer support team with phone, chat and online contact features.
Refer to the policy form for additional definitions, terms, and conditions. Please contact us with any questions or concerns; you can also visit our Frequently Asked Questions for additional information.
Need AVD or CRD information? Go to BrokerCheck.
Additional Information
Preferred rate programs can reduce your E&O costs if you hold certain designations or are a member of, or affiliated with, a partner association or custodian.
CLU® & ChFC® designations >|CFP® designation >|FPA members >|Search Others (Altruist, Schwab Advisor Services, NAPFA & More) >
Need AVD or CRD information? Visit BrokerCheck by FINRA.
Not eligible for this program? Search other E&O programs.
Need Cyber Liability Insurance? Learn more about NAPA’s options.
Need to hold a Surety or Fidelity Bond? See rates from Surety Solutions.
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