Search Group Sponsored (e.g. Aflac) & Designation (e.g. ChFC) E&O Insurance programs.
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Errors and Omissions insurance, also called E&O insurance, is a type of professional liability insurance that safeguards RIAs against financial damages arising from an alleged error or omission the firm makes while rendering professional services defined by the language of the insurance policy. In layman’s terms, it helps protect the RIA, RIA owner(s) and RIA representatives if a claim states you made a mistake or forgot to do something important that causes financial harm to a client.
Being in a position of financial advisement can create professional liability when an error or omission occurs. Mistakes happen. A client lawsuit can cost thousands of dollars in defense costs alone. If found liable, a financial representative or RIA can face a judgment that costs even more. Having an E&O insurance policy affords you representation by expert legal counsel to protect your career and future earnings. Your business, reputation, even personal assets can be safeguarded against the high costs associated with client litigation and court settlements.
Not all E&O insurance policies are the same. It’s important to understand your policy’s coverages, exclusions, limits, deductibles and other key policy provisions. NAPA Premier E&O insurance policies are specifically designed to protect RIAs, IARs and financial advisors. Coverage extends to certain fiduciary work and those who hold Life & Health insurance licenses. If you have specific questions regarding the policy, please view the NAPA Premier E&O policy details or schedule a complimentary consultation with one of our RIA E&O experts.