If you are a stockbroker, you are the go-between for clients who wish to buy and sell stocks and other types of securities.
Like other professionals, you need various forms of insurance coverage to protect you from common commercial exposures.
Among other insurance coverage, this can include:
- General Liability
- Cyber Liability
- Workers Comp
For anyone in the finance or accounting industries, like the stockbroker, there is another extremely important type of coverage, called Errors and Omissions.
Errors and Omissions Coverage for the Stockbroker
Errors and Omissions Stockbroker Insurance is also known as Professional Liability Insurance and can protect you from claims associated with errors or mistakes, including acts of negligence, careless, behind schedule, poor or uncompleted service.
Along with loss of commercial revenue, oversights can be the catalyst to ruining your business standing and good name.
Related insurance policies are offered on a per-claim annual aggregate basis or a single-limit annual aggregate and can cover lawyer and court fees, whether or not you are judged guilty.
For more on Errors and Omissions or Professional Liability insurance for the stockbroker, speak to the professionals at Prime.
PRIME Insurance is a three-generation family-run independent agency. We’re proud partners with many of the leading companies in the industry – big names such as ACE, AmTrust, ASI, ASSURANT, CHUBB, CNA, Employers, FOREMOST, Liberty Mutual, MetLife, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and more. This gives us the ability to provide all forms of nationwide coverage at competitively lowest quotes. Visit us on our online at our insurance website or email us at PRIME [at] primeins [dot] com or call us at 732-886-5751 and HAVE A PRIME DAY™!
Summary: Stockbrokers are trusted emissaries that buy and sell stocks for their clients. If a stockbroker’s professional advice caused loss of funds, a client can sue the stockbroker for various forms of negligence. This is why Errors and Omissions Insurance protection is so important.