Georgia Financial Planner Insurance

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Georgia Financial Planner Insurance Policy Information

GA Financial Planner Insurance

Georgia Financial Planner Insurance. If you're thinking about starting a business that offers financial planning services, there are a lot of things that you need to attend to. Of all the different factors you need to consider, insurance should be high on your list of priorities. Financial planners, like any other business owner, face a number of risks. The best way to protect yourself from these risks is by making sure that you put together a comprehensive insurance portfolio.

A GA financial planner offers a wide variety of services to individual clients, including an analysis of their financial goals, reviewing cash flows, identifying risk management and insurance needs, financing educational or retirement goals, investment, tax, and estate planning, and succession planning if the client owns a business.

Goals are set with the client to create a financial plan or strategy tailored to the client's unique financial situation. The financial planner may be associated with an insurance operation, accounting operation, real estate operation, or work independently. Services may be offered on a fee basis or commission basis.

Because of the varied areas of knowledge/expertise needed by a financial planner, his or her background, education, certification, experience, and professionalism are items to consider.

Why is insurance so crucial for financial planners? What specific types of coverage should professionals in this industry carry? Below, you'll learn more about Georgia financial planner insurance so that you can ensure your business is properly protected.

Georgia financial planner insurance protects your investment advice firm from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.

Why Is Insurance So Important For Investment Advisors?

Financial planners are tasked with a variety of responsibilities. They are in charge of assessing and manage the financial affairs of their clients, including individuals and organizations. They help them get out of debt, prepare them for future expenses, assist them with planning for their retirement, handle tax-related concerns, and assist with investment planning, among other important tasks.

When it comes to handling someone else's finances, there's a lot at stake and there's very little room for error. Your clients expect you to make the best decisions possible; but, errors and oversights can happen. If they do, you could end up facing lawsuits, penalties, and various other expenses that could potentially ruin your business and your personal assets. Furthermore, damages to your property and the property of others, third-party injuries, and employee injuries are additionally risks that you may have to deal with.

By carrying the right type of Georgia financial planner insurance coverage, you can protect yourself from these risks and avoid paying exorbitant expenses out of your own pocket. In other words, insurance coverage helps to protect you from severe financial strain that could potentially cripple your business and your personal life.

What Type Of Insurance Should Financial Planners Invest In?

In order to properly protect your financial planning business, having the right type of Georgia financial planner insurance coverage for each of the risks that you face is crucial. The risks that financial planners face will vary and depend on a variety of factors, such as the clients the work with, the specific services they provide, and where their GA business is located.

No matter what the specifics of your business may be, every financial planner should carry the following insurance coverage:

  • Commercial General Liability - What happens if a client, a vendor, or some other third-party individual suffers an injury on the premises of your business? What would you do if someone filed a lawsuit against you, claiming that you damaged their property? With commercial general liability insurance, you won't have to worry about the costs that are associated with such incidents, as your insurance provider will handle them for you. For instance, if someone trips over something while visiting your office, breaks a leg, and files a lawsuit, your commercial general liability insurance would cover any related medical costs, as well as legal fees and any damages that may be awarded.
  • Professional Liability - Also referred to as errors and omissions (E&O) insurance, this type of coverage provides protection against any claims that a client may make regarding the services that you have provided. For instance, a client could sue you for making an error on their taxes or for making poor investment choices. With professional liability insurance, the costs of legal defense fees, as well as any damages that may be awarded, will be covered.
  • Cyber Liability - Having a cyber liability insurance policy is also a good idea for financial planners. If someone hacks into your accounts, steals a clients information and identity, or does anything else that could cause harm by using the information obtained by hacking into your system, cyber liability insurance will cover any damages and legal fees.
  • Workers' Compensation - If you employ a staff, you are responsible for protecting them from any work-related hazards that they may be exposed to. Workers' comp will pay for any medical care and lost wages if an employee suffers a work-related injury or illness.

GA Financial Planner's Risks & Exposures

Premises liability exposure is often minimal since much of the client contact is done electronically or by mail. If clients visit the premises, they must be confined to designated areas to prevent them from overhearing conversations regarding other clients' confidential information. To prevent slips, trips, and falls, all areas accessible to clients should be well lighted with floor coverings in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure.

Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. Off-premises exposures arise from sales visits, training sessions, and similar work at the customer's premises. There should be policies and training as to off-site conduct by employees.

Professional liability exposures are extensive. Working with individual clients presents fewer professional exposures than working with corporate clients. The exposure increases if the planner fails to conduct thorough background checks to verify employees' credentials and education, if clerical workers are allowed to do tasks that only professionals should handle, or if error checking procedures are ignored or are inadequate.

All employees must be appropriately certified for the financial planning provided. If financial products are sold, the appropriate licenses must be in place. All advice given must be documented. Very serious losses may result from failure to document decisions and actions or to secure client approval.

Workers compensation exposures are generally limited to those of an office. Since work is done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations. Some financial planners travel extensively off site for sales presentations and similar activities. Workers can be injured by slips and falls at clients' premises or in automobile accidents.

Property exposure is generally limited to that of an office, although there may be some incidental storage or an area for meetings. Ignition sources include electrical wiring, heating, and air conditioning systems, wear, and overheating of equipment. Computers and other electronic equipment may be targets for theft.

Crime exposure is from employee dishonesty, which can be quite serious as financial planners routinely have access to their clients' personal financial information, such as banking and investment accounts. Potential for theft, directly or by means of identity theft, is great. Hazards increase without proper background checks, along with monitoring procedures and securing of all records to prevent unauthorized access.

All job duties, such as ordering, billing and disbursing should be separate and reconciled on a regular basis. Receipts should be issued for any cash payments received. Bank deposits should be made on a timely basis to limit the buildup of cash on premises. Audits should be performed at least annually.

Inland marine exposures consist of accounts receivable if the firm offers credit, computers, and valuable papers and records for customers' and vendors' information. Clients' records and approvals are typically originals that are difficult to re-create. Power failure and power surges are potentially severe hazards. A morale hazard may be indicated if the insured does not keep valuable papers and disks in fireproof file cabinets to protect them from smoke, water, and fire. Duplicates should be kept off-site to allow for re-creation in the event of a loss.

Business auto exposure is generally limited to hired and non-owned. If vehicles are provided to employees, there should be written procedures in place regarding personal use by employees and their family members. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained, and records kept in a central location.

Financial Planner Insurance

To find exactly what type of Georgia financial planner insurance you need to carry and how much coverage you should invest in, speak with an experienced insurance agent.

Georgia Economic Data & Business Insurance Information

Made In Georgia

Have a great idea for a small business and want to setup shop in Georgia? If so, before you start pursuing a commercial property and hiring employees, you want to make sure that the Peach State will support your industry to ensure your success. It's also a wise idea to familiarize yourself with the rules and regulations that the state has in place for business owners, such as the regulations and limits that pertain to commercial insurance. Below, we offer invaluable information about business development in the state of Georgia so that you venture can be as successful as possible.

Business Economic Trends In The State Of Georgia

In the past few years, there has been a definite uptick in job growth in the state of Georgia; however, in recent months, it seems that growth has become stagnant. In fact, according to the Bureau of Labor Statistics, as of May 2019, the unemployment rate in Georgia was 3.8%; 0.2% higher than the national average during the same time, which was 3.6%.

Despite stagnation in job growth and the slightly higher unemployment rate compared to the national average, more people are employed in Georgia in 2019 than were just a few years ago; in fact, in recent years, job growth has been at an all-time high.

If you're thinking about starting a business in Georgia, you're in luck; according to recent research, the state is one of the most attractive among entrepreneurs in the nation. Atlanta was voted the seventh best city in the US to launch a venture. Low living costs, business-friendly laws, and a wealth of easy to access resources have all made the Peach State a prime location for those business-minded individuals.

There are several industries that offer the potential for great success in the state, including:

  • Aerospace
  • Automotive
  • Construction
  • Film
  • Finance
  • Solar Energy
  • Technology
Commercial Insurance Regulations and Limits in GA

The Georgia Department of Insurance regulates insurance in Georgia. Like most states, Workers' compensation is also mandated in the state of Georgia; for business that employ three or more employees, you will need to carry this type of coverage.

If you use motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.

Additional Resources For Professional Services Insurance

Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.


Professional Services Insurance

Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.

Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.

In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.

Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.

Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.

Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.

Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.


Request a free Georgia Financial Planner insurance quote in Acworth, Albany, Alpharetta, Americus, Athens, Atlanta, Augusta, Bainbridge, Belvedere Park, Brookhaven, Brunswick, Buford, Calhoun, Candler-McAfee, Canton, Carrollton, Cartersville, Chamblee, Clarkston, College Park, Columbus, Conyers, Cordele, Covington, Cusseta, Dallas, Dalton and Hinesville, Decatur, Douglas, Douglasville, Druid Hills, Dublin, Duluth, Dunwoody, East Point, Evans, Fairburn, Fayetteville, Forest Park, Gainesville, Georgetown, Griffin, Grovetown, Holly Springs, Johns Creek, Kennesaw, Kingsland, LaGrange, Lawrenceville, Lilburn, Lithia Springs, Loganville, Mableton, Macon-Bibb County, Marietta, Martinez, McDonough, Milledgeville, Milton, Monroe, Moultrie, Mountain Park CDP, Newnan, Norcross, North Decatur, North Druid Hills, Panthersville, Peachtree City, Peachtree Corners, Perry, Pooler, Powder Springs, Redan, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Smyrna, Snellville, St. Marys, St. Simons, Statesboro, Stockbridge, Stonecrest, Sugar Hill, Suwanee, Thomasville, Tifton, Tucker, Union City, Valdosta, Villa Rica, Vinings, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock and all other cities in GA - The Peach State.

Also learn about Georgia small business insurance requirements for general liability, business property, commercial auto & workers compensation including GA business insurance costs. Call us (470) 440-6263.

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