Financial Advisor Insurance Coverage Checklist
The coverages a financial advisor business may carry — core, prevalent, and situational — why each matters, and the gap most often missed.
Pull out your current policy and check the box next to any coverage you can confirm is already in place — anything unchecked is worth a quick conversation with your advisor. Coverage checklist for investment advisers and financial planners. Priorities reflect typical exposure; confirm against products and custody.
Tick each coverage you can confirm you carry — anything left unticked is a good question for your next policy review.
| Have it? | Coverage | Why this business needs it | Priority |
|---|---|---|---|
| Investment Advisor E&O | Covers suitability, negligence, and breach-of-duty claims. | Core | |
| Cyber Liability | Covers breaches of client data, notification costs, and regulatory response. | Core | |
| Fidelity Bond / Crime | Covers employee theft of client assets — required for some plan fiduciaries. | Prevalent | |
| Fiduciary / ERISA Liability | Needed if the firm advises retirement plans. | Situational | |
| Business Owners Policy / GL | Covers office premises and property. | Prevalent |
The coverage gap most often missed
The most commonly missed exposure for this class is the new Regulation S-P duties. Since June 3, 2026, smaller advisory firms must maintain a written incident response program and notify affected clients within 30 days of a breach — and the SEC made compliance an exam priority. Advisors should confirm cyber coverage includes regulatory response, oversee vendors with client data, and verify every wire request by phone.
Send us the checklist and we'll review your financial advisor coverage line by line, then market it across multiple carriers that compete for your account.
Related: Financial Advisor Insurance · Financial Advisor Supplemental (apply) · All coverage checklists
Frequently asked questions
What insurance does a financial advisor business need?
The core coverages for a financial advisor business are Investment Advisor E&O, Cyber Liability. This checklist also lists the prevalent and situational coverages worth considering, with a plain-English note on why each matters.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my financial advisor coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.