Insurance for Financial Planners
As a financial planner providing advice to retail clients, you are required to hold a minimum amount of Professional Indemnity (PI) Insurance in order to meet your ASIC Obligations.
Your ASIC Obligations are such that if your total revenue from financial services provided to retail clients is $2 million or less, you must have a limit of at least $2 million for any one claim and in aggregate. If your total revenue is greater than $2 million, minimum cover should be equal to actual or expected revenue from financial services provided to retail clients (up to a maximum limit of $20 million).
Professional Indemnity Insurance for Financial Planners
Your Professional Indemnity policy should cover you for negligence, fraud or dishonesty by directors, employees and other representatives of the licensee and include at least one automatic reinstatement.
Professional Indemnity Insurance can protect you against legal action initiated by your clients if you make any errors or are negligent whilst performing your duties as a Financial Planner.
Insurance Cover for Financial Planners
Claims for loss, Legal Defence costs and Court Costs can run into the hundreds of thousands and in some cases millions of dollars, so it is important that an adequate level of cover is arranged.
Every AFSL can be assessed individually and provided with a customised solution at competitive rates through our access to the leading financial services focused insurers.
To find out what affects a financial planning firms insurance premiums please click here.
Download for Financial Planner Insurance Whitepaper
Download our "Financial Planner" Whitepaper that details ASIC's requirements as per Regulatory Guide 126.
Financial planner pi insurance specialists
At SMART Business Insurance, we can use our own strong working relationships with financial planners together with our unique and deep understanding of the sector to place informed, comprehensive professional indemnity cover for financial services firms and institutions.
You can call us at 1300 542 573 to TALK to a SMART Business Insurance Specialist, or email us as at firstname.lastname@example.org.
1300 542 573
TALK to a SMART Business Insurance adviser
Monday – Friday 8.45 am - 6.00 pm AEST