When you are looking to start your own business as a financial advisor, it’s vital to understand your insurance needs. As with any business, you will need to have protection for your office equipment and furniture, and your business premises if you own them. There’s also a range of other California business insurance products that may be beneficial.

Many small to medium sized businesses opt to purchase a business owners’ package or BOP. This is a group of insurance policies that includes your dwelling, its contents and some other insurance policies specific to your industry. A BOP is a great way to get started with your insurance.

As a professional adviser, you face unique risks, not least of which is the potential of being sued. Should an error in your judgment or a mistake in your calculations see a client lose money, you may be at risk of litigation. BOPs generally include a liability component that can cover you for such situations. It is also possible to purchase an umbrella liability policy, which will provide extra liability coverage. As your business grows, you might also consider other liability products such as errors and omissions insurance, directors and officers insurance and employment practices liability.

California business insurance products can provide financial protection for your business from both outside perils and inside errors. To find out about those policies that would suit your business, feel free to speak to an agent for advice. At Insurance Brokers West, we can help you with any questions you have!